Gorgeous Weather, Hot Real Estate Market in West Bloomfield

A new month reveals that the market continues to improve. Pending sales were up and there continues to be a significant number of sales with multiple offers. It is the best time in the last six years for sellers to test the market: values are up over last year and many sellers will be surprised at how far up the market has moved.
  
The month’s supply of inventory (the time it takes to sell off the current home inventories) is at its lowest point for bank-owned properties in the past two years (3.1 months) as well as the lowest point for non-bank in 22 months (6.1 months). The market remains divided between the 30% of homes that sell quickly and the 70 percent that sit on the market for months.
 
For the typical home in almost any market, if there is not strong market activity and multiple potential offer interest in the first 30 days on the market, the home is not priced correctly to fit its condition and features. Currently, if a home has been on the market for over 90 days without a price adjustment, there is a less than 25 percent chance it will sell. A home on the market for over 180 days has less than 3 percent chance of selling without a price adjustment.
 
In order to push up the pace of appreciation, the older, less saleable inventory needs to be either sold or removed from the market. This less-than-perfect inventory is the key to market recovery. It’s also a great opportunity. With rental rates strong, there has never been a better time to invest in single-family rentals. Annual returns can exceed 10 percent, leaving room for rehabbing and renting. These historically high returns work for a buyer who fixes up to live in the property or to hold it as an investment. For those who need help with the fix-up costs, a common challenge for many, the FHA 203K program is ideal.

West Bloomfield February Sales Statistics
 
For the month of February, sales continued to be strong within West Bloomfield. 

Fifteen homes were leased with monthly rents between $1,150-$4,100, which reinforces the great opportunity that is out there for the purchase of homes, as an investment, for leasing.

There were 51 sales within West Bloomfield in February ranging from $28k–$1.4 Mil … quite a range, which shows there is something for everyone out there! 

Inventory of good homes is low and many buyers who are pre-approved are not finding that home they are looking for.  As indicated above, great homes, priced right are receiving multiple offers! The weather is gorgeous, the interest rates are still quite low, now is the time to give us a call and get a market analysis for your specific area and home.

We have 25 years combined experience, listing, buying, short sales, home or condo, we are full time and full service agents that will work hard for you.

Ilene Mitz can be reached at 248-752-2330 cell, mitzireo@gmail.com

Loren Stewart can be reached at 248-622-8999, lorenreo@gmail.com