Washtenaw County Housing Report

 

Three Reasons to Buy Now
1. Interest Rates are Lower
Since most buyers finance home purchases, the price
a buyer can pay for a home is generally limited by the
amount of their monthly mortgage payment. A small
movement in interest rate affects a buyer’s purchasing
power the same as a large increase in price.
The historically low interest rates we’ve enjoyed over the
past several years may be a thing of the past. Rates have
been rising and are expected to continue going up into
2019. As they rise, affordability declines. Buying sooner
rather than waiting will enable a buyer to purchase a nicer
home now than they will qualify for later.
2. Seasonal Inventory Up
Annual cycles ran late this year. In most areas and
price ranges, inventory levels just recently passed their
peak for this year. There are still plenty of good homes
available to purchase.
3. Year-End Deals
Most sellers who had a reason to sell earlier in the year
still want or need to move. Many also realize that this is
a good time for them to purchase their next home before
prices and interest rates get any higher. Look for ways to
create win-win deals. If you can’t find what you want in
your price range, bump your search price up a little. You
may find a nice home with a seller willing to work with a
lower price you can afford.

 

1. Interest rates are Lower
Interest rates are projected to increase through the
balance of this year and into next. Because most buyers
finance their homes, higher interest rates reduce the
amount buyers can afford to pay. Within any price range,
more buyers can afford a home with today’s lower rates,
raising the odds of a seller receiving an acceptable offer.
2. Buyers are Still Looking
There is large pool of buyers who either didn’t find what
they were looking for this year or failed to win in a bidding
battle. Many of these buyers still need a home and are
ready to pull the trigger. They are hoping to make a deal
before interest rates further limit their purchase power.
This time of year, corporate relocations have an additional
group of motivated year-end buyers coming into the
market. They will need to find something fast.
3. Opportunity for Nice New Listings to Shine
Although inventory is high for this time of the year, many of
the best properties sold earlier in the year. During the next
few months, inventory levels and seller competition will be
lower than it will be in the spring. The relative shortage of
available move-in-ready homes combined with a pool of
waiting buyers makes this a good time to sell.

Summary Chart Comparing November 2018 to November 2017

Single Family Homes in Washtenaw County

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