High demand for homes creates sellers market
As temperatures warm up across Michigan, the housing market is following right along as the demand is outweighing the supply.
The outlook for those looking to sell their homes is looking up as many listings are taken off the market in a little as four months.
Real estate agents are cautiously optimistic the market as a whole is improving.
â??In search of a home I thought that there would be a lot more out there, more specifically in our price range and there just wasn't,â?? said Abbey Nielson from Traverse City.
Homes in the $150,000 range are in high demand, which is leading to some issues for buyers.
â??We could definitely use some additional inventory,â?? said Christine Stalsonburg, Cherry Wings Realty Broker Owner.
If a home is on the market for six to eight months the housing market is considered to be healthy. Right now homes are staying on the market for an average of just over four months, making it a sellers market.
â??We've gone through so long where it was a buyers marketâ?¦ and we're not seeing near that much concession being given anymore on pricing.â??
Stalsonburg says interest rates are a little more than four percent, and she's staying cautiously optimistic.
â??We're starting to see some of the things that we usually see in the spring, but I think because we have such a lack of inventory is why it seems that it's hitting us ten fold.â??
She says inventory could increase slightly as people put their homes on the market after the winter season.
â??We really haven't seen how much of that spring influx in inventory is hitting here yet so a lot will depend on what hits the market in the next month.â??
Stalsonburg has been watching this trend for the past two months. It's also been noticed throughout the state and has led to some surprises along the way.
â??We put a house on the market out here in East Bay Township last Wednesday morning and by that evening we had a signed purchase agreement so that was very nice to see. We haven't seen that for many years in our market.â??
For those looking to buy a house Nielson has some advice.
â??Don't give up.â??
Nielson says she has been searching for a home for about six weeks now, and is hoping to close on a home next week.