It’s (officially) summer in Michigan! The sun is shining and temperatures are rising.
For most of us, our air conditioners are running for the first time in months and we’re gearing up for an exciting 4th of July holiday at our favorite lake hangout.
Selling your home may be the furthest thing from your mind; if you’ve thought about downsizing or moving into a bigger home to fit your growing family, now may be the time.
Interest rates are low, home values are high and houses are moving quick in West Michigan.
Here are four reasons why you should consider selling this summer.
- There’s very little competition. If you were to ask any Realtor in the area, they’d tell you the same thing. There are not enough homes for sale to meet buyer demands. According to experts, housing inventory is under the 6-month supply that is needed for a “normal” market.
- Buyer demand is high. Buyers are on the hunt for their dream home! At Michigan Mortgage, we have a number of pre-approved buyers that have yet to write an offer. According to the National Association of Realtors (NAR), properties were on the market for an average of 26 days in May and 53 percent of homes sold in May were on the market for less than a month.In West Michigan, homes are going under contract before Open Houses are able to be scheduled. Yard signs are changed to “Sold!” in the matter of days.
- The home you hope to buy will continue to appreciate. According to NAR, “The median existing-home price for all housing types in May was $277,700, up 4.8 percent from May 2018 ($265,100). May’s price increase marks the 87th straight month of year-over-year gains.” If you’re looking to move up and into a bigger home, you will need to spend more in 2020.Lawrence Yun, NAR’s chief economist said this: “Though inventory is up, the month’s supply numbers remain near historic lows, which has a direct effect on price. Solid demand along with inadequate inventory of affordable homes have pushed the medium home price to a new record high.”
- Interest rates are low. Over the past few months, mortgage interest rates have been on a steady decline. This isn’t expected to change. Not only has this trend transformed renters into buyers, it has benefitted sellers when they purchase their forever home.
Summer is here and it’s time for you – and your family – to start living the life you’ve always dreamed of!