Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 1, 2019

Can Sellers Terminate the Deal if the Buyer Requests Repairs?

You've done it!! You found your dream home and won the bidding war and are officially "under contract" or "in escrow" and working through the terms of the purchase agreement. One of the first "to-dos" is to get the home inspected by a home inspector of your choice. 

Buyer Inspection Dissatisfaction:

Uh-oh! While going through the home with the inspector some pretty substantial issues are discovered which you would like the seller to assist in finding a suitable remedy for. Luckily you have a good Realtor like The Hartwig Team and you can exercise a few options to satisfy this contract contingency. 

😲😲😲😲

Ruin, Hole, Decay, Building, Dilapidated, Lapsed, Old

Option A: Request that the sellers provide a price adjustment to compensate for the cost of repairs that the buyer will incur after closing

Option B: Request that the sellers make the repairs to the property before the closing of the sale

The Hartwig Team prepares an inspection dissatisfaction addendum for you with a clear description of the proposed remedy. In a perfect world, the seller understands these defects should be repaired before closing the sale, however, this world is not perfect. Unfortunately, sellers often believe their home to be perfect as it is, after all, they have been living there without issues for often-times many years. 

Alas, The Sellers take the requests personally (as it is difficult to curb emotions with the sale of any primary residence.) The seller takes so much offense in fact, they lash out to their agent and give you the ol'-

Seller: "This home is just fine in its current condition, and I ain't fixin' [explitive]"

All too common of a scenario in real estate... but what about the less common occurrence of the above plus the additional

Seller: "As a matter of fact, I don't care for this dissatisfaction game you play, and I am killing this deal (out of spite mind you) and here is your mutual release, so sign it, and I'll find myself another buyer lickity split!"

Whoa whoa! back it up... as a buyer you simply want a safe and functional home for your family to live in. After all, this home was not listed as distressed or a "fixer-upper" so these expectations should not come as a surprise Mr. & Mrs. Home-Seller

Buyer: "Mr. Realtor, Can the sellers do that?" 

The answer is actually not so simple, and you will want to be sure that you are using an experienced and knowledgable Realtor like The Hartwig Team in order to make sure you have some expanded options should this unsettling experience happen to you. So, the big reveal, the answer to the question of "Can the sellers terminate the contract and kill the deal because you requested repairs or compensation for needed repairs?"

Maybe!

This will depend on how the purchase agreement is written. You see in Michigan, not all real estate purchase agreements are the same. These will vary by the local board of Realtors of which the buyer agent is a member of, or some brokerages create their purchase agreement to line up with the principal broker's practices. 

As the home buyer making the demand, obviously you would have liked to see some cooperation from the sellers but this isn't an option in this scenario. So it's time for you to decide if you want to bear the cost of those repairs on your own and move forward with the purchase. How do we know for sure we can even do that, the seller was adamant about killing the deal, doesn't he/she have the right to do so? Let's find out. 

So let's take a look at what you would commonly see in the contract for purchase. Mind you these are only examples and most common on what you would see in Macomb or Oakland County Real Estate contracts

Example A: If the seller does not agree to make the requested repairs, the Buyer shall have three (3) days to waive the contingency and accept the property “as-is” or to declare the contract null and void.

This is good for the buyer, per the contract, you have 3 days for due diligence to decide if you wish to move forward with the property as-is and no repairs or compensation from the seller. 

Example B: In the event the Buyer requests a modification to the Buy/Sell Agreement based upon the results of the inspections, Sellers may either agree to such modification or declare this Buy/Sell Agreement null and void. 

This is not so good for the buyer and our seller who took our requests the wrong way, does indeed have the right to terminate the deal and move on to find a new buyer leaving you "high and dry" and no choice but to walk away from the dream home you had hoped to be living in within 30 days. 

This scenario is something you will want to consider when shopping for homes, and especially while interviewing a Realtor to represent you as a buyer. Be sure to ask your Realtor before signing buyer's agency agreement, how their preferred purchase agreement is written for this clause. 

Realtor Penalty Flag!

Football, American Football, Play, Competition, Defense

What happens if you ask your Realtor about this clause and the answer is a YES, NO, or I don't know? 

This could be a signal that your agent does not know for certain, or doesn't have a proper solution to this problem. This could be one indicator that maybe you are not a good match to do business together. This is the largest purchase most people make in a lifetime, not to mention an emotional roller coaster of a process. You will almost certainly want the option to move forward as-is in case the home is worth the extra investment of repairs out of your pocket after closing. 

