Tribune Print Share Text

Title

Michigan is back, baby

The market is hot, prices are rising, and inventory is low

Created date

July 31st, 2017
LaVon and Bill McCauley recently sold their Sterling Heights, Mich., home in just one day. Now they are enjoying worry-free living at Fox Run, the Erickson Living community in Novi.

LaVon and Bill McCauley recently sold their Sterling Heights, Mich., home in just one day. Now they are enjoying worry-free living at Fox Run, the Erickson Living community in Novi.

If you’ve decided 2017 is the year you want to sell your house, you have excellent timing. Housing markets around the country have been steadily on the rise for the last several years, and recent data are particularly encouraging for sellers.

A recent survey by online brokerage Owners.com found that buyers are clamoring for properties, with more than half of them saying they would be willing to go beyond their budget to buy a home. In fact, prospective buyers say they’d exceed their budget by an average of $37,809. 

Seller’s market

That’s all great news for home sellers, who can expect quick sales, multiple offers, and maybe even a bidding war. 

The most recent statistics from the National Association of Realtors (NAR) indicate the median number of days on market hit a new low of 29 earlier this year. Meanwhile, the median home price nationwide was up 6% compared to 2016. 

According to a statement by Lawrence Yun, chief economist for NAR, “Homes in the lower- and midmarket price range are hard to find in most markets, and when one is listed for sale, interest is immediate and multiple offers are nudging the eventual sales prices higher,”  

These national trends are playing out in the Michigan real estate market, where millennials are looking to transition from renting to home ownership, creating a surplus of buyers. 

That’s been good news for area retirees who have put their houses on the market in anticipation of moving to Fox Run, an Erickson Living community in Novi. In fact, during a 60-day period earlier this year, incoming residents sold eight properties in an average of just four days. Two of those properties sold for over their listing price, while six got their asking price, and at least three of them were cash sales, according to Fox Run Personal Moving Consultant Kristine Kluge.

“The economy has improved greatly in Michigan, so there are many buyers ready and not enough homes available,” Kluge says. “We have actually seen houses by incoming residents sell in just one day.”

Exclusive moving resource

Those incoming Fox Run residents have an additional advantage when selling their properties. They have access to Erickson Realty and Moving Services, a special program that offers complimentary coordination of all realty and moving needs, including downsizing, home staging, packing, and selection of a real estate agent. 

Kluge works directly with people moving to Fox Run. She visits their houses and connects them with trusted real estate agents who are familiar with, and have successfully sold, homes in their neighborhoods.

Kluge recently helped Bill and LaVon McCauley sell their four-bedroom, three-bath Sterling Heights house in just one day. With their house sold, Bill and LaVon moved into a one-bedroom apartment home in the new Twin Pines residence building at Fox Run, which brought them closer to their two sons and five grandchildren. 

“We are now enjoying our life together at Fox Run,” Bill says. 

Kluge is experiencing a busy summer assisting people with their moves to Fox Run. She expects the Michigan real estate market to continue strong through the fall selling season. 

“It is definitely a seller’s market,” she says. “This is the best time since the recession of 2008 for people to get the most money for their homes and move into Fox Run and enjoy worry-free retirement.”

Comments