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    Buyers Are Looking Now- Yes Now in the Fall….

    The buyers are looking now….YES – Now – Fall of 2017…With cold wind on their faces and splashing through puddles….Why? Because everyone’s doing it. And because it makes sense for them to purchase.

    So what does this mean for you?

    Each year, most homeowners wait until the spring to sell their houses because they believe that they can get a better deal during the normal spring buyer’s market. However, recently released data suggests that a seller’s best deal may be available right now. The concept of ‘supply & demand’ reveals that the best price for an item will be realized when the supply of that item is low and the demand for that item is high. Let’s see how this applies to the current residential real estate market.

    SUPPLY

    It is no secret that the supply of homes for sale has been far below the number needed for over a year. A normal market requires six months of housing inventory to meet the demand. The latest report from the National Association of Realtors (NAR) revealed that there is currently only a 4.2-month supply.  For West Michigan numbers are even tighter in certain markets and price ranges….

    Supply is currently very low!!

    DEMAND

    A report that was just released tells us that demand is very strong. The most recent Foot Traffic Report (which sheds light on the number of buyers out looking at homes) disclosed that there are more buyers right now than at any other time in the last twelve months. This includes more buyers looking at homes right now than at any time during last year’s spring market.

    Demand is currently very high!! 

    Bottom Line

    Waiting until the spring to list your house for sale made sense in the past. This year is different.  Depending on your overall objective, the best way to maximize the market is most likely right now.

    MESSAGE JOHN

    Source: Michigan Real Estate Updates

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