For Home Buyers – It's Still a Home Seller’s Market
Livonia, Northville, Novi and Canton home sellers will remain in control as home buyers will continue to face affordability issues thanks to a low housing supply.
The challenges for buyers haven't changed much from last year and home loans are expected to get more expensive as the year progresses.
Here's what Northville, Novi, Canton, and Livonia home buyers and home sellers can expect from the housing market in 2018.
Homes will remain in tight supply
This year the area’s supply of housing still won't be able to keep up with the demand experts are predicting. And, the homes that do hit the market will sell fast.
In a balanced housing market there tends to be about a six month’s supply of homes. As of December, the market had less than a three month’s supply, and homes were selling five days faster than the year before – which was a very good year.
It is expected that there will be 3% more home sales this year compared to 2017. But competition will be fierce.
Any first-time home buyers are going to have to juggle a lot of balls and expect that as long as there is a housing inventory shortage, we will have bidding wars