Trying to find and then buy the home of your dreams can be hard.
Showing after showing and nothing is really striking your fancy. Couple this with a recent study showing Michigan is facing a shortage of affordable homes, and your search could become that much more difficult.
The housing market trends are an indicator of the economy not just on a national level, but local as well. Whether you’re buying a home or looking to sell, the Michigan housing market forecast for 2019 is going to play a big role.
Let’s take a look at what experts are predicting for the Michigan housing market.
Right now the Michigan housing market is “very hot,” according to Zillow.
This means it is a sellers’ market with the median home value here in the Mitten being $153,000. Home values have gone up nearly six percent the past year and Zillow is predicting the Michigan housing market forecast for 2019 will rise around three percent over the next year.
More than 72 percent of homes on the market are single-family homes and more than 43 percent are three-bedroom homes. More than 38 percent of the homes currently on the market in Michigan were built between 1970 and 1999.
With this forecast, you’re likely wondering when is the best time to buy or sell a home.
Early- to mid-fall is a great time for some home sellers in Michigan, as the buyer will want to be all moved in and cozy before the snow comes. On the flip side, spring is another great time to sell as people have avoided moving during the winter and want to avoid the hot, humid summer.
The best time to buy a home is the opposite of when it’s the best time to sell.
If you’re not opposed to moving in the winter, you could actually save some cash on the cost of your home. If the cold and snow are too much for your patience, the heat of July is your other option.
Keeping an eye on your local housing market can give you a better idea of when it’s time to buy and when it’s time to sell.
If you’re a seller, the increase in your home’s value could indicate it’s time to sell. It can also indicate your property taxes are about to go up too. For a buyer though, when property values go down, it can be a great time to start looking to buy, according to Clever.
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