A good Realtor can easily amend or select a different purchase agreement to use and satisfy any concern you might have (broker permitting and law-abiding of course)

 

About The Hartwig Team:

About The Hartwig Team: We are a Husband/Wife real estate team who seeks and adopts the latest technology trends in the market place. We specialize in residential real estate in Macomb and Oakland Counties. We aim to simplify the buying experience and transaction with tools like our "Buyer Roadmap"

And, be sure to check out our "Digital Open House" the closest thing to being inside the property right at your computer or mobile device. This is a huge benefit to our sellers. If you or anyone you know has a house to sell, share this with them. It is changing the way people look at houses. Take a tour for yourself

 HERE!

 

Posted in Buying
July 11, 2019

July-2019 Macomb County, MI Realtor Report

Macomb County Real Estate Pricing Trend:

Price trends in Macomb County have a strong uptick from May 2019 increasing to 5.3% from last month, while YOY posted higher gain of over 11% appreciation, we expect that July will flatten this trend out considering median sale price in Macomb County has increased a whopping $25k since April. Macomb County Real Estate still has a very short sale cycle for sellers with a median of 11 days to get an acceptable offer. Sellers are also enjoying an average of 97.2% of original asking price toward the high end of the rolling 5 year average.


With pending sales back on the rise in June this year and out-pacing the new listing inventory... The market demand still needs more homes for sale if you have been thinking of listing call The Hartwig Team at RE/MAX Suburban to get a FREE market analysis for your home- 586-330-1248 or email us at sold@thehartwigteam.com

 

Inventory Update:

June Stats are in and show consistency in the market maintaining sellers with the upper hand. Inventory continues to rise modestly over May with 4% growth over last month.  Of the 1,204 pending sales in May, 1,021 of those closed in June which is slightly few closed sales compared to previous month, more notably down 8.6% from June 2018. Is this in indication of buyers losing interest or electing not to make the move? Pendings sales would indicate not the case as they have again risen in June by a sliver and significantly compared to June of '18. With back-to-back months rising in pending sales, it would be expected to see the number of closed sales rise in July. 

Bank Mediated sales have a modest decline that continues over the 5-year pattern, and our month's supply remains low (about 2 months supply depending on property types considered.) Months supply below 3 months is typically considered a Seller's market. So be prepared for competition still if you are out on the hunt for a new home. 

Posted in Market Updates
June 11, 2019

June 2019 Oakland County Real Estate Market Update

Inventory Update:

The May data is in and supports the continued strong seller's market in Oakland County real estate. The inventory is basically flat up only 0.5% from May 2018 however shows tremendous incline from April 2018 relieving some of the inventory chokehold. Closed sales are down YOY due to the inventory shortage, but homes going pending in May is up sharply 10+% from 2018.  

Oakland County Real Estate Pricing Trend:

Home pricing trends are flat pretty much accross the board in Oakland County with a very slight decline overall. The median price per square foot (not shown in the insight report below) is relatively flat year over year as well only up $1 to $150/square. Overall sellers are commanding a 97.3% of their original list price with many buyers still finding themselves in a bidding war in Oakland County with the lack of inventory. Furthermore, sellers who list at the right price can expect to receive and accept an offer within average 11 days of listing their home for sale. 


The market demand still needs more homes for sale if you have been thinking of listing call The Hartwig Team at RE/MAX Suburban to get a FREE market analysis for your home- 586-330-1248 or email us at sold@thehartwigteam.com

Posted in Market Updates
April 30, 2019

Macomb County Realtor Update

Macomb County Realtor® Report- Seller Market Continues as March Closes Out:

Nevermind the Nay-sayers, this hot real estate market continues on. All numbers are indicating the buyers are out and buying homes. Inventory had a modest increase YOY from 2018 to help fill the buyer demand. 

 

More homes listed, more closed sales, and more pending sales across the board when compared to March 2018, and we still have more active listings YOY as well, as the sellers continue to list, are we tracking toward a more balanced market?  We'll have to watch the coming months but we are still significantly under the 5 year average for inventory. 

 

This healthy demand is driving home values up nearly 6% compared to March 2018! The median days to sell is also indicating buyer demand with a median of only 24 days. 

