Michigan Real Estate News

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Rental Market Experiencing Inflation

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With people continuing to work virtually and relocating to less expensive cities, along with the influx of millennials and Gen Z renters, the rental market is beginning to surge as the economy reopens. Rent prices are up 7.5% nationwide, three times more than normal. Experts predict that rent prices will continue to climb. This could be a warning sign that higher inflation is here to stay longer than the federal government has predicted.

The Housing Market May Be Hitting Bottom

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From April to May, pending home sales rose 8% according to the National Association of Realtors. Economists had projected a !% decrease. The housing marking is attracting buyers due to falling mortgage rates, which fell below 3%. All regions of the country saw an uptick in sales. Economists predict that the market will slowdown in the 2nd half of 2021, citing the flattening in mortgage demand over the past couple months. The Mortgage Bankers Association’s data backs up the prediction. Buyers are facing challenges with the average loan size increasing. Many first-time homebuyers are squeezed out of the market due to entry-level homes for sale.

 

 

 

Outdoor Living Spaces Tip the Scales

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Outdoor living spaces are a tipping point for homebuyers. Buyers are looking to entertain family and friends in pandemic-proof ways. Home owners want access to golf courses, larger yards, attractive landscaping, and outdoor rooms. Previously buyers may have bought a cabin in northern Michigan, but now they want everything just steps away.  People are focusing on updating and upgrading their outdoor spaces as much as their indoor spaces. Lakefront property is hot right now. Listed lakefront houses and condos are on the market for about 18 days.