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Market Watch 2016
Dated: February 24 2016
I attended the News Press' annual Market Watch last night and found it interesting. Three presenters spoke representing land, commercial and residential real estate sectors.
The overall opinion is that we are in a cooling off period for the market after the fast and furious pace of the last several years. This is an opinion that I agree with and am seeing now. This isn't a bad thing as appreciation for the last 5 years has been double digits annually and is not a sustainable trend long term. To be considered healthy and sustainable, 6% growth yearly is ideal.
A phrase that caught my attention was "expectation gap". This made complete sense to me as I am experiencing this more and more often between those looking to buy and those looking to sell. The expectation gap is a disconnect between what everyone expects to receive for their dollar or home. Prices have risen dramatically and buyers are balking; taking a little longer to make decisions, negotiating a little harder. Sellers are expecting asking price or close to it and seeing their home stay on the market a little longer and making a few more concessions.
What does that mean for everyone though? Well...no one can predict the future. What I foresee is a softer price increase this year. Demand will still be healthy. Newer mortgage programs may make it easier for people to qualify releasing a pent up demand from those who have been renting and seeing rent prices increase, making homeownership more appealing.
Where do you see the market going in 2016?
Danielle is broker/owner of Sharp Homes Realty. A Detroit native, she escaped the cold, gray winters of Michigan in 2007. Community involvement has been a high priority while building a customer centr....