• Novi, MI Market Update – November 2016

  • As a Novi mortgage lender at First Commerce Financial, Kirk Chivas and Kenneth Turkington strive to stay informed of local real estate news and market trends. This knowledge of the area helps them to better assist his clients with their mortgage and related home financing needs.

    A national real estate website states the median listing price of homes for sale in Wixom was $222,000 in October 2016. While this number is slightly higher than the median price of $218,000 in September 2016, it is lower than June, July and August whose median prices were $274,000, $308,000 and $278,000 respectively. The median closing price for homes sold in Wixom was $220,000 in October which is roughly $2,000 less than the median listing price.

    According to the same website, the median price per square foot has also gone down in recent months from $130 per square foot from May through September and $125 per square foot in August, to $118 per square foot in October 2016.

    Oakland County, Michigan as a whole has experienced a year to date increase of nearly 4 per cent in the number of total home sold in 2016 over 2015. The county has also seen an increase in average sale prices so far this year, however prices have gone up less than 4.5 per cent in comparison to the first 9 months of 2015.

    All of this is great news for buyers. Great news travels fast though, so if you are interested in a Novi mortgage, now is the time to move!

    Competition has started grow as home prices are becoming more affordable. Wixom homes only stayed on the market for a median of 12 days this September. Compared with the medians of 33 days in August, 19 days in July and 48 days in June, this statistic is staggeringly low, especially when the time of year is taken into account.

    Over the years Kirk Chivas and Kenneth Turkington have helped countless people find the perfect mortgage for their situation. They have worked hard over the years to make First Commerce Financial the go-to place for all of your Wixom mortgage needs.

    Kirk & Ken put their clients first and offers outstanding customer service to each and every one. They provide the clients with a wide variety of services as a Novi mortgage lender, so whether you are looking to buy a home or refinance your current mortgage, Kirk Chivas and Ken Turkington are happy to help.

    Contact us today with any questions you may have or for more information about the services offered at First Commerce Financial.

    Source: http://www.mirealtors.com/Portals/0/Documents/Sep16stats%20-%20less%20PB.pdf

    Source: http://www.realtor.com/local/Wixom_MI

    Be Sociable, Share!