Summer is almost here, and it is the perfect time of year to explore the many open houses that sprout up all throughout your favorite neighborhoods! Likewise, it is a lovely time of year to get your own home on the market and have your own open house! The housing market has been quite healthy so far in 2019, so it is a fair market for both buyers and sellers. Reasonable interest rates, low unemployment, smart lending practices, and healthy consumer financial practices makes for a good market.
There is a tad bit of bad news to go along with the good; while February was a booming month for buying and selling, the National Association of Realtors (NAR) predicts that the rest of 2019 will experience a slight downward trend. NAR keeps close tabs and according to their research, sales are down about 5% from a year ago, and down 5% from a strong February. Zillow, on the other hand, predicts that the market will go up by 5% as we head into the summer months.
More good news! According to the NAR prices for homes in the first quarter of the 2019 housing market were 2.4% higher. The median price for all types of housing including condos, single family and town homes was approximately $250,000, of course that varies by location. According to Trulia, the housing market near and around Holland, Michigan have a median sale price around $138,000 to $185,000 based on the neighborhood.
According to MichRIC LLC. The housing rates in and around Muskegon are as follows:
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Of course, when you sell your home, you want to have a good idea of how long it is going to be on the market. According to the NAR, nationwide, homes were on the market for an average of 36 months in March which was down compared to February’s average of 44 months. But the good news is that nearly “Forty-seven percent of homes sold in March were on the market for less than a month,” according to an article posted on www.nar.realtor.com. Of course, knowing what hot ticket items are and getting your home ready for what buyers are looking for can help improve your chances of a quick sale. The longer your home is on the market, of course, the more costs incurred. For more precise data, contact a trusted realtor for advice on what buyers are looking for and what they are willing to pay.
Now is a good time in the 2019 housing market to buy with interest rates as low as 4%. The NAR states that first-time homeowners are making up close to 35% of the 2019 housing market which stayed consistent with the numbers from last year. Many of those first time homeowners are millennials which according to Realtor.com, are the largest segment of the buying market this year at 45%.
Summer is a great time in the housing market, including selling your home and/or searching for your dream home. Pricing your home correctly and making a bid that owner’s will be tempted to bite on is a very important part of the process. Getting good advice from a knowledgeable realtor who has the latest data is the first step in making the most of a solid 2019 housing market.