Realcomp, our local and Michigan's largest Multiple Listing Service, released the latest sales figures recently indicating a 12.7% year to date increase in sales over last year for the entire MLS.
Although the number of homes on the market has declined an average of 7%, more the half the homes sold in May were foreclosures.
The good news is that Michigan has dropped to 5th in the nation in foreclosures, many homes are now priced to sell, and interest rates are still at historic low levels.
A particularly good bargain right now are HUD homes. They are currently offering buyer incentives of only $500 down and $2,500 at closing if you're buying the property as a principle residence. These incentives are valid through the end of September so if you know someone who has been thinking about taking the homeownership leap, now is definitely the time.
For those of you thinking about buying for investment, now is also a great time to expand your portfolio. There are lots of really great deals out there.