THIS Is The Michigan Housing Market! - Should you buy a home now in today’s housing market? Or should you wait and see what next year has in store? This is the million dollar question leaving home buyers legs on either side of the fence, so be sure to stick around because I’m about to answer that exact question and more for you.
Home prices skyrocketed all throughout the pandemic, and the FED’s are working to “supposedly” get the inflation under control by hiking the rates 10 or so meetings in a row, and mortgage rates are just soaring. With all this in mind, you would think the outcome of this equation would have any potential homebuyer waiting on the sidelines. A recent survey done by the Fannie Mae Home purchase sentiment index stated that 79% of consumers believe it is just a horrible time to purchase a home. That’s understandable, especially if you were aware of what the housing market looked like over the pandemic, 2-3% interest rates, and early on homes weren’t escalating into ridiculous bidding wars, over ask offers, and buyers buying other buyers out of their contracts, it was and is just pure craziness. At a glance it may not look like Michigan’s housing market is budging in anyway, shape or form, but looking at some of the data collected by several real estate data resources, the median sale price increased in Michigan by 4.5% in April 2023 year over year, and the number of homes sold dropped by almost 30%. New buyers are jumping into this housing market with a mortgage rate in the 6 and 7 percent range.
Andrew McManamon is a licensed real estate professional in the great state of Michigan. Andrew truly believes that education is KEY when it comes to anything real estate. This audio experience podcast was created to help YOU get educated about the real estate industry and get valuable insight about the areas in which Andrew covers.
If you have any questions about living in Michigan, please don't hesitate to reach out! Call, text or email anytime! Andrew McManamon Real Estate Professional Signature Sotheby's International Realty.
SCHEDULE A PHONE CONSULTATION 📞 →https://www.mihomesbyandrew.com/schedule-call-consultation
→YouTube Channel: https://bit.ly/2LoYJV3
→Weekly Newsletter: https://bit.ly/3cfB4zI
