Wednesday, February 20, 2013

3 Month & Year End 2012 Market Update

It was a very busy and productive 2012 for Miller Real Estate and its Agents. We were happy with what we saw in 2012 and are seeing a valued increase in overall values of property. Miller Real Estate looks for 2013 to be a fantastic year.

This data is for all of Barry County and only includes Residential Single Family Homes. - Provided by www.swmric.com

From October 1st of 2011 - December 31st of 2011 there were 144 Homes sold at an Average Price of $114,147.

From October 1st of 2012 - December 31st of 2012 there were 159 Homes sold at an Average Price of $123,799.

* This above data shows a fantastic increase in years end from 2011 to 2012.

* Activity was certainly very strong and steady through 2012 year end. Miller Real Estate was delighted with this activity and still has many pending deals from 2012 going into the first quarter of 2013. Homeowners should be extremely satisfied as well, as this activity shows a solid increase in Property Value.

This data is for all of Barry County and only includes Residential Single Family Homes. - Provided by www.swmric.com

From January 1st of 2011 - December 31st of 2011 there were 601 Homes sold at an Average Price of $113,743.

From January 1st of 2012 - December 31st of 2012 there were 685 Homes sold at an Average Price of $123,033.

* This above data shows that overall average price increased 8% in 2012.

* There is still a lot of this activity swayed by the lack of Discounted Foreclosure sales. This lack of Foreclosure activity has required buyers to look for non-discounted "normal" homes listed by the Barry County citizen. Instead of finding the discounted $39,000 Foreclosure, that same buyer is now looking at the "normal" owner listed $65,000 listing. This type of activity increases the average sale price.

* Interest Rates are still at historic lows and values are still "discounted" based off years past. Buyers are still finding this market a great one to purchase a property in. What has changed is the current active listing activity. Miller Real Estate has multiple buyers in various price ranges. The problem we are encountering is the lack of good listing inventory. With this happening we are seeing the market return to a sellers market. Properties are selling quickly and with multiple offers if sellers take our advise, list at the true market value, have a desirable located home and make it "show room" ready. Markets in the West Michigan area have become similar and are returning to Sellers Markets. Read News Release.

* Rental Vacancies are at historic lows, Rental Rates are at historic highs, Property Values are on the steady increase and the Interest Rates are projected to rise. It is the perfect time to buy! While there may not be much to choose from we are seeing signs of an increase in listing activity. Coming into the spring "buying season" always increases listings offered to prospective buyers.

* 2013 looks to be a banner year for our Real Estate Market of Barry County. The facts of 2013 should show us true gains in actual Property Value. Watch for future Market Updates throughout 2013 to track this data. Miller Real Estate and it's Agents are ready to take 2013 head on and provide the excellence the County has come to find since 1940!

Looking to sell? Call a Miller Real Estate Agent today for a FREE, NO STRINGS ATTACHED Market Analysis.

Looking to buy? Call a Miller Real Estate Agent today for Quality, Efficient Service with Top of the Line Current Research Technologies for finding your perfect home.
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