Are Home Sales Tanking?

If you read some of the headlines about home sales over the last few weeks, you may believe that sales of houses in the U.S. are beginning to slow dramatically. There have been some that have used the recent Existing Home Sales Reports (EHSR) from the National Association of Realtors’ as proof of this supposition. We should be careful not to put too much credence in these reports of impeding doom.

It is true that the last EHSR revealed that sales were down 3.2% from the previous month. However, there are two crucial points that are not being addressed:

1.    Home Sales are up 6% over the same time last year.

2.    Part of the downturn in recent sales can be traced to the falling inventory of distressed property sales (foreclosures & short sales). Distressed homes accounted for 14% of October sales as compared to 25% in October 2012.

Bottom Line

Sales of non-distressed properties are increasing nicely.  However, as the inventory of distressed properties continues to shrink, the number of overall properties sold may diminish over the next few months.  This is a sign that we are entering a much healthier housing market.

Who is Midwest Properties of Michigan?

                           Midwest Properties of Michigan

Who are we?

·        One of the “BIG 5” largest companies in the Grand Rapids Association of Realtors with over 100 agents (10/1/13)

·        Locally owned and managed.

o    No money to big out of state franchises

·        Committed to empowering our agents thru maximum.

·        The only member of the Grand Rapids Association of Realtors that is a participant in the Zillow Pro Brokers program, providing our listing clients with maximum exposure. (11-1-13)

 

 

MISSION STATEMENT

At Midwest Properties of Michigan, our goal is to provide superb service to all our clients.  We accomplish this by affiliating with passionate career professionals and encouraging their growth, freedom, and independence to exceed our clients' expectations.  Midwest Properties of Michigan is committed to enhancing and promoting our communities.  We will strive to put our clients in the best possible position to benefit from their real estate transaction and build personal wealth.

 

Stability, Integrity, Value, Experience