It seems everywhere you turn in the media, we are faced with yet another reason Michigan’s economy is suffering. Automakers are laying off workers. Pharmaceutical giant Pfizer is closing up shop in Ann Arbor and Kalamazoo. The state ranks among the top three in the country for home foreclosures and mortgage delinquencies.
Despite all that, Michigan still has much to offer in the positive. The unemployment rate is the best it has been in two years. Google has moved into Ann Arbor, bringing along 1,000 jobs in the next five years. Strides are being made in the economic development of our state in the alternative energy, life sciences, and advanced manufacturing fields. And most importantly, those of us who live and vacation here know that our state has a natural beauty and history that can’t be beat.
But what does that mean to you? Should you be putting your money in our state? Is now the time to buy?
There are great opportunities for buyers being offered in today's market. If you are a first time homebuyer or looking to move up this is a great time for you. Buyers are definitely in the driver's seat. With so much to choose from sellers are offering lower prices and incentives.
As with any other commodity it is natural for investors to flood the market when they believe it is at its bottom. If you are thinking purchasing a home in the next couple of years, consider moving your timeline up a little bit to take advantage of the current market. You may not get as much for your current domicile, but if you’re moving up, you will more than make up that difference on your purchase.
Not only have homes become more affordable with prices correcting themselves but, with historic low interest rates, buying a home in Michigan is now more affordable than ever. Inventory of homes is at an all-time high, so there are more homes to choose from also.
In terms of investment properties, numerous clubs and networks are forming around our state to take advantage on what they see as low prices and good opportunities. With prices at a low, some investors are buying and rehabbing property to hold for long-term appreciation and cash flow.
That second vacation home or lake home you have been saving for may not be as far out of reach as it was in the past. The Grand Rapids Press reported not long ago that “Vacation Homes are Growing Market”. Despite the number of vacation homes for sale increasing, there are definitely buyers out there still seeking their dream.
Money Magazine recently published their list of top real estate markets for 2007 in terms of expected home price increase. The magazine pinpoints two Michigan metropolitan areas, Grand Rapids (expected 2008 increase of 2.6%) and the Troy-Farmington Hills area (.6% increase expected) for their anticipated growth.
We still believe that Michigan is a great place to live, and despite some of the negative forecasting, there are still many good reasons to put your money into real estate here.
Despite all that, Michigan still has much to offer in the positive. The unemployment rate is the best it has been in two years. Google has moved into Ann Arbor, bringing along 1,000 jobs in the next five years. Strides are being made in the economic development of our state in the alternative energy, life sciences, and advanced manufacturing fields. And most importantly, those of us who live and vacation here know that our state has a natural beauty and history that can’t be beat.
But what does that mean to you? Should you be putting your money in our state? Is now the time to buy?
There are great opportunities for buyers being offered in today's market. If you are a first time homebuyer or looking to move up this is a great time for you. Buyers are definitely in the driver's seat. With so much to choose from sellers are offering lower prices and incentives.
As with any other commodity it is natural for investors to flood the market when they believe it is at its bottom. If you are thinking purchasing a home in the next couple of years, consider moving your timeline up a little bit to take advantage of the current market. You may not get as much for your current domicile, but if you’re moving up, you will more than make up that difference on your purchase.
Not only have homes become more affordable with prices correcting themselves but, with historic low interest rates, buying a home in Michigan is now more affordable than ever. Inventory of homes is at an all-time high, so there are more homes to choose from also.
In terms of investment properties, numerous clubs and networks are forming around our state to take advantage on what they see as low prices and good opportunities. With prices at a low, some investors are buying and rehabbing property to hold for long-term appreciation and cash flow.
That second vacation home or lake home you have been saving for may not be as far out of reach as it was in the past. The Grand Rapids Press reported not long ago that “Vacation Homes are Growing Market”. Despite the number of vacation homes for sale increasing, there are definitely buyers out there still seeking their dream.
Money Magazine recently published their list of top real estate markets for 2007 in terms of expected home price increase. The magazine pinpoints two Michigan metropolitan areas, Grand Rapids (expected 2008 increase of 2.6%) and the Troy-Farmington Hills area (.6% increase expected) for their anticipated growth.
We still believe that Michigan is a great place to live, and despite some of the negative forecasting, there are still many good reasons to put your money into real estate here.
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