Summer Real Estate Market 2024: What You Need to Know🏡💲

The Summer Real Estate Market is here. I’ve provided key information that every Home Buyer and Seller Needs to Know in Metro Detroit today. 🤩

Summer Real Estate Market: What Home Buyers and Home Sellers Need to Know

June kicks off the summer’s busiest months in the housing market in Metro Detroit. Many people decide to buy and sell homes during this time. Knowing what to expect is essential if you’re considering moving this month. This guide will help you understand the current market trends and how to make the most of your real estate journey, whether buying or selling. Let’s dive into the key points you need to know.

Summer Real Estate Market If You’re Buying

Many homebuyers with children in Metro Detroit prefer to move after one school year ends and before the next one begins. This makes late spring and early summer a popular time for buying homes. Whether that’s your motivation or not, be prepared for more competition, as more buyers will be looking. The good news is more sellers will list their homes, giving you more options. Bankrate highlights this busy season:

“Late spring and early summer are the busiest and most competitive time of year for the real estate market. There’s usually more inventory listed for sale than other times of year . . . This is a double-edged sword for a buyer as you will be met with more opportunities but [also] much more competition.”

Mortgage Rates: Mortgage rates have been declining. If you didn’t know, the Fed doesn’t set mortgage rates; it sets policies. Wall Street sets mortgage rates based on the 10-year treasury yield and Mortgage-Back Securities Pricing. Did you know you can predict where mortgage rates are going? I will show you how every day in a blog post, “Today’s Mortgage Rate: What’s Driving the Change. “ To save money on your monthly payment, you must know mortgage rate trends and how to negotiate with a lender. 

Before You Start Your Search for Your New Home ~ See What They Are Selling For Today. 

I’ve created a bridge from my account that gives you direct access to the Multiple Listing Service for home prices sold in Metro Detroit. Know the facts, not the estimates. 

Macomb County Sold Home Prices by  City

Oakland County Sold Home Prices by City

Summer Real Estate Market If You’re Selling

As a seller, June is an excellent time because more buyers are highly motivated to move in Metro Detroit before the new school year starts. This means they’ll likely put in strong offers. If your house shows well and is listed at market value, you could see it sell faster or for a higher price. According to the National Association of Realtors (NAR):

“Warmer weather and the end of the school year encourage more people to buy and sell respectively. Buyers are looking to move and settle before the new school year begins contributing to increased competition and consequently higher prices.”

What About Home Prices 

If you’re considering selling your home in Metro Detroit, most sellers want to know what it is worth and how much equity they will have to put down on their new home. 

Step #1 ~  You will need a range, and I recommend getting an Instant Home Valuation Report to start you off on the right foot. 

Step #2 ~ Once you have a range, you will want to review the sold data for homes like yours. (Scroll ⤴️ or use the link.)  Between the two, you will have a range of what you could sell the house for. Next, your current mortgage payment voucher will have a payoff. Take your payoff minus the price you think you can get for your home, and now you have your equity number.

Step #3 ~ Now, let’s look at home prices and trends by City and price range in a direct live graph from the multiple listing service. Import trends to watch: median and average sale price, days on market, and month supply. The Macomb and Oakland County averages for months supply around  1.5 months, so the needle is still tipping in the seller’s favor. 

Macomb  County Home Price and Trends by City

Oakland County Home Prices and Trends by City

Let’s Decode the Housing Market Together! Let’s Connect ⤵️

Wow 😮, there’s a lot to consider! Whether looking to buy a new home or considering selling in Metro Detroit, keeping up with the latest housing market trends is important. After all, these numbers impact your decisions. Let’s simplify the process together. Schedule a Zoom call with me, and we’ll review the data. I’ll share my screen so you can see the market insights clearly and feel confident about your next steps. ⤵️

 

Your Next Steps

Are you planning a move this summer in Metro Detroit? Contact us to learn what to expect and how to take advantage of current market trends. Together, we’ll make your move a success.⤴️

More Help Is 1️⃣ Click Away⤵️

If you find this information useful, like and share it with your friends and family. 🥰💯
 

 

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Contact me with any Questions 
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Pam Sawyer with Metro Detroit Home Experts | Team Tag It Sold

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Summer Real Estate Market 2024: What You Need to Know🏡💲
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Summer Real Estate Market 2024: What You Need to Know🏡💲
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Unlock the secrets of the Summer Real Estate Market and learn about the opportunities for home buyers and sellers in Metro Detroit. 🏡 💲
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Metro Detroit Home Experts | Team Tag It Sold
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Real Estate Insider 🏡🎯
Stay ahead in the real estate journey with insights that matter. Our newsletter is all about helping you save when buying and earn more when selling. Provide your email and text #, and we’ll deliver the knowledge you need. 👇👇👇
Real Estate Insider: News You Can Use | Team Tag It Sold
Real Estate Insider 🏡🎯
Stay ahead in the real estate journey with insights that matter. Our newsletter is all about helping you save when buying and earn more when selling. Provide your email and text #, and we’ll deliver the knowledge you need. 👇👇👇
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