The average home selling rates normally hover around 97-102% of its original listing price, however, due to the uncertainty of the pandemic prices began to fluctuate, hovering around 10 to 15% below their initial listing price from February to May of 2020. By June the market settled down to the base averages, however, it all changed in the months starting September of 2020 where the real-estate industry as a whole was selling above the asking price. This was mainly due to there being an excess demand for houses compared to the then fixed or shortage of supply.
Local Market Analysis for 2020
Genesee County showed an increase in the average sales price of homes in the area of 10.2% across the county.
- Houses in Fenton went up on average of 8.4% with an average sales price of $206,131.
- Houses in Linden went up 8.9% with an average sales price of $226,000
- Houses in Grand Blanc went up 16% with an average sales price of $218,000
- Houses in Swartz Creek went up 5% with an average sales price of $161,000
- Houses in Flushing went up 9.7% with an average sales price of $165,000
Pricing in all Surrounding counties went up as well with;
- Oakland County increasing by 9.5%
- Shiawassee County increasing by 15.3%
- Livingston County increasing by 8.6%
However, the number of homes sold for the year in each county didn’t change much at all.
Market Prediction for 2021
Zillow estimates the market will continue to rise, however, a majority of it would depend on two main factors Interest rates and Inventory. If rates are low and inventory stays low prices will continue to rise, whereas if rates go up and inventory also goes up prices would come down.
Lenders predict that Interest rates would go up, though not by a significant level, however, it would be a slight increase from what it is now.
Considering where things are at with the rates being low it would still be a great time to buy and sell.
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