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Birmingham, Michigan Real Estate - Third Quarter 2006 Market UpdateBirminghamWe're constantly looking at new listings and new sales in the MLS. Homes are selling every day. There is good news in this market. While the days on market have almost doubled since last year, we are seeing higher average sales prices and higher median sales prices. Higher end homes are selling as well. There just happen to be more of them out there. Today there are 689 single family homes and condominiums on the market in Birmingham. 333 homes and condos have sold since January 1, 2006. We just took a look back at 2005, and there were 336 sales during the first three quarters. With all of the economic doom and gloom we hear every day in Southeast Michigan, we think that flat sales are GREAT news, and a message that most people are not hearing. Heck, everyone's got a cocktail party story about their friend who can't sell his house. But there are some very powerful tools for combating many of the conditions in our market right now. The statistics here show clearly that many sellers are not finding buyers as quickly as they have in previous years. Though this might not sound like the advice of someone who supports her family selling homes, I would advise any potential seller who is not completely committed to selling to not put his or her home on the market now. Unless you are committed to a realistic price (ask your Realtor, nobody knows the market better); have the place in tip-top condition; and are prepared for the inconveniences of showing your home, you may as well just wait until some of the oversupply in the current market is absorbed. This is not a market for testing the waters. It will turn around. It always has. There has never been a better time to be a buyer For those with nothing to sell, there are very few reasons not to be a homeowner today. Even those who do have a home to sell have a great opportunity, especially if they are moving "up." Interest rates have been falling in the last few weeks and there are many beautiful homes on the market. As a matter of fact, we have two we'd love to help you buy:
Birmingham Michigan Third Quarter Real Estate Statistics
The $1 Sale No, there aren't and $1 stores in Birmingham, and we certainly aren't selling houses for $1. For those of you who haven't read our Birmingham real estate market statistics in the past, you may notice that for the sold homes, the lowest sales price is always $1. This does not mean that a bargain hunter got a really fabulous deal. Heck, at a buck a piece, there obviously wouldn't be any unsold homes in Birmingham! What actually happens is that the sales price is hidden from public viewing at either the buyer or the seller's request, usually for privacy. $1 is recorded on the deed and in the MLS. If you ever did want to know the actual sales price of a home that was recorded as $1, it could be calculated by looking at the amount of transfer tax paid at close. You can go to the city or county to get that information. We've got lots of other great tips for home sellers on our blog, MiOaklandCounty.Com and our web site, MiBirmingham.com. Marketing Birmingham homes is our specialty. Please call Dmitry or Maureen at 248.961.0801 if you would like a consultation about buying or selling a home. Coming soon: Bloomfield Hills, Beverly Hills, Troy and Royal Oak. We are going to a quarterly format on market reports and they will be spread out over the next few weeks. |
Author
Maureen Francis & Dmitry Koublitsky, SKBK Sotheby's - Metro Detroit SKBK Sotheby's International Realty Birmingham, MI Office Phone: (248) 644-7000 Cell Phone: (248) 961-0801 More information... Contact Maureen Francis & Dmitry Koublitsky, SKBK Sotheby's - Metro Detroit |