 

Sellers still hold the cards in Macomb County with as the average seller is getting 95% of their original list price across Macomb County. Down YOY but trending up year to date. 

 

Have you thought about selling? Contact your Realtor® at The Hartwig Team today, a market analysis is free and there is NO obligation. Talk to you soon! 

 

Ben Hartwig

586-330-1248

sold@thehartwigteam.com

Posted in Market Updates
March 5, 2019

Going Green Without Spending Too Much GreenA Guide to a Budget-Friendly, Energy Efficient Home



Going Green Without Spending Too Much Green

A Guide to a Budget-Friendly, Energy Efficient Home

By Ben Hartwig March 5th, 2019

 

 

So you’ve decided it is time to be a part of the energy efficient movement. But it’s tough, as soon as you make the commitment, something “more important” comes up. You've hired the insulation guy, window guy... or whatever guy, and then, just days later, that unexpected bill pops up.

 

So what is an aspiring and environmentally responsible homeowner to do? The Hartwig Team is here to help! We’ve created this guide to help the community and help our clients make smart decisions.

 

Little things do make a difference

Swapping out some incandescent light bulbs for LED is easy and bulbs are becoming more affordable. It seems miniscule, but count the bulbs in your bathrooms alone and you might be surprised. Many bathrooms have 4, or even 8 decorative bulbs over a vaity. These KWHs (kilowatt-hours) add up fast. But those who crave true energy efficiency, need more than just bulbs.

 

So without further delay… here is our guide to going green wisely

 

Get started for free, and get cash back!

1. It starts with a free, yes FREE Energy Audit Consultation



You've created a pretty good idea in your head about where you expect you are wasting energy in your home… but what if you're wrong. What if it something you can't see at all that is blowing your money out the window- no pun intended.

 

We can solve that easy peasy, start with a free energy audit provided to you gratis by DTE Energy or Consumers Energy. Conflict of interest you might say, but nope, it’s legit. I personally have had it done at my home, and it was pretty darn cool. Cooler than a polar bear’s toenail in fact, you’ll get a free energy report just similar to one from a home inspector when purchasing a house with your realtor.

 

So you like free help like this but don't know how to get yours scheduled. No problemo! Just click right here to learn about this free DTE home energy consultation. If preferred, you can get a similar audit through Consumers Energy by clicking right here. (we suspect it’s the same program but we coordinated through DTE)



2. What you get in the Energy Audit Report?

 

This report will show you what is costing you money, and where you should focus your energy efficient budget. Here is just one example of what in the report. If you are losing inside air through walls, window casings, even plug outlets. You WILL discover it with this report.

 

 

You'll also get recommendations on common things like adding water-saving nozzles in your sinks, and other energy tips.

 

One of the coolest things from our audit was the air tight test. All windows and doors except one were closed except for one. The only remaining opening will have a fan that draws air from inside the home to the outside. The back pressure on the fan is measured with a meter of some kind to test overall “porosity” of the home.

 

In our case, we added attic insulation, foam insulation in the basement rafters, and replaced all windows in the home (they were in disrepair since we bought the home anyway.) by the time we were done there were over $1,200 in rebates we got back.

 

After all those replacements were complete, the energy audit contractor came back to check the air leak test again… and the home was so much tighter with less porosity that we qualified for an extra rebate, bonus!



 

3. Choosing a DTE Partner to Conduct the Energy Audit.

Have your Consumers Gas and DTE Electric account numbers ready when you go to start the process, the first thing needed is a basic questionnaire, if you don't have it, you can request phone call for assistance. You will need to answer simple questions about your home. Once you do, you will have options for contractors to select from, you’ll basically be getting a voucher for the free audit. Put this somewhere you won't lose it, this is how the contractor gets paid (by DTE- NOT you.)

 

So now it is up to you to do your due diligence and check public info about the contractors that are participating. We decided to use The Insulation Man out of Chesterfield, MI. We are not affiliated with them in any way, however, they did a great job and I can vouch for what was a good experience.

 

Not all online reviews are created equal, go with your gut

 

We suggest Google Maps first to read contractor reviews, and Yelp next. Yelp has had some headlines that personally make me question the validity of the reviews in some cases, so I prefer google maps, but go with your gut while researching the options. Don't forget to check Facebook page reviews, and just do a general Google search. If possible, call the company and ask for references.

