Steve Meyers
Answers To Real Estate Questions.com
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| Steve Meyers Agent/REALTOR®, ABR View Profile |
49433 Hayes Rd., Suite A
Shelby Twp, MI 48315
Phone: 586-997-5480
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Answers To Real Estate Questions.com
"Your Local Real Estate Expert"
Being the Best for my Clients...
Home Buyers and Sellers have their money on the line and I don't take that lightly. I make sure my clients have all the pertinent facts; that they understand the legalese contained in their contracts and disclosures and that they know their options. I won't sugar-coat the truth and always point out both the positive and negative in a potential decision. No one likes surprises in a real estate transaction; so I ensure that my clients know what to expect each step of the way from initial consult to closing.
I personally assist my clients from start to finish, and never hand them off to an assistant. I will be with you every step of the way.
Steve Meyers
| Steve's Real Estate Market Update | |
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Market Update: July’s market update for Macomb County and Oakland County’s housing market (House and Condo Sales) is as follows. In Macomb County Average Sales price was up by almost 6% and Oakland County Average Sales price was up by more than 7%. Macomb County’s on market inventory was up by almost 3% and Oakland County’s on market inventory was up by almost 8%. Macomb County average days on market was 27 days and Oakland County average days on market was 23 days. Closed sales in Macomb County were up by almost 3% and closed sales in Oakland County were down by less than 1%. (All comparisons are month to month, year to year.) By the long-standing historical definition from the National Association of Realtors (NAR) which has been in existence since 1908; a buyer’s market is when there is a 7-month supply or more of inventory on the market. A balanced market between buyers and sellers is when there is a 6-month supply of inventory. A seller’s market is when there is a 5-month or less supply of inventory. Inventory has continued to stay low. In July the State of Michigan inventory was at 3.0 months of supply. Macomb County's inventory was at 2.7 months of supply and Oakland County's inventory was at 2.8 months of supply. By definition it’s still a Seller’s market. Steve Meyers
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Answers To Real Estate Questions
Question: Our son and daughter-in-law have been renting for the last two years. They want to buy a house in Macomb County but do not have a lot of money to put down; according to them. We can only help a little. My son wants to wait another year because he figures that they can save up another $5,000 to $7,500. My daughter-in-law is not so patient. What do you suggest?
Answer: Don’t wait. Buy now if they can. Although they may save up another $5,000 to $7,500 by waiting a year, they are actually going to lose money. Here’s why; in Macomb County the property values have been increasing for years. The average sales price for a house in July 2023 was $299,423. In July 2024 it was $332,038. In July 2025 it was $342,116. In July 2026 it was $359,273. So, if they are looking to buy let’s say a $350,000 house next year, that house on average will cost much more than the $5,000 to $7,500 they’re looking to save.
Today there are many options available to homebuyers to purchase a home with different types of mortgages and financing programs. Your son and daughter-in-law’s next move should be to get pre-approved with an experienced mortgage loan officer and then find an experienced Buyer’s Agent to represent them. Although mortgage interest rates have been hanging around the 6.5% to 6.7% range that is still way below the 52-year average of 7.7%. (The covid rates of 2% to 3% range interest rates are not coming back anytime soon).
©Steve Meyers
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Buying a Home? Not every home for sale in the area can be found on the Internet. Let my direct access to all the listings help you locate your dream home in the most efficient way possible. |
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Selling a Home? There are lot's of do's and don'ts when selling a home. Let me use my years of experience to guide you along a successful path of preparation, promotion and closing the deal. |
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Relocating to the Area? If you are moving to this area, I can provide you with helpful information so that your move is as worry free as possible. Feel free to contact me for local information like the best schools and communities. |
Isn't it nice to know you have a friend in the real estate business that you are comfortable referring the people you care about to?
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