What to Expect from the Metro Detroit Real Estate Market Over the Last Half of the Year
I wanted to talk about the market briefly and just kind of what we’re seeing in the market, what is going on and some interesting things going on.
Interest rates are rising a little bit, so we’ve seen a little dip that’s not necessarily usual. Then we’ve also had our normal kind of dog days of summer dip that we see and that’s why the market’s kind of down and really over the last couple of weeks. Surprisingly, still insanely crazy, but just a little bit to that normal dip that we have coupled with some interest rate tick ups over the last little bit and it just making it for a little bit of a weird market, to be honest with you. That usually continues.
Which months are the best times to sell?
August is usually one of those kinds of slower months. People are now getting back into the groove of the fall calendar, the fall season and people are getting ready for school, getting back into session. That will kind of change again and that will get back into a really a good selling market, real estate market really probably mid-September to end of November until Thanksgiving. So you had about three months if you’re looking to sell where you’re going to see a good time again, September, mid-September to mid to late November. Then December really kind of gets quiet again a bit and people are still out there. Obviously, it’s just not as crazy. December and January are kind of like that. The holiday seasons tend to be a little bit slower, especially here in Michigan. Just, you know, in large part to do because of the weather as well. So I wanted to give you that kind of just macro-level update as to what is going on with the market and that way you guys can see and think about exactly what it is that you are looking to do or want to do possibly.
If you’re looking to sell a home or you know someone’s looking to sell a home, now you’re armed with information. Now you kind of know the ins and outs of the market and what kind of happens and just to give you a little bit of idea. So, August is usually a bit of a slow time. It picks back up. Like I said, mid-September to the end of November.
Which months are the not best times to sell?
December and January are pretty slow. February is a little bit slow as well. March is when it really kind of starts to ramp back up again and that’s when you start to see people really kind of waking up, coming out of hibernation and getting ready to sell again. Then April, May, we see things really start to take off. Then June, July are just are massive loans as well. So April, May, June, and July are just huge. Like I said, February people start to wake up a tiny bit, but truly it’s March people starting to wake up. A little bit into April and then you have that mid-April to end of July to early August where it’s just insanity. So again, we’ve been giving you guys the market updates, where we have our macro video here that we’re doing today, our big look at what’s going on. That’s going on across the country. So you know, today’s kind of a half and half video, but it’s really kind of something that we’re seeing across the board everywhere and the market we’re seeing in every state is like this right now. They’re heavy seller markets and again, city to city, that kind of changes, in each location it changes, but it generally is a big seller’s market across the board. We’re just not seeing the construction like we need and we are not seeing the investors dumping property that they bought up over the last 10 years.
Neutral funds or hedge funds and the big capital private equity firms, we’re not seeing them dump stuff which, why not make great returns. So, that’s kind of the macro and the micro right now in a Q and A. It’s a perfect time right now. August is kind of talk about this, a little dip and people, we have questions about this all the time when people are thinking and talking about what is going on in the market. You know, all of a sudden it’s hot, hot, hot, and then all of a sudden kind of dips a little bit and people start to notice. So that’s what’s going on. Expected to come back up again. Obviously, you know, two to four weeks is going to be crazy in the last couple months of this year leading into next year, which is going to be insane.
What to expect
Probably again if interest rates keep rising, it might slow a little bit, but um, you know, we’ll see. We’ll see if people start putting more homes in the market and wanting to sell and maybe interest rates rising will help tamper that and in balance the market out a little bit. So we will see. But I hope you guys are having an awesome week and crushing it and we look forward to bringing you more of these. I appreciate your time and energy because it really does mean the world to me. Honored and humbled to have your attention and paying attention to these videos and messaging us and contacting us about them because we know your time and attention is the most important thing you have. So I appreciate all of you and we look forward to helping you and serving you in one way or another, whether I know there’s many of you we’ll never get to serve on a professional level, but hopefully, this knowledge that we impart on you can help you in some way. So I appreciate you guys. We’ll talk to you soon.