Macomb County Michigan: Current Buyer & Seller Perks in the Housing Market

By: Rick Giese RE/MAX First
 
 
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Time To Sell

Industry:
Consumer

Location:
Clinton Township - Michigan - US

CLINTON TOWNSHIP, Mich. - Aug. 15, 2020 - PRLog -- Today's housing market is making a truly impressive turnaround, and it's also setting up some outstanding opportunities for buyers and sellers. Whether you're thinking of buying or selling a home this year, there are perks today that are rarely available, and definitely worth looking into. Here are the top two.

The Biggest Perk for Buyers: Low Mortgage Rates
The most impressive buyer incentive today is the average mortgage interest rate. Just last week, mortgage rates hit an all-time low for the eighth time this year. The 30-year fixed-rate is now averaging 2.88%, the lowest rate in the survey's history, which dates back to 1971 (See graph below):Current Buyer & Seller Perks in the Housing Market | MyKCMThis is a huge advantage for buyers. To put it in perspective, it means that today you can get a lower rate than any of the past two generations of homebuyers in your family if you decide to purchase at this time.

In addition, the National Mortgage News notes how today's buyers have increasing purchasing power due to these low mortgage rates:

"Purchasing power rose 10% year-over-year…With interest rates hitting record lows, buyers were able to afford $32,000 "more house" as of July 23 than they could the year before with the same monthly payment."

The Biggest Perk for Sellers: Low Inventory
Today, there are simply not enough houses on the market for the number of buyers looking to purchase them. According to the National Association of Realtors (NAR):

"Total housing inventory at the end of June totaled 1.57 million units, up 1.3% from May, but still down 18.2% from one year ago (1.92 million)."

It was low as we entered the pandemic and has reduced even further this year. Houses today are selling faster than they're being listed, and that's creating an even greater supply shortage
"Home prices rose during the lockdown and could rise even further due to heavy buyer competition and a significant shortage of supply."

With low inventory and high buyer demand, homeowners can potentially earn an increasing profit on their houses and sell them quickly in this sizzling summer market.

As always, reach out to me Rick Giese via phone 586.242.3100, email rick@rickgiese.com, or Facebook MacombCountyLifeStyles.com If you have questions about this or any other real estate topic. I'm happy to help!

#rickgiese #remax #remaxfirst #macombcounty #michigan #realestate #homevalues

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Tags:Time To Sell
Industry:Consumer
Location:Clinton Township - Michigan - United States
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