December 2024 Real Estate Market

(Pictured above: Brand New Cornerstone Construction in Vicksburg Schools | Click Here to view 9669 26th St Scotts, MI)

Real Estate isn't Ready to Hibernate

Buyers and Sellers are looking and preparing...

It's the time of year when we expect to curl up and let the world go by—staying in more often, focusing on family, and avoiding big decisions. Yet, we're feeling an unexpected, subtle buzz in the local buy/sell arena, as if the locals aren't ready to hibernate.

Year to date, our local real estate market has followed similar trends throughout 2024 compared to previous years. We have limited inventory, and our average sale prices continue to rise compared to 2023 (making SELLING a top-dollar choice). Month by month, our local market stats show slightly slower progress with fewer listings, fewer sold properties, and longer days on the market compared to earlier this fall (leveling the playing field slightly for BUYING). These trends align with the shift we recognized earlier this summer:

We moved to a more TRADITIONAL market.

However, the most recent data release doesn't reflect what we're already seeing and hearing from local buyers and sellers: people are getting out and stretching their real estate legs after a market shift and post-election.

Sell My Home

We've Settled Into What IS.

Rates continue to hover in the mid-high 6% range.
Home prices are up year-over-year.
Real estate continues to be a good investment.

We, Team Clancy, are hearing from more buyers and sellers: they're ready to pull the trigger on an offer and are prepping their homes for sale.

Is All You Want for Christmas the Deed?

Have you been waiting for the perfect time to move?

Ready to buy the bigger house?
Ready to sell your family home and downsize to your retirement home?

Here's what you need to know:

Experts such as the Mortgage Bankers Association and Fannie Mae predict no drastic changes in rates: a slight and slow drop of anywhere from -0.3% to -0.6%, but rates are still NOT historically high.

Home prices aren't going to suddenly drop. Year over year, home values in our area have been increasing and are predicted to continue this trend throughout 2025, although at a slower rate.

Housing inventory in Michigan is expected to remain at similar levels through 2025.

What does that mean for buying and selling right now?

It means waiting is not the answer for buyers. Buyers should be leaning even harder on their local experts to help them find the right home. Sellers, you're still in a great market to list your home for sale! Days on the market may average a bit longer than the wild times of recent years, but that is to be expected in a normalized market.

Whether you need mortgage help, general real estate guidance, or just have questions, you can trust teams like ours—who have years of experience in ALL types of markets—to support you and your loved ones as you make major real estate decisions.

Contact Team Clancy

Market Stats

Kalamazoo, Barry, Calhoun, & Van Buren Counties.

team clancy real estate market update.jpg

Recently Listed
and
Sold Homes

Recently LISTED Homes

Recently SOLD Homes

Buying a Home in a Traditional Market

The lack of competition on both sides of the for sale sign offers a slight relief for buyers, creating a little more wiggle room to shop. Although finding a home that fits your needs and budget can still be a challenge (some price points and ready-to-move-into homes are moving quickly) higher interest rates are keeping some home buyers browsing online making the competition a little lighter. With the right real estate team behind you, you can find value in our current homes for sale.

Search for Homes

Buying a home in a seller's market can be a frustrating process if you aren't prepared. The market may be shifting to a more traditional style but you still have to be prepared. Here are some tips to get you ready to buy in today's fast-moving seller's market:

Price: Be Ready to Make a Strong Offer
Chances are, you will already have a price range in mind when you start your home/property search. In a normal market, you leave room for negotiation, your initial offer is often at the bottom of that range. However, in a seller's market, one can’t expect to go about it that way. Since you’re going to have a lot of competition, the price you initially offer may be your only shot at that property. In a seller's market, we tell our clients to be prepared NOT to get a 2nd opportunity to make an offer or negotiate. Make certain your offer is a strong contender, free of unnecessary contingencies as well as risk & uncertainties that will make the sellers uncomfortable. MAKE YOUR OFFER EASY TO SAY YES TO!

Pre-Approval
If you don't want to miss out on a property you love, make sure you are pre-approved for a loan BEFORE beginning your home search. Seller's will take you, and your offer, more seriously if you are pre-approved.

Contingencies
Most offers have 3 contingencies: loan approval, appraisal acceptance and satisfactory inspection results. These contingencies, if not fulfilled, allow a buyer to terminate a contract to purchase and retain all of their deposit money. There’s nothing worse for a seller than having their property tied up for a long period only to have things fall apart. Not having additional or high risk contingencies, minimizes the seller’s exposure and makes your offer look all that much better.

Also, ensure that your offer is NOT contingent on selling your current home. With buyer competition strong and multiple offer situations prevalent, sellers will likely choose to pass on your offer (even if it is higher than the others).

Bridge Loans Available
A bridge loan can help ease the transition from one home to another.