When you ask Google about the latest real estate conditions in Michigan, you get this question right at the top – How is the real estate market right now in Michigan?
The answer: “It is currently a seller’s market in Michigan. Demand is high, causing properties to be sold quickly and for above-average prices. While that’s the overall state of the market, each city and town is different, which is why it’s still best to check in with a real estate agent to understand your local trends.”
OK, so let’s check in with a real estate agent.
“Interest rates rose in the fourth quarter and that helped to slow things down,” said Rob Ewing, owner of Ewing Pros/Real Estate One. “Houses have sat on the market a little longer than we are used to seeing but that was coming off a very strong couple of years where houses sold very quickly. Values may dip but they will eventually rebound.”
Ewing is not alone in his optimism.
Goldman Sachs analysts said in a note to clients this week that the ongoing plunge in US home prices may be coming to an end. According to a report, long-term mortgage rates have cooled by nearly a full percentage point after surging above 7 percent as the Federal Reserve enacted a series of interest rate hikes last year. The trend should improve housing affordability and cause price declines to reach a floor, according to the Wall Street Bank.
“The sharpest declines in the US housing market are now behind us,” Goldman analysts Ronnie Walker and Vinay Viswanathan said in a client note released on Monday.
The strategists added that they “expect a peak-to-trough decline in national home prices of roughly 6% and for prices to stop declining around mid-year.”
For more from Rob, check out this video and visit the Ewing Pros web site.
About Ewing Pros
“Ann Arbor and greater Washtenaw County isn’t just a market to me, it’s my home and has been for most of my life,” says Rob Ewing, owner of Ewing Pros. “I know this entire region from the perspective of an insider. As a member of the community for over 30 years and as a full-time professional realtor, my goal is to see that my clients reach or exceed their goals in Real Estate.”
Whether buying or selling, Ewing Pros can offer proven expertise in existing homes, new construction and vacant land. “As a member of the area’s leading team, I can ensure that each step of perhaps your most important financial transaction will flow smoothly and efficiently,” says Ewing.
Ewing Pros
734-881-1950
734-216-5955
WEB SITE
admin@ewingpros.com
