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I've been perusing Zillow for the last couple of years with the idea of buying after retirement this spring (now). So while I don't have a photographic memory or keeping a spreadsheet or anything I feel like I have a general sense of what the prices have been. And they seem up. Way up.
Not sure I want to mention the bubble word but (especially for Michigan) the prices seem sort of high.
The market here is incredibly hot. Prices will increase more rapidly with a sellers market. It is simple supply and demand. They still haven't reached the pre-recession amounts. When they start to exceed the pre-recession values, I will worry.
My hometown of around 30,000 residents has an average home price of around $115K (as of 2015). I looked it up the other day- there were 19 active listings under $150k. Of the 19, 6 are in very poor shape and aren't eligible for financing. So that leaves your typical family with 13 houses to choose from. And 5 of the 13 are condos.
I just closed on a house a month ago. I wanted to buy in my hometown but the inventory is just too low. I bought in the town next to it instead. The market is tight here, too, but I got lucky.
Thank Jaynarie for your report. Just my luck to be looking now. I will say where I've been concentrating, anywhere within 30 minutes of marquette or TC I think prices are at pre-recession amounts and in TC maybe even higher. TC is of course an exception in MI which is really the only reason I look there. So if I decide to sell I'm pretty sure even after a bubble burst, it will come back. Marquette area and way out of Marquette area is a bit of shock. An unhappy shock.
I agree that prices in most areas of Michigan have risen rather dramatically--much more than I'd like to see. Thanks, Obama.
It's certainly a good situation for Sellers but it makes it more difficult for Buyers. Like with most markets, however, it's difficult to pick the very best time to buy so you just have to pick an area where you'd like to live and hope for the best. I don't believe that there are any internal-to-Michigan factors which will cause a significant shift in prices, but there's always the possibility of national or global issues affecting prices. As long as you're in it for the long haul, relax and enjoy your retirement.
Maybe I'm reading that wrong...
but did you thank Bush for tanking the economy that precipitated the price drops too?
Yeah...sarcasm doesn't come across very clearly in written form. President Obama never got the credit I think he deserved for helping the economy turn around--especially for helping the auto industry, which is major factor in Michigan's economy.
It isn't your imagination... I'm in St. Louis and we apparently have one of the fastest selling real estate markets in the U.S at the moment. I'm helping a family member with their house hunting and not only are prices higher than last year, but all of the 'good' houses are selling crazy quick.
Check out how much real estate has escalated in the Pacific Northwest. Shocker. House across the road on 5 acres with a brick two story house just sold for $1.3 million. Insane.
I agree that prices in most areas of Michigan have risen rather dramatically--much more than I'd like to see. Thanks, Obama.
It's certainly a good situation for Sellers but it makes it more difficult for Buyers. Like with most markets, however, it's difficult to pick the very best time to buy so you just have to pick an area where you'd like to live and hope for the best. I don't believe that there are any internal-to-Michigan factors which will cause a significant shift in prices, but there's always the possibility of national or global issues affecting prices. As long as you're in it for the long haul, relax and enjoy your retirement.
Yea.......unfortunately I don't want to be in the long haul really. I'd like to be on a 3-5 year plan and be able to move around for adventures sake. Sort of like RV'ing but not. I'd rent but its very hard with cats. Yes before anyone goes out and finds A rental like I have no other requirements, I do, just like anyone I'm not up for renting just any old crap trailer or bad neighborhood. I realize that selling at 5 puts me in a position of losing some money. If it came to what I would have spend on rent - i.e. sort of a break even scenario that would be fine with me. But that just got hard. Like in the past year it got hard. WTH is going on.
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to be looking now. I will say where I've been concentrating, anywhere within 30 minutes of marquette or TC I think prices are at pre-recession amounts and in TC maybe even higher. TC is of course an exception in MI which is really the only reason I look there. So if I decide to sell I'm pretty sure even after a bubble burst, it will come back. Marquette area and way out of Marquette area is a bit of shock. An unhappy shock.