 

Keep in mind, if you choose the right contractor for the free audit, it is likely you might hire them should you need any relative services that they offer. (It’s usually an insulation company who does the audit.)

 

4. But isn’t this just signing up for a sales pitch?

Not Necessarily, if you choose the right company to work with, it should be a friendly, no-obligation service, since DTE will compensate them for the audit of course. So be prepared, and take time to make decisions. There should be no pressure to commit at the time of the consultation. If there is high pressure, you’ve chosen the wrong contractor and should inform DTE Energy or Consumers, whoever you choose when requesting the consultation.

 

5. It Gets Even Better! Rebates Galore!

That’s right, once the energy companies pay for you to get your free audit, they’ll pitch in on some of the repairs, even more reason for you to shrink your carbon footprint!

 

These rebates add up fast, check out the rebates offered below-

 

image courtesy of https://www.newlook.dteenergy.com/wps/wcm/connect/dte-web/home/save-energy/residential/rebates/insulation+and+windows

 

Not bad but, It gets even better, check out what Consumers Energy adds to the pot…

image courtesy of: https://www.consumersenergy.com/residential/save-money-and-energy/rebates/windows-and-insulation

 

Can you double dip on both of these rebates from both DTE and Consumers? You bet your sweet bippy! AND you can basically pick any contractor you like, just check the program requirements and don’t select a contractor who is not licensed and insured.

 

These programs have been around for years, but are re-evaluated and adjusted every year.

 

6. So who should consider investing in these types of upgrades?

Anybody can, and should, at least consider energy efficient upgrades. There might be little-to-no glitz and glamor in home improvements, but these contribute to the “good bones” of any home and are very important. It is also important to consider the ROI (Return on Investment) with any home improvement.

 

Forever Homes

If your utility bills are astronomical, it can certainly make these types of home improvements seem valuable and VERY tempting. The $$ Rebates only sweeten the deal. If it is your “forever home” then YES, don’t delay, the payback on expensive improvements like windows, furnace etc. can never start too soon, and it will pay off in the long run.

 

VS Improving the home to be sold

But what about those who aren’t in a forever home… be very careful what you invest in. Especially with a market shift coming in 2019 to a balanced real estate market. If you have been steady with cosmetic updates in your home since owning it, then upgrading your energy efficiency could ice the cake for max FMV (Fair Market Value.)

 

If you plan to list your home for sale, it might be more wise to invest in cosmetics that would be more appealing to a buyer’s first impression. In general a dated kitchen and/or bathroom could command higher ROI than new windows could return when determining a list price. Just be prepared to renegotiate during the inspection contingency if the windows are shot when the house is sold.

 

7. A Realtor® Perspective

 

Eco Friendly isn’t for everyone. Home Value is always subjective… but unless your windows are leaking like a sieve, or you have ZERO insulation in your attic, you might consider replacing that olive green dishwasher and parkay floor  a higher priority before looking at subtle, long-term investments like windows and insulation.

 

Energy efficiency expectations are growing… while the “Boomer’s” are downsized or considering downsizing. Millenials are finally climbing out of the tremendous student loans they face in 2019, and they expect energy efficiency, green living, and smart features in homes. So we could see a paradigm shift where “good bones”, trump the glitz and glamor that catches the eye. Sustainable homes could soon rank above the solid surface countertops potentially.

 

For a home value analysis, contact a real estate professional to determine a specific action plan if you are considering selling your home.

May 16, 2018

Children's Miracle Network Partnership

The Hartwig Team has joined RE/MAX Suburban to start 2018 off right, and we are proud to announce our participation in the RE/MAX partnership with Children's Miracle Network! With this partnership, The Hartwig Team will make a donation in the honor of every client who buys or sells their home with us. This is our way of giving back to our community, and honoring our clients. You chose us to help you with one of the biggest purchases or sales of your life and we thank you for it while giving back to those in need. After the transaction closing you will receive an honor card showing the donation to CMN that was made in your honor.  

