What trends will Michigan's housing market show in 2019? Is now the time to buy or sell? Housing markets are influenced by a number of factors, from interest rates to unemployment at the national level to demand in your city. Read our article to find out what you need to know about housing in Michigan.
Housing market trends are often a barometer of the national and local economy. If unemployment is low, jobs are plentiful, and consumer confidence is high there’s typically high demand for homes. The reverse is also true, though high interest rates can also depress demand.
If you’re a homeowner or thinking of buying one day, it’s important to keep tabs on your local housing market. Increases in your home’s value could lead to property tax increases later on, or they might tell you that it’s time to sell. Buyers are probably waiting until prices fall to being within their range.
Whatever side you fall on in the housing market, general real estate trends in Michigan for 2019 will probably impact you. Once you decide to take action, partner with an expert real estate agent on top of local trends.
2019 Real Estate Market Forecast for Michigan
The past few years have been a seller’s market in Michigan, driven by low inventory and strong economic growth statewide. Median home values went up 8.6% in 2018 to $151,000 and are expected to rise another 5.9% in 2019.
Home sales are expected to slow and stabilize in 2019 as more homes come on the market But there is great variety between cities in Michigan. The median home value in Ann Arbor is $377,200, which rose 9.1% last year. Buyers have started to spillover to nearby Ypsilanti, where homes have risen in value 11.4% to $221,500 but are still vastly more affordable than Ann Arbor.
Unemployment in Michigan is 4.0%, in line with the national average but a sign of growing stability in Michigan after years of recovery from the auto industry’s collapse. The population has been growing for seven straight years now, which has contributed to the increased housing demand. The Federal Reserve isn’t expected to raise interest rates in 2019, which will in turn keep mortgage rates low.
Overall, Michigan’s strong housing market is expected to remain strong in 2019 with signs of easing for buyers.
When Is the Best Time to Sell a House in Michigan in 2019?
Want to sell your home quickly, and for top dollar? Plan on listing it during the springtime. Buyers in Mid to Southeast Michigan typically want to be moved before summer, and will hunker down for winter if they haven’t found a new home. There’s a larger pool of buyers this time of year.
Zillow’s research supports this conclusion, with Detroit homes sold in the first two weeks of May receiving a $2,100 premium. While parents prefer to move before school starts, you can still sell a home in the fall. Early to mid-fall sometimes causes a rush on homes in Michigan as buyers want to avoid moving during the winter.
When deciding when to list your home, give yourself one to two months to prepare your house to go on the market. Take care of minor repairs and cosmetic touch-ups so that it will show to its best. Ask your realtor for suggestions on what you could do to quickly increase your home’s value.
When trying to time the market to get the best price, work with a local realtor who knows the ins and outs of your target buyer.
When Is the Best Time to Buy a House in Michigan in 2019?
Often, the best time to buy is the opposite of the best time to sell a home. If you don’t mind moving in December, you could save $3,500 on your home. The downside to this strategy is that moving during a Michigan winter could try anyone’s patience.
If you’re unwilling to move during winter, consider looking and buying in July. There tends to be a lull in the Michigan housing market midsummer as people are going to cabins Up North, vacationing and enjoying the summer. Other buyers aren’t as focused on buying a house, so you’ll have less competition.
If you’re ready to jump into Michigan’s housing market and buy a new home, contact a local realtor to get their advice on the best time to buy in your area.
If you’ve decided that It’s time to buy or sell in Michigan, start by finding an experienced, local real estate agent. They’ll answer all your questions and help you determine how much house you can afford or potential profit you’ll realize.
Agents can also help you hone in on the perfect time of year to list based on their experience timing the market. And they’ll be invaluable once it comes time for negotiations, possibly saving or making you thousands.
If you fill out the online form, a Clever Real Estate representative will be in touch to answer any questions you might have about Clever’s flat-fee and low-commission realtors. They can also connect you with an experienced, local agent in our network for a no-obligation consultation.