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 condition...it 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!

3 Month Market Update

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

April 1st - June 30th 2013 there were 215 Homes Sold at an Average Sale Price of $147,517.
April 1st - June 30th 2014 there were 157 Homes Sold at an Average Sale Price of $162,943.

Miller Real Estate and it's team of Agents have felt a significant increase in overall selling values!

This data again shows an overall increase in average sale price year for year. While the number of homes sold is lower in 2014 compared to 2013, the law of Supply and Demand are at work here. The supply of decent / move-in-ready homes has dwindled. With this and the lack of discounted listings, the sale price obviously increases. More and more buyers are having to look in higher price ranges just to find a home worth purchasing.

While the above data is strongly encouraging, we are still below the pre-crash (2009) numbers.

The below data is from the same timeline as above data.

2005 - 235 Homes Sold @ $145,289
2006 - 199 Homes Sold @ $164,515
2007 - 183 Homes Sold @ $172,635
2008 - 182 Homes Sold @ $123,733
2009 - 138 Homes Sold @ $99,474

You can clearly see that in 2007 we were at a 10 year high, then in 2008 the overall market dropped significantly (Pre-Crash) and even more in 2009 (Full Crash). We are getting much closer to a stabilized market and with the FED's announcement of their Qualitative Easement ending, we see signs that continue to show our economy is strengthening. Read the FED article by clicking HERE!

The law of Supply and Demand continues to dominate pricing strategy. Miller Real Estate still is seeing abundant demand with little quality supply. This factor may not be as much of an influence with properties in the City of Hastings or Village limits, but properties with 1+ Acres and a dwelling, are much harder to find. This type of property of course being the "Bread and Butter" of Barry County Real Estate.

If your thinking of Buying or Selling give Miller Real Estate and its Agents a call today! We will guide you through the current market and provide options that best help you achieve your Real Estate goals!