Market Snapshot for Northville Michigan

Michigan Real Estate Video Blog with Ken Pozek

There are many great Novi and Northville area homes for sale. Click here to perform a full home search, or if you're thinking of selling your home, click here for a FREE Home Price Evaluation so you know what buyers will pay for your home in today's market. You may also call me at [phone] for a FREE home buying or selling consultation to answer any of your real estate questions.

Lately, we've seen our market flat line. After the crash, we saw the market bounce back strong from 2011 to 2013 but now it's settled down again. To get an idea about what's happening in the market, there are a few indicators to look at. When we see a lot of homes listed that are not selling or are being forced to reduce their price, that indicates we have a buyer's market. On the other hand, when we see appraisals coming in lower that what the sales price is, we're in a seller's market.
Right now, we're seeing appraisals get a little easier because the market is flat. There are fewer multiple offer situations and appraisals are coming in around where the sales price is. Just the other day we were working with some buyers who were interested in a home in a neighborhood where homes had been selling for around $600,000. We were able to make and secure an offer under the list price because the house needed a great deal of work - it needed new carpet, paint, appliances, etc. Six months ago, that offer never would have gone through.
What does all this mean? We have a very stable market. It's not trending up or down, but is staying consistent. This means neither buyers or sellers currently have an advantage. If you want to know what's happening in your specific area, don't hesitate to reach out to us. We can help you make the most of our current conditions.