HUGH at Times Realty LLC

Market is beginning to change

Home foreclosures see a 'notable' increase amid ongoing cost-of-living crisis Home foreclosures are on the upswing nationwide, according to a new report, a sign that homeowners are still struggling from the ongoing inflation crisis.

Sales of previously owned homes in 2023 dropped 19% year-over-year to 4.09 million, the lowest full-year level since 1995, according to new data from the National Association of Realtors. The median price of a home sold in 2023 was $389,800 (a record high), while the median price of a home sold in December was $382,600, a year-over-year increase of 4.4%. (1440)
Mortgage rate have dropped to 8 month Low of 6.6%

know your market

Empty nesters now own twice as many large homes as millennials with kids as families are edged out A decade ago, empty nesters owned the same share of three-plus bedroom homes as families with children. Now, baby boomers with no kids at home own large homes at twice the rate.

So sad, for hard-working Americans

Biden administration hiking mortgage fees for Americans with good credit to subsidize home buyers with bad credit American home buyers who have good credit scores will be penalized in an effort by the Biden administration to achieve equity. The higher fees for those with good credit will be redistributed to home buyers with poor credit. As part of the U.S. Federal Housing Finance Agency’s push for more afford...

Quick facts FEB2023 for SE Michigan homes: YoY
median price +1.4%
new listing -13.3%
avg day on market 46, +27.8%

Moving into 2023 there has been a small drop in house prices and likely to continue, which may spur more owners to sell sooner than planned. Also, some vacant homes will end up being listed increasing inventories in the coming months for buy opportunities.

latest on House Bills 5761 and 5810, which would have provided additional time for residents and businesses to pay their July property tax bills without penalty or interest. Both Bills passed the Legislature on a wide bi-partisan margin. On July 8, 2020, Governor Whitmer vetoed them.

FIVE Reasons Why This Is Actually the Best Time in Years To Sell a House
1. Homebuyer demand is back with a vengeance
2. Home inventory remains low
3. Home prices are up
4. Mortgage interest rates are low, too
5. The economy is showing slow signs of recovery

realtor.com®

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Good News in Real Estate....

While the effects of COVID-19 in the broader economy continue, real estate activity began its recovery across much of the country. With pent up demand, showings are up 6% year over year for May locally – a positive early sign (and 2% above the national average).

GOOD NEWS...

Fifty-six percent of consumers say that despite the ongoing COVID-19 pandemic, they would attend an open house or take a home tour without hesitation, according to the Back To Normal Barometer from research company Engagious. Additionally, nearly half of respondents to the survey say they would return to activities such as taking a cruise, attending a live sporting event, or staying at a hotel. However, an even greater number—61%—are concerned about the overall public health crisis and the U.S. economy, a sign that consumers are more hopeful about their personal circumstances than they are about the country in general. “People are concerned about societal impacts rather than how [COVID-19] affects them personally,” said Jon Last, president of Sports & Leisure Research Group, a marketing research consultancy based in White Plains, N.Y., and a co-creator of the barometer. “And they feel the same about the economy." (from REALTOR® Magazine)

Thank you to the folks who like this page. I hope you are all being normal as you are allowed or choose to be.

Looking for a home or other property go to the link below and modify your search.

https://timesrealtyllc.com/listings?class=residential&location=48442&display=list&max_bed_rooms=0&min_bed_rooms=2&max_bath_rooms=0&min_bath_rooms=1&max_price=null&min_price=null&max_sqft=null&min_sqft=null

Contact me if you see something you would like to see in person.

Times Realty Altron - Multi-Purpose Landing Page Template

THANKFULLY
Effective on May 7, 2020, workers in the real-estate industry, including agents, appraisers, brokers, inspectors, surveyors, and registers of deeds, provided that:

Any showings, inspections, appraisals, photography or videography, or final walk-throughs must be performed by appointment and must be limited to no more than four people on the premises at any one time. No in-person open houses are permitted;

Private showings may only be arranged for owner-occupied homes, vacant homes, vacant land, commercial property, and industrial property.

For now, Michigan Realtors® interpretation of Executive Order 2020-21 carries forward to the new Executive Order 2020-42. Real estate activities, like the showing of homes and other property, open houses, and other client contact should be considered to be non-critical and travel to do so is prohibited through April 30, 2020. It remains important to understand that the Governor has taken a very hard line on all licensed professions. She has indicated that enforcement for any licensed industry will be subject to double fines and will include action upon the licensee.

For those Realtors® with clients with a scheduled closing in the next three weeks, Michigan title companies, appraisers, and home inspectors will continue to do business subject to guidance provided by the Michigan Department of Insurance and Financial Services. Realtors® should check with the specific title company/appraiser/inspector regarding its policy.

Real estate brokerages still have the ability to participate in closings via conference calls or other video conferencing methods to comply with the Governor's order. Additionally, real estate brokerages can still take new listings and work cooperatively with the seller to develop photography for the listings.

Feel free to contact me if you are wanting to sell you properties or home.

So everyone is up to date on Michigan Real Estate from NOCBOR Realtors®,

Pursuant to the Michigan Realtors® Legal Hotline and legal counsel, Buyers cannot be allowed physical inspections of properties until the Shelter in Place is lifted. UNDER NO CIRCUMSTANCES!
It does not matter if the house is vacant and does not matter if the Seller approves. As Realtors®, you would be considered an "accomplice" in violating the Governor's Order.