With home sales playing a big part of our economic recovery, especially here in Southwest Michigan, more people than ever are curious about the real estate market and what to expect in the coming year. With all the uncertainty, a lot of people remain on the fence about putting their homes up for sale. Here, I address four questions which have come up again and again:

1. IS NOW A GOOD TIME TO SELL?

In short, yes. Housing inventory is still at record lows. Buyer demand is still at a record high. And sales prices on existing homes are also high. Many people want or need to move. Putting your home on the market now will maximize your chances of selling quickly and for a higher price.

2. WHAT IF I SELL MY HOME BUT CAN'T FIND A NEW ONE TO BUY?

This is a big concern for many homeowners, and a legitimate one. We can make the sale of your home contingent on your ability to find a new place. We can leverage your advantage as a seller to negotiate the best terms for you, like a later closing date, or a temporary rental arrangement with the new owner. I also have some other options which might help, depending on your individual situation. I am here for you and am committed to helping you find a home that meets your needs in a timeline that works for you.

3. HOME PRICES ARE SO HIGH RIGHT NOW – SHOULDN'T I WAIT TO BUY?

Increasing home values don't necessarily equal decreased affordability. Yes, home prices have risen and continue to go up, but the lower mortgage rates help mitigate that by allowing you to get more bang for your buck. If you can buy while the rates are low, you should take advantage of it.

4. WON'T A BUNCH OF FORECLOSURES BRING DOWN HOME VALUES?

Banks remember well what happened in 2008-2012 and are unlikely to let that happen again. Before they resort to foreclosure, they are going to be more willing to negotiate a plan with homeowners who are behind.

A number of homeowners who are in forbearance are still keeping up with their payments. And the majority of homeowners across the country have built substantial equity in their homes, so if they get behind they will be more likely to sell than go into foreclosure. With so few homes for sale, the amount of foreclosures which are expected to occur in the next year should quickly be absorbed into the market, minimizing their impact on sales prices.

Click on the image above for a PDF of 2020 market stats for West Michigan.

The right time to make a move is always when it makes the most sense for you personally. But with the current market conditions, now is that time for many people.  If you're thinking of buying or selling a home – one of the biggest changes of your life – you need the right information to make informed decisions. I'm here to help you sort through your options.