As if the Michigan economy didn't have enough challenges, the past month of national and world financial chaos certainly hasn't helped.
Even with all those challenges, the Southeast Michigan counties of Wayne, Oakland, Livingston, and Macomb all experienced higher sales volumes than last year for the month of September. Depending on the zip code, the number of September sales in Plymouth increased 48.5%, Livonia between 30-54%, Northville 15-175%, Westland 22-100%, and Canton 27-29%. However, sale prices are continuing to decline.
The good news is that between the higher number of sales and Sellers choosing to wait out the market and not putting their homes up for sale, the inventory of homes on the market was down 16.43%.
It remains a great market for buyers, especially those with good credit, first time homebuyers, or those who don't need to sell anything to buy. There are some smokin' deals out there, particularly if you want to put in a little sweat equity. Additionally, lots of investors are jumping into the market hoping to take advantage of the low prices to position themselves well for the market's turn.
With the financial bailout, auto merge rumors, job insecurity, and presidential politics, we're still in for some rough months ahead. Best to batten down the hatches, cut where you can, and hang on for the ride.
Summary of Economic Stabilization Act by the National Association of Realtors
Tax Credit to Aid First Time Homebuyers by the Internal Revenue Service