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The Plymouth and Northville Real Estate markets have done better than most over the past several years. And now with the local Automotive industry recording robust profits and paying out bonuses, combined with a more diversified local economic base, the residential Real Estate market has further strengthened in value.
Newly listed properties are often selling quickly while some properties are even receiving multiple offers. As usual, the homes with best locations, amenities, and updates will not only appeal to the most people, but also sell for the highest prices in the least amount of time.
Why is the recovery in Real Estate prices happening? Low inventory and more buyers seems to be the answer or simply less supply and more demand. There just aren’t enough properties on the market to satisfy buyers who feel more financially secure or are moving to the area. Here’s how Plymouth and Northville active real estate listings in February compare to the same time last year.
There are clearly fewer homes available and we don’t see the trend changing appreciably in the near future. The mild Winter kept buying traffic strong through the winter months and now with the Spring selling season kicking off, inventory is likely to remain limited.
So have Real Estate values really increased? Many of you have seen your 2012 Tax assessment increase for the second year in a row. This is a direct result of rising home prices. Keep in mind that these Tax assessments are a ‘lagging indicator’ of your home’s value as the assessment period ended approximately 5 months prior to when you received your new assessment. Here’s the year over year change (increase) in Real Estate prices for the month of February:
What does this mean for Plymouth and Northville Real Estate buyers and sellers?
For Buyers: We recommend finding a local buyer’s agent who can identify new homes just listed or soon to be listed. You should also get a pre-approval letter from a lender. And then you should educated yourself about the local market by seeing houses as they come on the market. You may need to act quickly so the more you know now, the faster you’ll be able to make a decision when the right house does come along.
For Sellers: If you’ve delayed putting your home on the market, this may be the time to sell. While other areas of Southeast Michigan may not be as strong as ours and prices were lower a couple of years ago, things have definitely changed. It’s a good time to sell right now in Plymouth and Northville. Of course, you’ll want the advice and assistance of an experienced local REALTOR since selling a home in today’s market can be a complicated and time-consuming process.
If you are planning to buy or sell a home in the Plymouth or Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process. You can reach me at 734-788-2398 or carrie@bobbake.com.
A rare offering jsut sold – this seldom available end unit one story ranch condo with attached garage offers a great floorplan with open Kitchen and a private rear deck. Located within easy walking distance to the Highland Lakes clubhouse, pool, boat launch, and fishing dock, the unit itself has extensive enhancements throughout and is absolutely move-in ready. There are also 3 lakes, a beach, and walking trails located within the association.
The American Association of University Women is holding their 2011 Northville and Novi Home Tour the weekend of September 24th, 2011. The self-guided tour includes 5 Northville area homes and costs $20.00 per person. The beautiful downtown Northville home pictured above is just one example of what you will see on this home tour. Tickets are available at: Gardenviews, Pear-aphernalia, Starring the Gallery, Northville Chamber of Commerce or at the house day of event. To charge tickets please call 734-420-0206.
Just sold, this immaculate 
JUST SOLD! Secluded and sophisticated, this exquisite Ranch style home offers single floor living on a quiet wooded cul-de-sac. Recent premium amenities and enhancements throughout include a new granite kitchen, hardwood flooring, Maple cabinetry, magazine-worthy new master bath, field stone fireplace, finished lower level with wet bar and additional half bathroom. This home also features highly refined and discreet modifications for “barrier-free” and ‘Universal Design”. Northville mailing and schools.
The City of Northville Real Estate market showed relative strength in 2010 vs. 2009 as the economy began to recover in western Wayne County. The resurgence of Automotive and the overall stabilization of the region, combined with the Federal Tax Credit in 2010, all contributed to stronger consumer confidence and better values.
