It's Summertime!

I love summer.I guess we all do. I have to admit that fall is my favorite season, but each person to their own taste I guess.

I see that the local multiple listing service, of which I am a member, did a study which shows home prices in Southeast Michigan, are rising, dramatically, over past years. Not to the point where we've recovered to the level of where prices stood before the recession, but close. It's good for sellers, who have been sitting in their homes, in many cases, for a decade, thinking about selling, but afraid of what was happening in the economy.

The National Association of Realtors chief economist, says many of those who were upside down (owed more on their homes than their house was worth) are still sitting in their homes, despite not being upside down any more. He attributes that, more to economic fear, than anything else, fear that our slow economic recovery won't last. I also hear prognosticators saying the next President, be it Clinton, Trump or someone else, will see a recession.

What does this all mean? Well, it means, with mortage rates still at their lowest in years and with home prices rising, it may be time to unseat yourself from that house you've been forced to stay in longer than you wanted and find something newer and fresher, before we get hit with that predicted upcoming recession during the next Presidency. But remember, almost every President has had to face a recession at somethime during their term(s) in office!

As always, I'm available for consultation on the real estate market and the pros and cons,of buying or selling.

 

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Paul Chapman

Paul Chapman

ABR, ePRO, Realtor
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