For the last few years, we’ve heard talk from national housing market experts about the state of the housing market and how the housing market bubble burst of 2007 affected the landscape.
That being said, how exactly will we know when the housing market is improving?
Today, I’m going to tell you 6 clear signs that the market is on an upward swing.
Real Estate for Sale in Canton, MI
Here are six telltale signs that the Canton housing market and the national real estate market are improving:
- The job market recovers. The job market and the housing market are always closely affiliated with each other and it’s easy to see why. If people feel like they have job security and a steady cash flow, they’ll feel more comfortable investing in a home – which will in turn create local housing market activity.
- There are fewer For Sale signs around town. This may seem counter-intuitive, but, in fact, when the market is saturated with people trying to sell their homes, it often drives home prices down because there are generally not enough buyers to meet the supply. When there are fewer for sale signs, it means that homes are turning over at a more healthy pace.
- Median Sales Prices Stop Decreasing. Obviously this would be the case, especially after seeing what depressed home values can do to a market. Thus, when prices become more steady, it’s a great indication of an improving housing market.
- More Starter Homes are Sold. First-time home buyers drive any local housing market. So when there are more starter homes selling in a shorter amount of time, it’s a good indication that there is plenty of activity on the local housing market. Generally speaking, you want starter homes to be able to sell within 30 to 60 days of listing.
- You Hear Less and Less About Foreclosed Homes. Perhaps not as much in our area lately but certainly all over the country, the market has been filled with foreclosed homes. These distressed properties begin disappearing in an improving housing market – as do short sale homes. Home with plenty of equity end up taking their place in a healthy market.
- More Buyers Flood the Market. The return of the home buyer signals that homes are affordable, rates are attractive and people have enough money to invest in real estate. Thus, in recent months when we’ve been seeing more and more buyers enter the market, it’s been a fantastic sign for the market!
Your Home Selling Expert in Canton!
Hopefully you found today’s Canton real estate blog encouraging as a home seller. The local and national housing markets are improving – there’s no doubt about it!
If you’re interested in making the most of recent market improvements and want to list your home on the real estate market, please contact me, Noel Bittinger, and my team of Canton real estate experts!
We would love to help you, starting by helping you determine the true value of your property in Canton!
Until next time,
Noel
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