Lee Morof's Real Estate Blog

Recently released figures indicate real estate nationwide and Southeast Michigan real estate in Oakland County are continuing to steadily improve. Here are seven signs that demonstrate the upturn:

1. Housing affordability has risen dramatically. This is due to a combination of reduced real estate prices and record-low mortgage rates.
2. Housing starts are increasing, driven mostly by multifamily starts.
3. Existing home sales increased in January, which is now three months of gains out of the past four months.
4. At the end of January, total housing inventory fell to a 6.1 month supply. According to Lawrence Yun, NAR chief economist, “The broad inventory condition can be described as moving into a rough balance, not favoring buyers or sellers.”
5. There are plenty of home buyers and investors competing for foreclosure sales in almost all markets.
6. Purchases of homes by all types of buyers from seasoned investors to first-time home buyers are on the rise.

Most economists agree that the market is improving. Frank Nothaft, Freddie Mac vice president and chief economist says, “Our outlook anticipates gradual, but steady, improvement in the economy and the housing market, supported by low interest rates and brightening job market prospects.”

This is excellent news for the spring and summer Southeast Michigan real estate buying season that’s just around the corner. If you’ve been considering buying or selling a home, now’s the time to start that process so you’re ready for the hottest season we’ve seen in years.

Thinking about buying or selling Southeast Michigan real estate? Please contact me today at 248-514-2640 or email info@NorthWoodwardHomes.com. I can help you achieve your goals.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney 
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
www.NorthWoodwardHomes.com