 

 

 

About CMN:

More than 10 million kids enter a children’s hospital like Beaumont Children's across North America every year. To provide the best care for kids, children’s hospitals rely on donations and community support, as Medicaid and insurance programs do not fully cover the cost of care. Since 1983, Children’s Miracle Network Hospitals has helped fill those funding gaps by raising more than $5 billion, most of it $1 at a time through Miracle Balloon icon campaigns. Its various fundraising partners and programs support the nonprofit’s mission to save and improve the lives of as many children as possible. - https://childrensmiraclenetworkhospitals.org/about-us/

Here is just one example of where our contributions go:

 

We can not imagine the emotional toll that a child's severe illness would take upon the child and their family, and then having to deal with a financial burden on top of that which can be quite large with the shrinking health benefits we face today. We hope that as our business grows we can continue to increase our donations to the Children's Miracle Network and do our part to help out these children and families that are in need. We at the The Hartwig Team commend Children's Miracle Network for what they do, and are very thankful for all of our clients who make our contributions possible. Just look below at what CMN is doing every day, in just a single day for children who are struggling.  

 

 

In 2017, RE/MAX of Southeastern Michigan contributed just shy of $130,000 to Children's Miracle Network, and this year we aim to do even more in 2018, and it wouldn't be possible without our clients!

From our family to yours, Thank you!

Ben & Tara Hartwig

   

Posted in News
May 9, 2018

St. Clair Shores Market Report

We hope you had a great Easter St. Clair Shores... Here is your real estate update from the March numbers, and what we expect looking forward in the St. Clair Shore real estate market.

Median Sale Price in St. Clair Shores, MI:

Why median price matters: It’s hard to find a better indicator for St. Clair Shores real estate market than the average sale price in the neighborhood… however, be careful, not all homes are created equal. So if buyers in a certain area start looking for a different style home than in the past (bigger/smaller, ranch/colonial, etc.,) it can change the sale price trends. Price per square foot often tells a more accurate storey.

All 3 zip codes are on the rise from February with modest gains, most notably 48081 posted a 5-digit increase. Continuing that upward trendline over 3 years in St. Clair Shores

[eap-smart-popup-embedded id="#smartpopupID-lUOOp0j1xC1516112485943"]

Median Price($)/Square Foot in St. Clair Shores, MI:

This is a big one, price per square foot is what Realtors like us use when doing a market analysis to establish our listing prices, appraisers also rely heavily on price per square foot.

48081 shows a significant rebound as we expected off of a 12-month low along with some modest gains in 48082. However a modest drop in 48080 in March but still maintaining near average for the 12-month period.

 

Median Days on Market in St. Clair Shores, MI

Days on market is a common statistic we look at to determine how St. Clair Shores is doing in terms of demand. We factor this in when evaluating a market as being a hot seller's market or a hot buyers market... or just balanced. The Hartwig Team relies more-so on the Month's Supply as a primary indicator of buyer/seller markets, but days on market is a contributing factor and good to know for those preparing to list for sale in St. Clair Shores.

48082 days to sale increases slightly but remains the lowest in St Clair Shores, while the other zip codes are stable and all trending as "average" or slightly longer sales cycle for the 12 month period overall in St. Clair Shores. There is higher demand than supply in St. Clair Shores than Macomb County by a notable amount.

 

Month's Supply / Absorption Rate in St. Clair Shores, MI.

Months Supply is our largest indicator of the type of real estate market we are experiencing in St. Clair Shores, MI and who has the advantage, buyers or sellers. To calculate month's supply, we take the number of active homes on the market last month, and divide that by the number of pending or closed listings in that same month and we have the Month's Supply. Typically, 0-3 months is a HOT sellers market, 3-6 months is a balanced market, and 6 months+ shifts the advantage to the buyers in the market. So if 50 homes were on the market last month, and 10 houses sold, 50/10, this would be a 5 months supply of homes for sale. which is a balanced market.

We use the city as an indicator because drilling down to the zip code level really isn't a good sample size to look at supply and demand trends over a municipal area.

St. Clair Shores is in need of inventory with only a 1.1 month's supply of homes for sale. Sellers hold the advantage and we need more listings. Buyers, be ready to act fast when you find a property you like. St. Clair Shores remains a highly desirable area in the county.

 

[optima_express_gallery_slider id="705176" rows="1" nav="top" style="grid" columns="2" effect="slide" auto="true" interval="2" sortBy="ds" maxResults="25"]

[target-areas]

Posted in Market Updates
May 9, 2018

Clinton Township Market Report

We hope everyone had a great Easter! The March data is in and the market is talking to us, here is what's happening right now in Clinton Twp.

