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Macomb County MI real estate blog

“I’m waiting for the market to hit bottom” – too late. It has hit bottom and coming back up in Macomb County!

February 6th, 2013 · No Comments · macomb county mi real estate market

This is one of those “if I had a nickel..” type of phrases that I’ve heard over the last 5 years from prospective buyers:  “I’m waiting for the market to hit bottom” or something along that line.

Too late.   It hit the bottom and is climbing back up in Macomb County.  How do I know this?  I could attach all kinds of links to the news articles, give you stats from our 2 local multilist services, and throw data all over this post.  I won’t though, I’ll simply tell you what my home buyers are seeing:

Lack of inventory.   Multiple offers within days of a home being on the market.   Paying darned near asking price, or above asking price. 

Interest rates are still so incredibly low that most buyers are finding their new mortgage payments to be less than the rent they were paying in a decent apartment or house rental.   Combined with the low inventory of homes for sale, the “supply and demand” is pushing home sales prices higher (great news for sellers!) and creating havoc among home buyers in my Macomb County area.

Still want to wait until the market hits bottom before you purchase a home?   You’ll have to wait for the next recession, although that is something that none of us wants to experience again.  Hopefully it never will.

Kris Wales
A partner for your real estate needs in Macomb County MI
SEARCH homes for sale in Metro Detroit
Contact Kris (586) 536-5453

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