Why is it still a Real Estate Sellers’ Market Today in Metro Detroit MI? Let’s review home prices, graphs, links, and trends and find out.
As there’s more and more talk about the real estate market cooling off from the peak frenzy it saw during the pandemic, you may be questioning what that means for your plans to sell your house. If you’re thinking of making a move, you should know the market is still anything but normal.
The Market is Driven by Supply and Demand
Even though the supply of homes for sale has been growing this year, there’s still a shortage of homes on the market. And that means conditions continue to favor sellers today. That’s because the level of inventory of homes for sale can help determine if buyers or sellers are in the driver’s seat. Think of it like this:
- A buyers’ market is when there are more homes for sale than buyers looking to buy. When that happens, buyers have the negotiation power because sellers are more willing to compromise so they can sell their house.
- In a sellers’ market, it’s just the opposite. There are too few homes available for the number of buyers in the market and that gives the seller all the leverage. In that situation, buyers will do what they can to compete for the limited number of homes for sale.
- A neutral market is when supply is balanced and there are enough homes to meet buyer demand at the current sales pace.
And for the past two years, we’ve been in a red-hot sellers’ market because inventory has been near record lows. The blue section of this graph highlights just how far below a neutral market inventory still is today.
What Does This Mean for You?
Ed Pinto, Director of the American Enterprise Institute’s Housing Center, gives a perfect summary of what’s happening in today’s market, saying:
“Overall, the best summary is that we’ll move from a gangbuster sellers’ market to a modest sellers’ market.”
Conditions are still in your favor even though the market is cooling. If you work with an agent to price your house at market value, you’ll find success when you sell your house today. While buyer demand is softening due to higher mortgage rates, homes that are priced right are still selling fast. That means your window of opportunity to list your house hasn’t closed. Know the difference between Price-Driven vs Value-Driven approaches when pricing your home.
Step #1 ~ How to Sell Your Home: INFLUENCE = More 💰
Even in a Sellers’ Market, Marketing your Home is very important … ask McDonalds. You need to stay in front of all potential buyers. They may not even know they want to move. I’ve sold many homes over the years to buyers that we not looking for or planning to move. So, they were not working with a realtor or going on the public website either. They saw the value and paid top dollar because the home was perfect for them.
Step #2 ~ Metro Detroit Real Estate Home Prices and Trends by City
💥 Important 💥 Keep in mind the numbers do represent your money. This is Where You Track Home Prices and Housing Inventory Levels (Supply and Demand) updated monthly by the 15th.
It has everything you need to determine the Market You’re In and review your city’s 3-year live trends regarding home prices. Better yet, you can even review Sold properties and not rely on the online estimates. I’ve provided additional videos regarding the housing market and how you can benefit from all the tools on this page. Whether you’re selling or buying real estate now or later. I recommend keeping up to date and protecting your real estate investment. It’s essential to follow the Housing Market Trends for Metro Detroit and know The Market You’re In, and it’s the only way you’ll know your true Negotiation Power.
Step #3 ~ Your 🔑 To Home Selling and Buying Success ~ Safe e-Guides
💥 Important 💥 Your Guides also have educational videos and links regarding where home prices are heading, mortgage rates, Housing Market Trends, and more.
Watch Video for Sneak Peak
Don’t muddle through the Home Buying and Selling Process. Buying a new home is a dream for all of us, and it’s an emotional and stressful process.
It also involves the most significant financial transaction you probably will make in your lifetime. Your Buying Guide…will walk you through tips, strategies, and how to understand the numbers to strengthen your negotiation power.
Your Selling Guide…It will help you work through the selling process using the latest in high-tech market tools, so you make MORE Money. Our goal is to separate your home from the competition, and keep Buyers focused on your house. The Selling Guide is very detailed and works step-by-step, so you’re guaranteed Top Dollar for your home.
Step #4 ~ Look up Sold Data by your location.
💥 Important 💥 Modify your search and select home criteria closest to the features and benefits of your home to compare.
When I started in real estate 22 years ago, I found many homeowners and home buyers were relying on their agent regarding Price vs finding an agent that will help them work through the education process regarding Value. See the difference between Price Driven Approach vs Value Driven. One thing I learned is that numbers do represent your money. Either you leave money on the table for the buyer when you sell or spend more than you should when you buy. Agents pick the houses and bring you the comps and recommend a price based on the data they pulled; vs. you have the access to the data and work through the process of value together and you select the best price for your home, not the agent. You have options to double-check the numbers, it’s your money.
Bottom Line: Real Estate Sellers’ Market Today
Today’s housing market still favors sellers. If you’re ready to sell your house, let’s connect so you can start making your moves. If you would like to have a better idea regarding the Value of your home, fill out the form as detailed as possible.
Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know Your Local Home Prices and Trends by Ctiy and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
If You Need To Sell 1st… I Recommend 🛑Doing This!
No 2 homes are alike, and agents need to 🛑 marketing ONE size fits all. We no longer have an exposure problem (internet). Your home is buried on public home search internet sites. The only way to compete on those platforms is the price. If you want more money, you need to apply Influence. Separate your home from the competition, so the Buyer sees value. Keeping them focused on your property and not getting lost in homes’ inaccurate data on public internet sites is necessary. Having digital omnipresence on serval platforms is your key to success. Remember MORE INFLUENCE = MORE 💰. We have details on how you can utilize High Tech Marketing and Win!
Have Questions?
If you have any questions, contact us: Chatbot 🤖 at the bottom. Contact me by Email 📩 or my Cell 📲 @ 248-343-2459. Would you mind sharing your thoughts below or what future article you would like to see? Your opinion is important to us…. this site is for you.🤩 To Keep up to date request our 🏡 Chat Newsletter or Follow us on Facebook, Instagram, or YouTube.
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