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Bill Bouscher

Associate Broker, ABR, CRS, GRI, SFR

My Blog

2016 Spring/Summer Market Update

5/13/2016

Temperatures are warming up and the Spring Market in breaking wide open. As I had anticipated last year, 2016 has all of the ingredients necessary to prove itself to be another banner year in real estate.  Sales have already picked up significantly and many buyers are trying to get a head start before all of the craziness begins. 

As of this writing we still have a very low inventory of properties available for sale. As we move forward into the summer months, this may improve somewhat but it will not meet market demand and homeowners will continue to see prices move higher.  This increase will not hit every neighborhood or city and it will not be as significant as in 2013 or 2014.  Price movement will be in the 3-4 per cent range for the season overall and may hit as high as 6 per cent on some higher end properties.  The reason they will capture the best gain is that they suffered the most during the Great Recession.  Basically, it's pay back time.  To continue to grow or even just maintain a status quo, luxury homes have to keep moving and a reasonably dependable market demand must keep them moving or prices will eventually flatten or begin a slow and almost unnoticeable descent. Time will tell.

Mortgage rates have remained fairly solid and the great rate hike that was the talk of town last year never materialized. The mortgage loan process has slowed down with the new government regulations so, instead of thirty days to close it now takes about forty-five.  If you go with FHA, FHA 203K Financing or VA Loans, you may be looking at about sixty days.  Government sponsored mortgages take a bit longer due to appraisal, inspection and certification issues.

In summary, it is a "thumbs up" year for both buyers and sellers as well as our overall national economy. Keep your eyes and ears open as election time approaches though.

2015 Spring Update

4/18/2015

Finally, at long last the outside temperature is slowly starting to climb and after another Michigan winter we are all ready for some warm breezes and bright sunshine.  With real estate, the spring market is just starting to heat up too.  Every indication is that this may be the best year we've had in quite some time.  Mortgage rates have remained extremely low and that's good news for buyers.  As for sellers, property prices should continue to improve in many areas and demand should exceed supply as it did last year. 

 The problem we face as real estate agents is working with a shortage of inventory.  It's like running a clothing store without any depth of stock.  Customers come in looking for something to buy and cannot find the right outfit because there isn't a sufficient selection on the shelves.  In my business, homes for sale are the stock the customers want to see.  Like the clothing store, if we can't find them the right home because of a shortage of inventory, they end up walking away with nothing.

 If you have a friend, relative or business associate that is thinking of selling their home in the near future, I hope that you will suggest that they give me a call.  I will be happy to meet with them, preview their home and then do a comprehensive market analysis to determine the value of their property.  I will also review the home selling process so they will be fully prepared if they decide to list their home.

In closing, I want to wish you the very best of everything as springtime unfolds and we all look forward to the forthcoming warm weather.

2014 Summer Update

6/26/2014

The Summer Market is now in full swing and business is more brisk that ever.  Mortgage rates have remained relatively low, the appraisal process has improved and there are more active buyers than ever. All elements of the housing market are involved and moving quickly from modest homes to the high-end luxury market.  Attractive, well maintained and updated properties that are well priced are seeing multiple offers within twenty-four hours of coming onto the market.  There is no indication of this activity slowing down as we progress into the season. 

Prices are increasing modestly and we are starting to see some "For Sale By Owner" signs pop up again, which is the strongest indicator that we are in a "seller's market."  For the first time in a long time we are seeing continued signs of economic progress and stable economic growth.  2014 was projected to be, and is going to be, a very good year for home sales and purchases.

2014 Spring Market

3/15/2014

We have all gone through one of the hardest winters Michigan has had in a number of years.  Both temperature and snowfall records were broken and we are still not out of the woods yet.  The good news is that we are on the front edge of the 2014 Spring Real Estate Market.  All it takes is that one weekend when thermometer hits 50+ degrees and that usually kicks things off. 

Last year was one of our best in the housing market.  In fact, it rivaled 2005, the last strong year before the economic recession hit.  Now, we are looking at a continued strong market for 2014.  Home prices are starting to rise, inventory levels and mortgage rates are staying low and buyers are actively searching.  These are the perfect ingredients for successful sales with a positive impact on housing prices.

Summer-Fall 2013 Update

8/14/2013

We are in the home stretch of the summer selling season and things are still going strong.  Not hearing anything negative as of yet regarding the fall/winter season.  Mortgage rates may edge up a bit in September but both the stock and bond markets have stabilized over the past few weeks and that could keep the banks from moving mortgage rates up for a few more months.  Inventory remains tight, however, reports are coming in stating that, on a national level, more homes are slowly appearing on the market as seller's realize what has happened and how they may now benefit from it.

So far, as predicted in an earlier comment, 2013 has turned out to be a great year for real estate sales!

Summer, 2013

6/5/2013

The spring market turned out to be bigger and busier than any of us anticipated.  Mortgage rates have stayed low and the buyers well outnumber the sellers.  Inventories remain at historic lows as we nip the edge of the summer selling season.  The housing industry has not skipped a beat and the tempo is remaining on a steadily improving course.

Spring!

4/1/2013

Congratulations everyone, we have survived another Michigan winter!  Spring is finally springing.  There is a light at the end of the tunnel. The spring market for 2013 looks like it is going to be our best in several years.

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