Wednesday, January 6, 2016

2015 Barry County Market Update

This Data is for all of Barry County and only includes Residential Homes as reported in the MICHRIC MLS System.

January 1st - December 31st 2014 there were 728 Homes Sold at an Average Sale Price of $149,408.

January 1st - December 31st 2015 there were 797 Homes Sold at an Average Sale Price of $161,742.

Miller Real Estate and our team of Agents have felt a significant increase in the market overall. The increase in average sold price, increase in number of sales and decrease in distressed listings, creates a clearer picture for analysis on your current market value. For the past 4+ years most of the increase in average sales price was in part due to the decrease in active foreclosure listings. Last year there were fewer foreclosure listings than in the past, which better represents the increase in the market as a whole. The above data shows us an 8% increase in overall market value.

In December the Federal Reserve announced it was increasing the federal funds rate from 0 to a target rate of .25 to .50 percent. While this created a lot of media buzz and worried buyers, the 30 Year Fixed Mortgage Rate has not jumped dramatically and is still at all time lows. Click link HERE to see a chart showing rates since 1971.

The Mortgage Interest Rate has a lot of effect on overall values, especially when it comes to what price range a buyer is able to purchase in. The 2 data points below, may help paint an accurate picture of why the rate is so important.

1. Low Mortgage Interest Rates have fueled some of the increase in Average Sold Price as buyers are able to afford more. Take for example the graph below....
Analysis: Lets say based on your debts, you can afford $1,200 a month, not including taxes, insurance and etc. If the rate is at 4.5%, you can afford a property around $285,000. If that rate jumps to 6%, you can now only afford closer to $250,000.

2. As Mortgage Interest Rates will most certainly rise over the next 2-4 years, buyers will find themselves not being able to afford higher priced homes. Sellers sell at what a buyer is willing to pay in the current market. If the rates do rise, the sellers in the future may find themselves dropping prices accordingly to where the buyers are able to afford.

This creates a great time to sell and buy! Rates are still historically low, purchasing a home allows build up of equity and holding that valuable asset is still desirable. Rental vacancies are at an all time low, while rental rates are at an all time high. If you don't know where to start, make sure you get in touch with one of our Agents today!

If your thinking of selling, now may be the time to get a Free Market Analysis and be ready while the time is right!

Miller Real Estate, serving Barry County for over 75 Years!

Tuesday, May 12, 2015

Buyers Market is Continuing to Fade into the Past!

We have been tracking some interesting data based on the Real Estate market locally in Barry County! The Buyers Market of years past continues to fade into a distant memory! Whether your currently in the market to buy or sell a home or not, the news is clear that there is significant movement. The old criteria still applies: If you have an accurately priced home, in a good location, that is in good is highly likely the property will sell fairly swiftly.

If you talk to an Agent @ Miller Real Estate, ask them about Multiple Offers. You will likely hear that the Multiple Offer situation is more prevalent than it has been in the last 6 years. Miller Real Estate has become more in tune with Multiple Offers and can effectively help both the Buyer and Seller through this process. The fact is, someone wins and someone looses. You just need to know how to present correctly the first time and be ready for those challenges.

So on to the data......

In April of 2014 there were a total of 463 Active listings throughout the month. There were 48 Sold listings at an Average Sale Price of $144,371.

In April of 2015 there were a total of 419 Active listings throughout the month. There were 61 Sold listings at an Average Sale Price of $154,449.

-This data is provided through MICHRIC (Michigan Regional Information Center) and includes all of Barry County single family residential homes.

It is interesting to see that Active listings are down 10%, Sold listings are up 21% and Average Sale Price is up 7%. This data further proves that NOW is the time to list your home. There are fewer Active listings, selling at higher prices and with more listings turning into sales. Miller Real Estate and their Agents are more than willing to come visit your property and give an accurate Analysis of Value.

The process of buying a home has become more regulated. The numerous inspections, documents, title issues, zoning laws, mortgage contingencies and etc. have made the Realtor even more important. If you are currently in the market to purchase, talk to one of our Agents today! We will easily walk you through this ever changing process and help you obtain your end goal.....a place to call Home!
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