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Are Home Prices Going Up or Down? That Depends…

Are Home Prices Going Up or Down? That Depends… | Keeping Current Matters
The housing market in Novi, Northville, South Lyon, and Plymouth, Michigan, is a hot topic of conversation right now. With interest rates rising and inflation on the rise, many people wonder if home prices will go up or down. The truth is, it depends. Some factors can affect home prices, including:
  • Interest rates: When interest rates rise, borrowing money to buy a home becomes more expensive. This can lead to decreased demand for homes, which can cause prices to fall.
  • Inflation: When inflation rises, it means that the cost of goods and services is going up. This can make it more difficult for people to afford a down payment on a home, which can also decrease demand.
  • Supply and demand: The supply and demand for homes is also a major factor in determining prices. If there are more homes for sale than buyers, prices will tend to fall. However, prices will tend to rise if there are more buyers than homes for sale.
Currently, the supply of homes for sale in Novi, Northville, South Lyon, and Plymouth, Michigan, is low. This is due to some factors, including the strong economy and the low inventory of homes for sale. This low supply is driving up prices. However, there are some signs that the market may be starting to cool off. Interest rates are rising, and inflation is on the rise. This could lead to decreased demand for homes, which could cause prices to fall. It is important to note that the housing market is constantly changing. It is impossible to predict with certainty what will happen to home prices in the future. However, by understanding the factors that affect home prices, you can make an informed decision about buying or selling a home. If you are thinking about buying or selling a home in Novi, Northville, South Lyon, or Plymouth, Michigan, I would be happy to help you. I have over 10 years of experience in the real estate industry, and I know the market inside and out. I can help you find the right home for your needs and budget and negotiate the best possible price for you. Contact me today to schedule a consultation. I would happily answer any questions and help you make the best decision for your needs here in the  Novi, Northville, South Lyon, and Plymouth, Michigan, real estate markets.

Jeff Duneske

With over 23 years of experience in the real estate industry, Jeff Duneske, Broker/Owner of Duneske Real Estate Advisors at Keller Williams Advantage, has established himself as a leading expert. With a career volume of over $325 million and over 1,200 properties sold, Jeff has built a reputation for excellence, earning the trust of over 1,000 clients. Born and raised in Novi, Michigan, Jeff earned the distinguished rank of Eagle Scout at just 15 years old. After graduating from Novi High School in 1996 and the Oakland Fire Academy, Jeff initially set out to become a full-time firefighter. However, after serving as an auxiliary firefighter and EMT in Novi and Walled Lake for several years without securing a full-time position, Jeff decided to shift gears and begin his real estate career in 2000. Jeff has consistently demonstrated his drive to achieve his goals throughout his career without compromising his morals, standards, or ethics for anyone or any transaction. He has served on the Professional Standards Committee for ten years and is committed to conducting business with the highest morals, ethics, and standards. Jeff's unwavering commitment to ethical and moral standards has led to a successful real estate career. Still, more importantly, it has enriched his life and the lives of others in immeasurable ways. With a steadfast purpose to lead with honor and great promise, Jeff continues to guide his clients through one of life's most significant financial transactions, helping them achieve their American Dream. If you're looking for a real estate professional who will go above and beyond to help you achieve your goals, look no further than Jeff Duneske. Contact him today to schedule a consultation and let him guide you through buying or selling your home.
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