Can we all agree that last year was a total mess? A year that no one expected to be the way it was? It’s safe to say we can. The pandemic affected every little section of our contemporary society. The economy was no exception, of course. That being said, one cannot deny changes in the housing market due to the covid19 pandemic. What was it like in Michigan? Well, the prices went up. We’re talking about both the median home price and the median home sale price. Will the trend continue? Also, what do Michigan home buyers want in 2021? You’ll find the answers to these questions in the article below.
Last year was a pretty good year for sellers
If you haven’t noticed, there’s a Sinatra reference in the title. Anyway, as we’ve mentioned in the introduction, 2020 was a profitable year for sellers. The median price for a home was about $172k, and the median home sale price was about $192k. Michigan hadn’t seen a price boom like that in years. It’s not an all-time peak, but some experts note that we’re still having a hangover from the 2008 crisis. Michigan’s real estate market is now deemed as hot. Will the trend continue? Some experts say that the effects of the boom will last till 2023, when mortgage interest rates increase. That stands for all US states.
Last year was a pretty good year for home sellers in Michigan. The state’s housing market hasn’t seen those prices in years.
Is it possible to have a hot market without homes?
When it comes to Michigan, our answer here is a YES. There’s a great demand for affordable homes in the area, but it really becomes hard for the average Michigan resident to afford to buy a home as the prices are going up. Also, on a general scale, there are more buyers than there are available homes. As some realtors mention, there is a great demand, but lines of people waiting to view a house are practically non-existent. Because of historically low mortgage rates, some folks finally have the opportunity to buy a home. Unfortunately, other factors are not on their side. Of course, in some areas of Michigan, we’ve witnessed a very active housing market. For example, houses stayed on the market for just 13 days in the Dearborn area last June. Nevertheless, it looks like Michigan’s housing market is undoubtedly a seller’s market.
So, what do Michigan home buyers want in 2021?
What could they possibly want? Well, for a start, Michigan residents would like more affordable housing. You have a “booming” housing market (with high demand and a low supply) where most people cannot afford to buy a home, even with the historically low mortgage rates. There’s certainly pressure on homeowners to lower their prices. On the other hand, if you’re not a Michigan resident and you’re on the lookout for a new home – this might be the kind of opportunity you’ve been waiting for. Are you scared of a cross-country relocation? Don’t be. Feel free to check out Master Moving Guide, and find the best service available. Also, you’re bound to find some moving tips that will ease your move to Michigan.
Even with the historically low mortgage rates, some Michigan residents cannot afford to buy a home in their home state.
How to find a perfect home in Michigan?
Many young professionals are finding their new homes in Michigan. Want to be a part of the trend? If you can afford it, your best bet is to find an experienced realtor you can trust. A professional will know how to deal with all the necessities that might cause a problem to you. Having someone to scan the market for you and avoid all the potential mistakes is a blessing. Although it might seem strange, hiring a professional will probably save you money. You want to take advantage of the weird real estate situation in Michigan at this very moment before the prices go up. As we’ve mentioned, the demand is still pretty high, and there’s no telling how long it will last. We guess you don’t want to wait until 2023.
Bonus tip: How to organize your move to Michigan?
Don’t let the title misguide you. This segment is also for Michigan folks moving to another part of the state. So, how to take care of your relocation in the smoothest way possible? Firstly, you’ll need to get ready in advance. Planning ahead is the crucial part of the preparations for the move. There’s no doubt about it. Putting everything down on paper (dates, your household inventory, etc.) will help you handle the tasks. Doing everything at the last minute is a nightmarish scenario. Also, if you want to completely avoid the stress of planning and preparing for the move, you can always hire pros to take care of that. Hiring professional packers, for example, will save you both time and nerves.
Planning ahead is the crucial part of moving preparations. As always, good organization is the key to success.
A conclusion on the current Michigan real estate market
That’s about it, folks. Hopefully, we’ve provided you with a quick answer to the popular “What do Michigan home buyers want in 2021?” question. Earlier, we’ve mentioned that the covid19 pandemic struck every little fiber of society. The economy, as always, was no exception. Housing markets boomed all across the USA. In Michigan, the demand was (and still is) higher than the supply. Even with historically low mortgage rates, some folks find it hard to afford an average home. Basically, we’re witnessing a hot housing market without houses. This nationwide trend will probably continue until 2023, some experts note, until mortgage interest rates increase. Now might be the best time to buy a house in Michigan, others say. Seize the opportunity until prices go up once more. Also, it would be best (and that’s probably what Michigan buyers expect) to start the construction of affordable housing units. That way, the demand for homes will be satisfied.