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Old 06-06-2017, 06:08 AM
 
Location: Here.
14,551 posts, read 13,286,415 times
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‘Wake-up call’ issued for Michigan home building



No, Detroit News, a crisis is when we overbuild and overbuy and end up with foreclosed neighborhoods.
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Old 06-06-2017, 06:38 AM
 
2,173 posts, read 2,817,432 times
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Did you read the article? There is a serious shortage of entry level homes, and young buyers are completely priced out of the market. That's a problem. I sold an entry level investment property recently and had 17 offers in one day -- all significantly over asking price. While it was wonderful for me, there are buyers who normally wouldn't have a problem buying a home who are being crowded out of the market.
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Old 06-06-2017, 09:18 AM
 
Location: Here.
14,551 posts, read 13,286,415 times
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Quote:
Originally Posted by Arthur Digby Sellers View Post
Did you read the article? There is a serious shortage of entry level homes, and young buyers are completely priced out of the market. That's a problem. I sold an entry level investment property recently and had 17 offers in one day -- all significantly over asking price. While it was wonderful for me, there are buyers who normally wouldn't have a problem buying a home who are being crowded out of the market.
And Detroit has 40,000 abandoned homes that need to be torn down.
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Old 06-06-2017, 09:38 AM
 
2,173 posts, read 2,817,432 times
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Quote:
Originally Posted by Retroit View Post
And Detroit has 40,000 abandoned homes that need to be torn down.
And?
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Old 06-06-2017, 09:43 AM
 
Location: Chicago
939 posts, read 843,762 times
Reputation: 1102
Quote:
Originally Posted by Arthur Digby Sellers View Post
I'm not giving out PII, but any realtors on here can confirm the current market conditions.
Not a realtor, but I work in the industry and the lack of inventory is the biggest issue we are facing right now. Lenders are issuing more preapprovals than they have in years and years but there simply isn't inventory out there that Millennial buyers can afford.
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Old 06-06-2017, 09:53 AM
 
292 posts, read 204,478 times
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Quote:
Originally Posted by brodie734 View Post
Not a realtor, but I work in the industry and the lack of inventory is the biggest issue we are facing right now. Lenders are issuing more preapprovals than they have in years and years but there simply isn't inventory out there that Millennial buyers can afford.




What zip codes are there are no homes available?
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Old 06-06-2017, 09:58 AM
 
Location: In the heights
24,588 posts, read 25,367,159 times
Reputation: 13125
This sounds like a relatively good problem to have.
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Old 06-06-2017, 10:37 AM
 
Location: Metro Detroit
17 posts, read 19,026 times
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Millennial here (32 yrs old), there's tons of homes in the inner ring suburbs going for less than $200k. Just take a quick look on Zillow. I'm not buying into BS. The problem is most 20-30 yr first time buyers want the South Lyon new construction for garden city prices, it's not going to happen.

Last edited by nv529; 06-06-2017 at 11:00 AM..
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Old 06-06-2017, 10:45 AM
 
979 posts, read 1,116,827 times
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I don't trust the National Home Builders Association to put out an unbiased report.
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Old 06-06-2017, 10:54 AM
 
2,469 posts, read 1,762,876 times
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Yes there are lot of homes in areas people are not looking. Most millennial are looking in few cities where there is a shortage. I have been keeping an eye on house price since I brought mine in 2015 and the price has been escalading really fast reflecting in seller market and shortage of "WANTED" inventory. The key word is buys need does not match current inventory much


My coworkers son is looking for house in Oak Park area for few months and said houses are flying with in 3 days. He is of course look for house near Woodward cordial & has <$140K budget and gets scared away from any major fixer upper. He is 24 year old, looking to room with 3 other friends once he gets the house.


I have another coworker maybe 29 or 30 ish renting in Royal Oak. He wants to stay in Royal Oak and has expressed lack of house or good house are gone before he can go see them


Builders will have to knock down some older house and build new smaller/start home and fixer-upper need to fix up older homes so it doesn't scare away first time buyer
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