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Thanks for joining us again. We are excited to bring to you another market update for Metro Detroit. We have been seeing some exciting trends lately that have us very excited for the present and the near future.
One great trend we have seen from the past month is that interest rates are holding steady at historic lows. This is a great sign, as rates have remained steady for 40 days now. This has resulted in a continuation of buyer interest as we head into the fall, which is great for home sellers. For home buyers:
- We are seeing sellers continually trying to take advantage of the fact that we are in a buyers market and have such low interest rates. Homes are continually being put on the market, making our market very even-keel.
- Home prices aren't going up or down right now, but most economists are predicting a 2-4% average price reduction in the next year.
- You want to purchase now if you are ready as opposed to waiting until next spring. Even if the average price is lower, the expected rise in interest rates will offset the savings, and actually make a home more expensive.
- You do want to have your property on the market this fall and through the new year while interest rates are low and before they creep up.
