It's been a long time coming but the real estate market may finally put a smile on the faces of people trying to sell their homes in Michigan. Many residents across the state anxiously looked on as home prices plummeted to all time lows during the recession and there was a real fear that the prices would never rebound. But as the country rang in the New Year, the spark in the economy breathed life into the struggling real estate market once more.
Now with experts announcing the steady rise in housing market prices, some are saying that 2013 could be an excellent year for home owners to jump back into the market and sell properties they may have been holding onto during the depressed market.
"You will unambiguously see more people test the water," explains one independent housing economist who predicts that states across the nation could see home prices rise another 3 percent this year. Many real estate experts agree pointing out that sellers will not only find a buyer more quickly this year but are more likely to receive a better price.
There is always a catch though. Experts say that it will be incredibly important for sellers to monitor the housing market conditions in their areas; from recent sales to the asking prices on homes in their area, knowing this information before establishing an asking price of your own can give you considerably better chances to sell your property.
As some have mentioned in other articles, it will be crucial for sellers to time their sales. Think of the housing market like a vacation hotspot-there are peak seasons and low seasons. For the housing market, in most regions, buyer search activity usually peaks in March and April, while seller listings generally peak around July. This few-month discrepancy could mean all the difference when trying to sell your home; and by timing it out correctly, you could increase your chances of doing it.
Source: The Wall Street Journal, "Is It Safe to Sell Your House Now?" Ruth Simon, Feb. 22, 2013