Macomb County MI Real Estate Update Rick Giese "Is the real estate market starting to soften?"

CHESTERFIELD TWP, Mich. - Oct. 2, 2014 - PRLog -- Rick Giese associate broker & valuation specialist with RE/MAX Advisors here bringing you the latest Macomb County Michigan Real Estate update. Thank you for joining me. To get a better idea of what your home or condo is worth in today’s real estate market call Rick Giese today at (586)-242-3100 or log on to http://www.mymihomevalue.com/ for your free estimate.

Today let’s talk about the Real Estate Market. From keeping current matters, our latest real estate information reveals that sales decreased 1.8 percent in August. Many might start to panic, but let’s see what the report really shows. Lawrence Yun, NAR chief economist explains “there was a marked decline in all cash sales from investors. On the positive side, first-time buyers have a better chance of purchasing a home now that bidding wars are receding and supply constraints have significantly eased in many parts of the country.”

The median existing-home price for all housing types in August was $219,800, which is 4.8 percent above August 2013. This marks the 30th consecutive month of year-over-year price gains.

40% of homes sold in August were on the market for less than a month.

Distressed home sales remain at single digits for the second straight month, at 8%, down from 12% last year this time.

More buyers qualified for mortgages to purchase a home in August, as evidenced by the decline in the number of all cash buyers from 29% to 23%.

Newly built single-family home sales had almost 25% of the sales in August, the highest level in six years according to new data released by the U.S. Department of Housing and Urban Development and the U.S. Census Bureau.

“This robust level of new-home sales activity is a good sign that the housing recovery is moving towards higher ground,” said NAHB Chief Economist David Crowe. “Historically low mortgage rates, attractive home prices and firming job and economic growth should keep the housing market moving forward in 2014.”

Yun adds, “As long as solid job growth continues, wages should eventually pick up to steadily improve purchasing power and help fully release the pent-up demand for buying.”

Now is still a great time to buy a home, whether as a first time homebuyer or you’re moving up to the home of your dreams, don’t let the headlines scare you from making the best decision for your family.

It’s getting hectic out there folks! Prices are up!

Call Rick Giese associate broker at RE/MAX Advisors, also licensed Valuation Specialist in the State of Michigan. You can reach Rick at 586-242-3100 or rick@rickgiese.com (mailto:rick@rickgiese.com)

Please contact me Rick Giese via phone at 586-242-3100 or email at rick@rickgiese.com if you have any further inquiries. I would be happy to help you sell your Macomb County property for top dollar, without hassle.

Want to know today's present market value of your home or condominium? Check out our online CMA site at www.MyMIHomeValue.com

Consistently ranked as one of Southeastern Michigan's associate brokers of Seniors Real Estate Help, Equity Sales and Short Sales. Rick Giese has over 27 years of Real Estate experience and is one of the areas Rick has a strong focus on assisting homeowners in need, Rick Giese offers a straightforward no nonsense consultation designed to give you all the information and facts to enable you to make the best decision for you and your family. As every situation is different, Rick offers his insight and knowledge of the real estate transaction process and all the options available to you to get the most money the market will pay or to help you avoid foreclosure. Call Rick Giese today at toll free 1-800-274-5656 or your free consultation of your situation and sleep better tonight