The weather is finally warming up for Michiganders which means we are entering the hottest months in real estate. So what can we expect for the end of Spring and beginning of Summer for 2019? Oakland County Realtor, Tracy Wick explains.
First let’s compare to Spring/Summer of 2018. According to Realcomp, closed sales are lagging 2018 by 3.7% and inventory is down 5.9%. One theory is that homeowners delayed putting their homes on the market due to the soggy spring weather and below average temperatures we’ve experienced. Due to the slow start, the real estate market may play catch up in July and August as many buyers push to settle into their new homes before the start of the school year.
Interest Rates are at One Year Low
The 30-year fixed rate average is currently below 4 percent and has not been this low since September 2017. According to the latest data released by Freddie Mac, the 30-year fixed-rate average sank to 3.82 percent with an average 0.5 point.
A lower interest rate is good news for buyers since it can increase a buyer’s purchasing power or reduce their mortgage payment.
Low mortgage rates often motivate two categories of buyers: those at the sidelines or first time buyers. We are seeing multiple offers on houses and condos priced below $150,000 for this reason.
What are Some of the Hottest Zip Codes in Oakland County, Michigan?
According to real estate analysts there are several cities in Oakland County Michigan that are great places for buyers to explore. And those who are selling their home in these areas will likely get top dollar.
Royal Oak: Royal Oak is a city with a vibrant downtown area. It has been a prime area for real estate for years and still remains in high demand by young professionals and now by downsizers who also enjoy the traditional walkable neighborhoods, nearby shopping, farmer’s market and dining options. Realcomp reports Royal Oak sales are +32.4% compared to 2018.
Hazel Park: Just minutes away from Royal Oak and Ferndale, this city is receiving the spillover of buyers who are expanding their search to nearby zip codes. Realcomp reports Hazel Park sales are +8.9% over 2018.
Milford: With its rolling landscape, picturesque village, and charming shops, Milford is experiencing growth in Oakland County. Realcomp reports that sales are +27.3% over last year.
Contact Oakland County Realtor, Tracy Wick for More Information
Tracy is a 25 year veteran real estate consultant and broker representing both buyers and sellers in Oakland County.
Looking for more real estate advice? Contact Tracy Wick today by calling: 248.912.7407 or sign up for our monthly newsletter, The Scoop for the latest news and insider information.