Median Sale Price in Clinton Township, MI:

It's hard to find a better indicator of how hot a market is then the average sale price in the neighborhood, however, be careful, not all homes are created equal. So if buyers in a certain area start looking for a different style home than in the past (bigger/smaller, ranch/colonial, etc.,) it can change the sale price trends. Price per square foot, can be a better indicator of market conditions and is more commonly used in market analysis and appraisals.

48038 dips significantly in March, while 48036 skyrocketed and 48035 is relatively flat as per usual. We expect a rebound for 48038 in April and a correction in 48036.

 

[eap-smart-popup-embedded id="#smartpopupID-lUOOp0j1xC1516112485943"]

Median Price($)/Square Foot in Clinton Township, MI:

This is a big one, price per square foot is what Realtors like us use when doing a market analysis to establish our listing prices, appraisers also rely heavily on price per square foot. Signs of stability hovering near the 12 month high, but just off of it in 48038, a modest gain in 48036 which is rebounding back towards the $100 mark, and 48035 has a moderate drop.

 

Median Days on Market in Clinton Township, MI

Days on market is a common statistic we look at to determine how how a particular market is, and factor this in when evaluating a market as being a hot sellers market or a hot buyers market... or just balanced. The Hartwig Team relys more heavily on the Month's Supply or Absorption Rate as a primary indicator of buyer/seller markets.

48036 continues to show signs of a strong rebound with a MAJOR drop in median days on market for March. Demand clearly rising in 48038 should push price trends up and consistency in 48035 is the story. I expect price per square in 48036 to climb back over $100 in the coming months.

   

Month's Supply in Clinton Township, MI.

What is months supply? Months Supply is our largest indicator for the type of real estate market we are experiencing in Clinton Township, MI. To calculate month's supply, we take the number of active homes on the market last month, and divide that by the number of pending or closed listings in that same month and we have the Month's Supply. Typically, 0-3 months is a HOT sellers market, 3-6 months is a balanced market, and 6 months+ shifts the advantage to the buyers in the market. So if 50 homes were on the market last month, and 10 houses sold, 50/10, this would be a 5 months supply of homes for sale. which is a balanced market. We use the city as an indicator because drilling down to the zip code level, really isn't a good sample size to look at trends over a municipal area.

1.2 months supply in Clinton Twp. for March, we still struggle with lack of homes for sale and excess of buyer demand. Even more so than the supply and demand for the county overall. We need listings... pretty much everywhere in Metro Detroit.  

[eap-smart-popup-embedded id="#smartpopupID-lUOOp0j1xC1516112485943"]

Posted in Market Updates
May 9, 2018

Utica-Shelby Twp. Market Report

Pricing trends in Utica & Shelby Township show signs of a rebound from February while the stability in this market continues. Low inventory continues to leave some buyers empty-handed.

1. Median Sale Price in Utica / Shelby Township, MI:

It’s hard to find a better indicator of how hot the market in Utica or Shelby Township is doing than the average sale price in the neighborhood... however, be careful, not all homes are created equal. So if buyers in a certain area start looking for a different style home than in the past (bigger/smaller, ranch/colonial, etc.,) it can change the sale price trends.

All 3 zip codes in Shelby Township are up indicating a rebound from February. Expect this to continue if inventory remains low. 

 

2. Median Price($)/Square Foot in Utica / Shelby Twp. MI:

This is a big one, price per square foot is what Realtors like us use when doing a market analysis to establish our listing prices, appraisers also rely heavily on price per square foot. Price per square foot can be a better indicator of market conditions than sale price... and is more commonly used in market analysis and appraisals.

High stability for Utica / Shelby Township is the story for price per square foot. 48317 is down over the 12 month period and hovering near a period-low, expect a rebound in April. 48316 and 48315 are both up $1 per square from Feb, and hold strong gains in the 12 month period. This should continue with peak season approaching. 

[eap-smart-popup-embedded id="#smartpopupID-lUOOp0j1xC1516112485943"]

3. Median Days on Market in Utica / Shelby Twp. MI

Days on market is a common statistic we look at to determine how a particular market is, and factor this in when evaluating a market as being a hot sellers market or a hot buyers market… or just balanced. The Hartwig Team relies more heavily on the Month’s Supply or Absorption Rate as a primary indicator of buyer/seller markets.

A steep drop in 48316 indicates demand is on the rise there, while 48317 and 48315 have risen but holding steady near the median for the 12-month outlook. 

