School has gone back, the holidays are around the corner, and people are either considering listing their home while inventory remains significantly low, or they have upped their dedication to looking for a new family home.
Whichever side of the fence you may be on, it has never been a better time to buy or sell in the Michigan area.
In fact, those people listing their homes near Fenton, MI, while there is indeed low inventory, are still getting great market value. Essentially, this is because demand is pretty high compared to the number of available homes for sale.
What’s more, if you are looking to expand your investment portfolio, there is no time like right now. Whether you want to grab a foreclosure for a bargain or buy and revamp an older home, you’re sure to sell for a relatively decent profit.
At Jennifer Lasco Real Estate, we’ve been helping a great deal of investors lately, selling the homes they bought and remodeled, and those investors have made a pretty neat profit.
Jennifer Lasco Owner and broker at Jennifer Lasco Real Estate said, “I enjoy having loyal clients like our local investors in and around Fenton, MI who take such pride in turning older or blighted properties into beautiful family homes.”
One of the most exciting and interesting things about the market right now is that it is a fantastic time for both sellers and buyers. And, of course, investors. With the increase in jobs and businesses and the slight rise in interest rates, now is the time to sell and buy in Michigan.
What’s Going on with the Markets?
This October, consumer sentiment rose to 100.7, up from 95.1 during September. This is the highest level since the beginning of 2004. What’s more, the preliminary reading for October is reportedly 101.1. The current conditions gauge, which is used to measure the country’s observations of their finances, has further advanced to 116.7, which is the strongest reading since November 2000.
Wondering what’s going? The low, low inventory coupled with sale prices are characterizing today’s real estate marketing, particularly in Fenton, MI.
A Look at Averages
On average, a market is about 14 homes per couple looking to buy a home. Today, it’s dropped to around 2.5 homes per couple on the market for a home. That’s significantly low.
Nationally, the number of residential homes for sale is at a 20-year low, reports Realtor.com. It seems that most people holding on to their homes heil from the Baby Boomers generation. They are content in their current properties and are faced with the same inventory shortages and increase in prices that plague the younger first-time homebuyers.
What’s happening is that the low inventory is driving up sales prices and, especially in Fenton, the fast pace at which homes are selling.
Overall, home prices are right back to where they were in 2005. The Baby Boomer generation has sort of tapered off in terms of sales, and now it is mainly the 40 – 50-year-old age group looking to sell up. What’s more, the market is highly responsive, and buyers know exactly when a property is priced right.
What Is Going on in Fenton, MI?
Downtown growth in Fenton, MI, seems to have dramatically fueled the property market. The prices per square foot are higher than any other time over the last 12 years.
While we do estimate an approximate 8 percent increase in house pricings between last year and this year, we don’t see the prices rising much more at this time. At the moment, Fenton is one of the most sought-after markets in Genesee County, which means, if you want to buy, sell, or invest – now is the time.
While some potential sellers may be slightly concerned about their next move, property-wise, there are a number of options available via lending practices, particularly if those sellers have equity in their home.
However, we should mention that while the market is still thriving, even though it’s the low-period and schools back, and holidays are just about here, the sale of waterfront properties has waned ever so slightly with potential buyers not looking ahead to the next lakefront season. But, it will also be here before we know it, and you’re sure to thrilled with a lakefront, prime piece of property in Michigan.
With summer already past, though, the Fenton, MI market is stabilizing, and there is a chance of it becoming a little less of a seller’s market. Inventory remains low, but buyers aren’t snapping up properties as quickly as usual. But, it’s buyers taking a break, really. It’s certain to start picking up again now, so you won’t want to miss out on some exceptional opportunities.
Waterfront sales, in particular, are a space in which homeowners are bound to experience a great deal of gain from increased sales prices. For example, if you purchased a property in Fenton around four years ago for $400,000, you may still be able to see it today for up to $500,000.
Time to Buy and Time to Sell – It’s Now
While conventional wisdom may indicate that buying or selling property during the peak season in spring may be the best idea, you should know there are other options, which can actually work better. Peak seasons translate into higher prices and more competition. Reports throughout the U.S. indicate however that consumer behavior changes and, that each year, between October and December, starter home inventory sees a boost of up to 7%. The ideal time to buy or sell is actually closer to the end of the year.
Whether you have been toying with the idea of selling your property within the next few months, or you are on the market for a new home or an older property to invest in, remodel, and sell for a decent profit, we can help. Contact Jennifer Lasco Real Estate for all your property requirements in Fenton, Michigan today. Whether you want to help boost our inventory, or snap up a prime property, we’re waiting to help you.