It appears that Michigan could possibly see quite a bit in the way of new home construction in 2015. The Home Builders Association of Michigan predicts that there will be an increase in the demand for new single-family homes this year.
Recently, the organization released its estimate on what the single-family home permit total would be for 2015. The predicted total is 13,701 permits. If this prediction turns out to be correct, 2015's single-family home permit total will exceed the 2014 total (12,735 permits) and be quite a bit above the annual totals during the recession period of 2008 to 2011 (annual permits totals were under 9,000 permits during this period).
What are your thoughts on this prediction? How much do you think new home construction will be in demand in Michigan this year?
One thing that could complicate things if new housing demand does go up this year is that there is something of a workforce shortage here in Michigan when it comes to home construction.
One hopes that the workforce shortage and the prospect of increased new home demand doesn't lead to construction companies recklessly cutting corners in their new home construction work. Reckless corner cutting by a construction company when building a new home can result in the new home containing defects.
The owner of a new home can be utterly devastated when they discover that their new home that they have a great deal of excitement about contains defects. Defects can do a great deal of damage to a home's value and can make it so the home is not the great living place the home owner was hoping for. Owners of newly constructed homes who discover that their home contains construction defects may have legal options available for pursuing damages, and thus may want to have a discussion with a residential real estate attorney about their situation.
Source: mlive, "Michiganders want more single family homes, but can we build them?," Emily Lawler, Feb. 9, 2015