Residents of Michigan who may be interested in buying or selling a home in 2014 are paying attention to the changes in the real estate market that many experts are predicting for the year. Although it is expected that real estate purchases and sales in 2014 will continue to improve over the levels seen when the housing market collapsed, several factors are expected to lead to growth at slower rates than were seen in 2013.
In the wake of the wave of foreclosures that affected homeowners in Michigan and across the country, some analysts predicted a similar crash would hit the business market. However, although commercial real estate prices did fall by about 40 percent, a disaster such as that suffered by the housing market never materialized. Experts investigated why this would be and came to some interesting conclusions.
Since the housing market bubble burst, Michigan's own real estate maket has suffered greatly and taken almost a year before showing any signs of recovery. But now with it on the slow climb back up, some real estate experts think the recovery could be short lived if banks and homeowners can't get on the same page.
In the early 20th century, Holland Furnace Co. was the largest employer in Holland, Michigan and one of the most important businesses in the state. Its founders amassed significant wealth, including a massive estate known as Hazelbank.
Even though the National Association of Realtors announced this month that it has noticed a 1.0 percent drop in existing home sales last month, many real estate experts say that this probably won't affect the overall growth the housing market has witnessed in the past few months.
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.
Home prices rose by six percent in the Detroit area in May and June, leading the country in growth in what many experts say is a rebounding housing market. The average increase nationwide was 2.3 percent.
We've written before about the trend in the housing market favoring energy efficient homes. Here in Michigan, some discerning buyers have sought out homes with specific features that make it more environmentally and less expensive to maintain. These features include sky lighting, geothermal heating systems, solar panels, improved insulation and roofing, and many other add-ons. So why is it that these residential properties have an advantage on the market?