February 18, 2020 at 11:04am | Jennifer MacLeod
Real estate trends are tricky business. First of all, they are constantly changing, so keeping on top of them is a little like running on a treadmill, or holding water in your hands. As soon as you think you’ve got a handle on the trends, they change. Second of all, trends can vary dramatically based on your region, state, city, and even neighborhood. So, the trends in Temperance real estate may not be that relevant in the Ottawa Lake or Lambertville real estate markets.

But as tricky as it is, knowing real estate trends can help you make the most of your home as an investment. Here are the top four trends I’ve noticed in the Lambertville, Michigan real estate market in 2020.


Homes are selling FAST


Beautiful home with landscaped lawn, with the word Sold superimposed in bold red font.

It’s been a sellers’ market for awhile, and for the first part of 2020 that seems likely to continue. You probably know of a house that sold before the sign even went up. Buyers need to jump on properties they are interested in to make sure they don’t miss out. But this sellers’ market may not last the whole year. So sellers who are looking to sell quickly and get the very best price should think about selling in the first half of the year.


First-time buyers are out in force

First-time home owners are a captive audience in early 2020. First time buyers are often eligible for special mortgage programs. The median price for first time homes in Michigan is $58,000, but there is a lot of variation. Plus, Temperance and Lambertville real estate markets tend to run about thirty percent above the state average. Any listings in the low $100K range will appeal to first-time buyers and will be in high demand.

 

January is the New April

 The front of a brick and vinyl home with two large windows, and shrubs. The ground, bushes and roof are covered in deep snow, and snow is falling.


The real estate market has always had a big seasonal component, but things are changing quickly. With how busy things were in January 2020, it’s looking like people aren’t waiting for spring anymore. Prices are up slightly from January last year, and homes are selling slightly faster. But inventory is down. This suggests that sellers aren’t necessarily more motivated to sell in January, but buyers are more interested. So, sellers who are thinking about waiting until spring to sell might want to reconsider.


Land is at a premium 

There is something almost mythical about buying land and building the home of your dreams.  It’s what a lot of us picture when we think about the American Dream. And especially given the low inventory of homes for sale, people are exploring other options, like buying land, more than they have in previous years.


Staying on top of the trends

These trends are changing almost as fast as we find out about them. If you want to make sure to stay on top of the real estate trends in Lambertville, Temperance, and the rest of Monroe County, please reach out to the 123 Sold Team at jennifermacleod@123soldteam.com, or send us a message using the form below!


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