It's been a long time coming but the real estate market may finally put a smile on the faces of people trying to sell their homes in Michigan. Many residents across the state anxiously looked on as home prices plummeted to all time lows during the recession and there was a real fear that the prices would never rebound. But as the country rang in the New Year, the spark in the economy breathed life into the struggling real estate market once more.
Deciding whether to rent or own a home is a big decision for Oakland County residents. Many families are still getting back on their feet after the tough recession, and choosing how and where to spend money and determining the best type of investments can be difficult. Housing prices and mortgage rates are still low, but it's still important to be cautious when choosing whether to buy a home or condo.
The number of sales of previously occupied home has risen 7.8 percent between August and July this year. The increased activity in the housing market is at its highest level in over two years, at a seasonally adjusted rate of 750,000.
Deciding to buy a home is an exciting and daunting prospect, whether it's your first purchase or you're a seasoned residential real estate investor. Low home prices have contributed to a favorable real estate market for buyers, but many families are still suffering from other symptoms of the recession and buying a home remains slightly out of reach.
Single-family homes have been a hallmark of the American Dream and ownership has been an important life accomplishment for many people. However, the housing bubble and foreclosure crisis has turned the industry on its head in many ways and owning a single-family home is becoming less and less common.
As the housing market continues its slow but steady recovery, many Michigan investors and residents are considering purchasing properties while prices are still low. At the same time, the market has gotten more competitive than it was over the past few years, and desirable properties are now getting multiple offers at competitive prices, giving sellers an advantage in choosing the most desirable buyer.
Amidst all of the news about lower foreclosure rates and an improving economy, low housing prices linger as one of the primary signs of a recent recession. While this is good news for investors and buyers looking to get a good deal on a property that will increase in value, it makes selling a home more difficult and sometimes financially painful for people who bought when the market was better.
We've written a lot on this blog about the improving real estate market, because its our business and because it's an exciting sign of a recovering economy. One major favor that has been driving down home prices over the last few years has been the high number of properties available for sale in a given area. High foreclosure and vacancy rates meant that a buyer had many options and could demand a lower price.
Even in the tough economy, Michigan families looking for a new home can still be quite choosey. One of the important features for many home buyers is how environmentally friendly a home is. Energy efficiency can save families large amounts of money over the course of owning a home.
While the economy is certainly not totally recovered, this might still be a good time for some Michigan residents to consider buying a second property. With low mortgage rates and plenty on the market to choose from, many people who can afford it are choosing to purchase a second home or vacation property.