That seems to be the question on everyone's mind lately. Will homes continue to drop in value or have we started to see prices level off?
While there are no guarantees, there are a few notable trends developing, in the 10 county region of Metro Detroit, Michigan.
According to Realcomp II, Ltd., the median sale price of homes and condos jumped 61% in April compared with the same period last year.
Sales were mixed. In the three core counties: Oakland County, MI was up 16%, Macomb County, MI up 4% and Wayne County, MI fell by 17%.
At the same time, the percentage of homeowners that are “underwater,” remains high. Michigan ranks No. 4 in the country, according to CoreLogic Inc.
The good news lies in the fact that property values appear to have stopped dropping and unit sales are beginning to show signs of awakening. We may be at the very beginning of seeing some competition for the homes on the market.
Despite these early signals, it is too early to tell with certainty we are at the bottom. Our home values will not bounce back up to their 2005 levels in a few months or six months or even five years.
It will take years to recover the home values we had in 2005 but extremely good values exist TODAY for those who are ready to take advantage of them.
If you are waiting for prices to go lower before jumping in to buy, you may miss the boat.
As David Knox, Real Estate Consultant, says, "The only sure way to know where the bottom was is to look back and realize you missed it."
If you want to take advantage of today's low prices and low interest rates we are happy to help!
Call us today at 810-844-2316 or e-mail timsova@remax.net
Check out our website for other real estate related items: www.TimSova.com
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