Ben and Mikhail bring you the Jackson, Michigan area real estate forecast, including descriptors like Flowy, Funky, and inFlation. We'll take a quick look at three important indicators, and then explain what they mean for buyers and for owners/sellers.
How High Will Mortgage Interest Rates Go?
For the first time in 2021, the average mortgage interest rate crossed the 3% mark, currently hovering at 3.14%. The rise is driven mainly by inflation, which will continue in the coming months.
How Competitive is Buying Right Now?
In April 2021, 75% of listed homes had competitive offers. That percentage has dropped to 58% as of September.
How Much Did Home Prices Climb?
Since September 2020, home prices have increased 18-20%.
What it Means for Buyers
Jackson Michigan buyers this fall can expect their offer to be one of only 2-3 offers, compared with 7-8 offers in April. So even though home prices have climbed, the drop in competition means that your offer is likelier to float to the top. Plus, you won't have to offer much more than the asking price, depending on the property. Jake and Mikhail know the Jackson area market and will coach you specifically how to win the home of your dreams.
What it Means for Sellers
If you own your home, it has likely increased in value 15-20% over the last year. That's good news whether you're listing right now or not. Sellers who follow our quality listing plan will get a desirable offer, but it will take a little longer than it did in spring. Expect to have your home on the market 1-2 weeks before that desirable bid appears. Buyers can afford to be pickier now, so let My SMART Team coach you through the listing process we know will pay off.
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