4. Month’s Supply in Utica / Shelby Township, MI.

Months Supply is our largest indicator for the type of real estate market we are experiencing in Utica/Shelby Township, MI. To calculate month’s supply, we take the number of active homes on the market last month, and divide that by the number of pending or closed listings in that same month. Typically, 0-3 months is a HOT seller's market, 3-6 months is a balanced market, and 6 months+ shifts the advantage to the buyers in the market. So if 50 homes were on the market last month, and 10 houses sold, 50/10, this would be a 5 months supply of homes for sale (balanced market.)

We use the city as an indicator because drilling down to the zip code level, really isn’t a good sample size to look at trends over a municipal area. Month's supply in Utica / Shelby Township is dropping steadily to start of 2018 and currently sits at 2.3 months supply leaving a lot of buyers empty-handed and advantage to sellers.   

Shelby Township and Utica area are highly desirable right now, and we need listings. If you know anyone in the market to buy or a sell a home in Utica / Shelby Township, or surrounding areas. Please share the Utica/Shelby Township report with them and contact Ben & Tara today. We are the local Real Estate experts in Shelby Township!

Call or text us at 586-330-1248

Posted in Market Updates
May 9, 2018

Sterling Heights Market Report

March data is in for March and shows stability, Pricing trends up in 48310, but down in 48314 over the previous month, buyer demand continues to outweigh the inventory supply.

1. Median Sale Price in Sterling Heights- Balanced across the zip codes

It’s hard to find a better indicator of how hot the market in Sterling Heights is doing than the average sale price in the neighborhood… however, be careful, not all homes are created equal. So if buyers in a certain area start looking for a different style home than in the past (bigger/smaller, ranch/colonial, etc.,) it can change the sale price trends.

Stable and consistent trends exist in the Sterling Heights Market with the exception of 48314 which has a regular volatility with large monthly movements being the norm. The takeaway here is as a whole, we are up significantly from 12 months ago in 3 of 4 zips and are experiencing strong value appreciation in the Sterling Heights area.

[eap-smart-popup-embedded id="#smartpopupID-lUOOp0j1xC1516112485943"]

2. Median Price per Square Foot in Sterling Heights-

This is a big one, price per square foot is what Realtors like us use when doing a market analysis to establish our listing prices, appraisers also rely heavily on price per square foot. Price per square foot can be a better indicator of market conditions than sale price… and is more commonly used in market analysis and appraisals.

48310 hits a new 12-month high while all the other zip codes are maintaining their value per square foot. Expect this stability to continue into summer months, with movements being subtle and no sharp swings up or down in price per square foot.

3. Median Days on Market in Sterling Heights-

Days on market is a common statistic we look at to determine how a Sterling Height is doing in terms of demand. We factor this in when evaluating a market as being a hot sellers market or a hot buyers market… or just balanced. The Hartwig Team relies more heavily on the Month’s Supply or Absorption Rate as a primary indicator of buyer/seller markets.

A much shorter sale cycle time to pending in Sterling Heights for March over February, an indication that pricing should continue trending up sooner than later.

4. Months Supply Sterling Heights, MI : .9 Months Supply- Sellers Market heating up.

Months Supply is our largest indicator of the type of real estate market we are experiencing in Sterling Heights, MI. To calculate month’s supply, we take the number of active homes on the market last month, and divide that by the number of pending or closed listings in that same month. Typically, 0-3 months is a HOT seller’s market, 3-6 months is a balanced market, and 6 months+ shifts the advantage to the buyers in the market. So if 50 homes were on the market last month, and 10 houses sold, 50/10, this would be a 5 months supply of homes for sale (balanced market.)

We use the city as an indicator because drilling down to the zip code level, really isn’t a good sample size to look at trends over a municipal area. Month’s supply in Sterling Heights is dropping steadily to start of 2018 and currently sits at 0.9 months supply leaving a lot of buyers empty-handed and the market advantage to sellers. High predictability exists in this market with a very clear and defined seasonal trend line. Expect month's supply to bottom out in April/May before it starts a gradual incline leading back into winter month highs. If you've been thinking of listing, expect a quick sale if you price it right. Also noteworthy Sterling Heights is consistently in higher demand to supply ratios than Macomb County, for 3+ years and counting.

If you know anyone in the market to buy or a sell a home in Sterling Heights, or surrounding areas, contact Ben & Tara today.

Call or text us at 586-330-1248

Posted in Market Updates