With home prices on the rise, buying a house now in Michigan is a lot better decision than it was just three years ago. That's because the housing market is finally rebounding after the burst of the market bubble that cost thousands of people their homes. But despite the fact that prices are on the rise, some people are still hesitant to sell their homes in a market that could reverse at any moment.
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.
Just like the cleanup after a brutal storm, the state of Michigan is attempting to clean up after the recession. One of the hardest hit areas seems to be the housing market which has forced thousands of residents to relocate. As Congressman Dan Kildee explained recently, lost populations in cities across the state have led to an oversupply in vacant and abandoned housing, which in turn is driving down the property values for homeowners in the area.
Nearly everyone in the state of Michigan has been watching the state of the economy for the past several years. When it dipped into the worst of the recession, many people wondered if it would ever recuperate to its former glory and many became concerned about whether the stock market would ever be the same again.
When it comes to buying your first home, many Michigan families worry most about the headaches generally associated with first homes. Whether it's the expense of remodeling or replacing the entire roof after the first week of moving in, most people would rather forego these headaches and buy a new home instead.
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.
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.
People trying to sell their homes in Michigan within the last few years can tell you how difficult it's been. After the housing bubble burst, property value dropped drastically giving the nation's housing market the lowest prices it's seen in several decades.
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.