Homes Are Selling In The White Lake Area !

Local statistics point to an active real estate market! In the last 30 days, in the Whitehall/Montague School Districts, the following activity has taken place among area Realtors. There are currently 238 homes on the market with a median price of $144,900 and an average days on the market of 240. Currently there are 35 homes pending closing with a median price of $53,000 and an average days on the market of 99. There are 20 homes that have sold and closed in the last 30 days, with a median price of $100,000 , showing good activity in the range of $90,000 to $150,000. Days on the market average was 223.
Although about 80% of the current pendings are in the below $100,000 range, buyers are out there buying the mid-range properties too. Interest rates are trending up now to approximately 5.25 to 5.5% at some area lenders, showing increased demand for mortgage money. Buyers may be taking advantage of the low rates before they go up further and also the up to $8000 first time homebuyer tax credit. The following is a news article from the National Association of Realtors web site:

WASHINGTON, May 12, 2009
Shaun Donovan, secretary of the U.S. Department of Housing and Urban Development, said that the Federal Housing Administration is going to permit its lenders to allow homeowners to use the $8,000 tax credit as a downpayment.

This should continue to spur activity in the housing market.