3 Month Barry County Market Update

This data is for all of Barry County and only includes Residential Single Family Homes as reported in the SWMRIC System.

From April 1st - June 30th 2010 there were 183 Homes sold at an Average Sale Price of $104,439.

From April 1st - June 30th 2011 there were 161 Homes sold at an Average Sale Price of $119,283.

From April 1st - June 30th 2012 there were 157 Homes sold at an Average Sale Price of $130,080.

From April 1st - June 30th 2013 there were 215 Homes sold at an Average Sale Price of $147,517.

*You can see that this period in 2013 has been fantastic for home sales in Barry County. This period of time is usually the very busy buying season with more buyers out looking in the market.

*We have averaged a 12% increase in Average Price since this time in 2010. The market is in rebound mode and we are still feeling this continue into the end of 2013. Their of still lots of buyers, but very few quality listings to choose from. With the lack of discount "foreclosure" listings on the market, many buyers are having to move up in price to purchase their future home. The lack of discount listings obviously increases the average sold price due to this move up activity.

*Recently our National Association of Realtors released statistics on pent up demand from Young Adults. This demand shows that in the next 2-5 years more and more new buyers will be flooding to the market. The basis of their report shows that the share of adults under the age of 35 living at home or renting is the highest since 1981. Obviously they go on to say this is due to the lack of job opportunities in the past 5-10 years and uncertainty about future property investment return. Home values are on the increase and these Young Adults are now realizing this. Rates are on the slow but steady increase and they realize that it is one of the best times to still buy a home.

*Another bonus to the increase in activity is buyers coming to the market that have recently went through Foreclosure / Short Sale. Rental vacancy is the lowest it has been in 10 years. Read the report by clicking here. The main reason for this low rental vacancy is many homeowners that had their home foreclosed on could not buy and have rented what was available. Depending on the type of loan they had and how they have structured their Credit Worthiness, a home owner that has gone through Foreclosure or Short Sale can usually buy another home within 2-5 years. The significant amount of Foreclosure activity in 2009 and 2010 is now bringing some of those past owners back into the market.

*Their has been a slight decrease in activity and confidence due to the Government Shutdown. While most of the home buying experience has not been affected, some of the programs and required documentation has been:

1. Their is an IRS form you sign at time of Mortgage Application. This form is then forwarded to the IRS for verification of income. The IRS is no longer approving these and lenders are turning to different methods to verify income.
2. FHA backed loans have slowed a bit, but are still processing applications.
3. Rural Development (USDA) is at a standstill. RD employees are on furloughs and are not currently working on any outstanding or new deals.
- Their are always ways to deal with these types of issues, so make sure you contact an Agent with Miller Real Estate today!

*Miller Real Estate and our Agents see 2013 ending as a fantastic year. We hope you make the decision to buy or sell and in doing so, call one of us today. We pride ourselves on our years of service and Full Time Real Estate attitude. Miller Real Estate has the knowledge and skills to make your experience one that you will never forget.

3 Month Market Update

This data is for all of Barry County and only includes Residential Single Family Homes as reported in the SWMRIC System.

January 1st - March 31st 2012 there were 136 Homes Sold at an Average Sale Price of $111,164.

January 1st - March 31st 2013 there were 144 Homes Sold at an Average Sale Price of $108,562.

This data shows a slight decrease in Average Sold Price from 2012 to 2013. In looking further into the data, there were 3 homes in 2012 that sold over 1 Million. During that same time period in 2013, there was no home sold past the $550,000 mark. This has greatly influenced the Average Sold Price value.

There were also slightly more sales in 2013. Many of the sales in early 2013 were of homes that had been on the market for a significant amount of time in 2012. Ultimately those sellers made a decision to complete a price decrease to end up obtaining a ready, willing and able buyer.

Miller Real Estate is currently experiencing a decrease in listing activity and in some cases are having a real issue finding listings for our current buyers. Many buyers are having to expand their search based on location, price, or excluded details they may have wanted in a home. This activity has turned the market into a Sellers Market. While that activity is great for Sellers, they must still realize that the correct price will ultimately produce a sale.

There are still many homes that are holding on the market for long periods of time. We have seen this type of activity in the Lakefront, $200,000 + Market and the Under $100,000 Market (if not priced properly). Those buyers looking in the Lakefront and $200,000 + Market tend to use Conventional means of financing and put 20% or more down. Lots of times these buyers may be second home or "final" home buyers. These buyers are still concerned with the overall economy and are holding on tightly to those hard earned dollars. They are keeping those funds in easily accessible, safe and secure types of markets like Money Markets, CD's, Savings accounts.

We are seeing a real upswing in overall selling prices from the past 6 years. 2013 is certainly turning into the "swing" year for Barry County Real Estate. Miller Real Estate and its Agents are seeing a decrease in Foreclosure activity, a significant increase in Buyer activity, a slow down in Listing Activity, which the laws of Supply and Demand dictate is a Sellers Market.

Buyers are now in a market where Multiple Offers, Offering over Listing Price and not finding many listings to choose from is becoming the new normal.

If you are currently in the market for buying Real Estate, make sure you talk to a Miller Real Estate Agent today for the quickest, smartest, most knowledgeable experience in purchasing Real Estate.

In the market to Sell? Miller Real Estate and its Agents are ready to take on your listing. Our top of the line approach to finding the right way to list your property, dedicated persistence to see the deal through to closing and requirement that our agents are Full Time make it a wise choice to call us today!!