When will the home prices start going down as a result of COVID19?
When will the home prices start going down as a result of COVID19?
We all know real estate is local. By reading the market data for the West
Coast, there’s no way a home buyer would learn what the real estate market is doing in Michigan.
There are many factors that affect home prices to go up or down in any market. One of them is DEMAND.
I read many posts on social media from real estate professionals who seem to think home prices are on the decline. While this might be true for some parts of the country, it hasn’t been the case for the majority. On the contrary, home prices continue to rise, at least in Southern Michigan.
Yesterday, I had a conversation with a home buyer who wanted to see a
home that came on the market nine days ago, listed at $380,000. Since she is a cash
buyer, she asked if the seller would be insulted with a $330,000 offer. After looking at
the comps, I advised this home buyer the home was priced just right, within the market
value and my suggestion would be to first preview it and if she wanted to make an
offer, not to go below asking. When I contacted the listing agent, I was advised it was
under contract which I relayed to my buyer client. She is a new client whom I never
worked before so I don’t know her that well. Apparently, a family member of hers
is a real estate professional who has been giving her advice. I’ve seen this happen
before and its usually not a good sign, especially if they live in a different state.
They can certainly make assumptions but none of us can say for certain
home prices will be declining in result of all the shut-downs due to Coronavirus.
home that came on the market nine days ago, listed at $380,000. Since she is a cash
buyer, she asked if the seller would be insulted with a $330,000 offer. After looking at
the comps, I advised this home buyer the home was priced just right, within the market
value and my suggestion would be to first preview it and if she wanted to make an
offer, not to go below asking. When I contacted the listing agent, I was advised it was
under contract which I relayed to my buyer client. She is a new client whom I never
worked before so I don’t know her that well. Apparently, a family member of hers
is a real estate professional who has been giving her advice. I’ve seen this happen
before and its usually not a good sign, especially if they live in a different state.
They can certainly make assumptions but none of us can say for certain
home prices will be declining in result of all the shut-downs due to Coronavirus.
I have been a REALTOR® for 20+ years and never have I advised a buyer
or a seller not to buy or sell a home because of my assumptions. Not a wise
thing to do regardless of the circumstances because we just don’t know. Imagine
if a buyer client listened and not purchase a home at this time when the interest
rates are low and six months down the road, home prices have climbed up and
interest rates are higher. Homebuyers and sellers, we talk to take our advice to
heart and may act based on our “assumptions”. Our job is to help them market their
homes and assist them in finding their dream home. Most of us are not economists
nor should we play the role of one in the real estate field.
or a seller not to buy or sell a home because of my assumptions. Not a wise
thing to do regardless of the circumstances because we just don’t know. Imagine
if a buyer client listened and not purchase a home at this time when the interest
rates are low and six months down the road, home prices have climbed up and
interest rates are higher. Homebuyers and sellers, we talk to take our advice to
heart and may act based on our “assumptions”. Our job is to help them market their
homes and assist them in finding their dream home. Most of us are not economists
nor should we play the role of one in the real estate field.
I can tell you there were very minimal
showings in Michigan during the
shut-down but even then, homes
were selling. I personally sold
and closed three homes during that time.
showings in Michigan during the
shut-down but even then, homes
were selling. I personally sold
and closed three homes during that time.
Sadly, there are some buyers who are
waiting for the home prices to drop
within the next
few months due to the pandemic.
Will that really happen? We shall
watch the market and see.
The best thing we could do for the consumer is to report real data, not assumptions.
waiting for the home prices to drop
within the next
few months due to the pandemic.
Will that really happen? We shall
watch the market and see.
The best thing we could do for the consumer is to report real data, not assumptions.
Holly Hurd~ Berkshire Hathaway HomeServices HWWB, REALTORS....
your source for all your real estate. We are one of the Largest brokerage
firms in Michigan, we have proven we can stand the test of time in this
ever changing market place a proven leader for you and all your real estate needs.
In today's competitive real estate market, timing is everything. Many good homes
are sold before they are ever advertised. Beat other homebuyers to the hottest new
homes for sale in the Wayne/Oakland co. area with my New Listings Notification.
If you own real estate that you're thinking of selling, I would be happy to provide
you with a FREE Home Evaluation. Whether you are buying or selling a home, hire
someone like me, who wants to earn your business. I invite you to contact me as
I'd be happy to assist you with this important transaction. In addition, if you have
any general questions about buying or selling real estate in Michigan, please contact
me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME
AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale
in Northville Michigan Northville, Mi. 48167 #realtor #realestate
#realestatemarket #hometown #hollyhurd #home
your source for all your real estate. We are one of the Largest brokerage
firms in Michigan, we have proven we can stand the test of time in this
ever changing market place a proven leader for you and all your real estate needs.
In today's competitive real estate market, timing is everything. Many good homes
are sold before they are ever advertised. Beat other homebuyers to the hottest new
homes for sale in the Wayne/Oakland co. area with my New Listings Notification.
If you own real estate that you're thinking of selling, I would be happy to provide
you with a FREE Home Evaluation. Whether you are buying or selling a home, hire
someone like me, who wants to earn your business. I invite you to contact me as
I'd be happy to assist you with this important transaction. In addition, if you have
any general questions about buying or selling real estate in Michigan, please contact
me as I'm more than willing to help.YOU CAN REACH ME DIRECT BY PHONE ANYTIME
AT 734 718-5736 #YourHomeNorthvilleMichigan Real Estate Homes for sale
in Northville Michigan Northville, Mi. 48167 #realtor #realestate
#realestatemarket #hometown #hollyhurd #home
#historicnorthville #buy #buyingahome #buyrealestate #condo #homeforsale
#northvillemi #sellingyourhome #smalltown #shop #bhhs #buildahome
#moveinmichigan #greattimetobuy #SOLD #realestateforsalemi
#puremichigan #berkshirehathaway #sellahome
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