Jennifer Tremaine is a top-performing Michigan real estate agent. With 20 years of experience, and being a certified divorce specialist Realtor, she recognizes that some homeowners dealing with life changes may benefit from the speed of an all-cash sale, but cautions: “Whenever you’re working with companies that buy houses for cash, sellers should watch out for hidden costs.”
It’s always important to carefully vet the company and understand the terms of your contract. Many top agents like Tremaine will encourage sellers to consult with an experienced local agent before committing to a cash-for-homes company.
Option 2: Hire a top Michigan real estate agent
When time is of the essence, opting for a seasoned real estate agent can still prove to be a strategic move in Michigan’s diverse property landscape. An experienced agent’s grasp of the Michigan housing market’s subtleties can guide you to a swift and prosperous sale. They can handle everything from staging your home to negotiating the best deal to boost proceeds, even under a tight schedule.
Let’s look at the current Michigan market conditions, explore the benefits of partnering with a real estate professional, and learn how to connect with a top-performing agent in your local Michigan area.
How fast are homes selling in Michigan?
In Michigan, the median days on market (DOM) — the time from listing a home to having a signed contract — can range from 9-30 days, depending on the season, location, and condition of the property. However, when making moving plans, sellers also need to take into account the additional 44 days a mortgage-backed buyer typically needs to close on a purchase loan.
Comparing 2022 to 2023, we observe a slight increase in the average DOM for Michigan homes. For example, in January 2022, the average DOM was 21 days, which extended to 29 days in January 2023. Similarly, in April 2022, homes spent an average of 9 days on the market, while in April 2023, this figure rose to 14 days. Despite these slight increases, the Michigan housing market remains fairly brisk, with homes generally landing a buyer within a month of listing.
When it comes to pricing trends, we see stability, with slight fluctuations between 2022 and 2023. For instance, the median sale price in January 2022 was $191,000, dropping marginally to $185,000 in January 2023. However, by May 2023, the median sale price increased to $234,000, compared to $230,500 in May 2022. Overall, it suggests a robust and steady Michigan housing market.
The following data tables provide a more detailed picture of DOM trends by month, as well as sale price trends across Michigan. (Source: HomeLight)
Median DOM trends in Michigan
|Month||Average DOM (2022)||Average DOM (2023)|
Does not include the typical 44 days a buyer needs to close on a purchase loan.
Median sale price trends in Michigan
|Month||Median Sale Price (2022)||Median Sale Price (2023)|
Benefits of selling with a top Michigan agent
Partnering with a top Michigan agent can significantly expedite the home-selling process while ensuring optimal results. Let’s delve into some of the key benefits of using a seasoned real estate agent, specifically in the context of a speedy home sale: