The most frequent questions I get these days for the real estate market in the greater Lansing area are:

1. Is anything is selling?
2. How many homes are on the market?
3. How much have prices decreased?
4. How long will it take to sell?

I am attaching some additional reports, updates and stats, however, here are my answers based on the 3rd Quarter ending October 1, 2008.

1. Yes homes are selling. 1162 residential properties have been sold YTD in the Regional Lansing area.
2. There are 4204 residential properties on the market vs. 4728 last year at this time. 11.08% decrease
3. The average home price decreased over last year by 15.16%
4. The average days on the market are 82 days for the ones that sold.

Some things to keep in mind looking at these stats are the following:

1. a large percentage of the homes sold are bank-owned foreclosures that have been discounted substantially to reduce their inventory.
2. As a result of this, less homes are on the market, because most sellers are not to keen of the idea of pricing their home low enough to compete with this new market. Therefore inventory is starting to reduce.
3. The reason the average sale price is reflected at 15%+ below last year at this time is that the number of solds that were foreclosures were higher than the year before and also a large percentage of the sales that closed this year to date.
4. Keep in mind that 82 days on the market is for the discounted foreclosed properties and regular sales mixed together. A regular residential property put on the market today may take anywhere from 6 months to year to sell because of the current market conditions.

NAR has released it’s Economic Outlook Report that indicated recovery may begin in early 2009, provided the current government stimulus package works.

If you are a victim of potential foreclosure, here is some valuable information that may help save your home. Take action early to prevent losing your home.

First time home buyers should take advantage of the new tax credit, home prices, and low interest rates.
All properties for sale are available here. Now is a great time to buy a home.

Lastly, if you would like a free copy of the 2008 3rd Quarter Market Report published by Coldwell Banker Hubbell Briarwood for the Regional Lansing area, just send me an email requesting a copy and any other questons you may have to mike@mikebowler.com  , I will forward a PDF copy to you.

“Expect the Best” Mike

Mike Bowler Sr.
Coldwell Banker Hubbell Briarwood
517-492-3400
emailto:mike@mikebowler.com
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