Planning on selling your home? Now say it may be a good time as home sale prices have spiked by 9 percent.
Experts say there just aren’t that many up for sale.
“It’s in essence because we don’t have enough inventory for buyers to look at. Right now, year over year, inventory is down around 35%,” said realtor Frank Tarala.
In 2015, there were 5,948 homes sold compared to 5,460 this year in the Detroit metro area, said Tarala.
According to Real Comp MLS, a multi- listing service that tracks data for the housing market, it breaks down like this:
- In Wayne County last year 2,066 homes were sold while this year 1970.
- In Oakland County there were 2,257 homes sold in 2015 and this year 2100 have been sold.
- In Macomb County, 5,948 were sold last in 2015 and 5,460 were sold this year.
Tarala told 7 Action News there are a couple of reasons why.
“This time of year historically the market slows down,” said Tarala. “I say people are at the mall rather than the real estate office.”
Tarala adds some people might be uneasy about putting their home on the market.
“I think some people are apprehensive to sell because they are uncertain about whether they will end up with,” said Tarala. “They don’t want to lose what they have and chance on maybe not getting a home that they really like.”
If you have any questions for Tarala, you can reach him at firstname.lastname@example.org.