Current State of MI Housing Market

For many people who were looking to become new homeowners, the coronavirus pandemic halted the search for a new home, as in-person home showings were stopped for weeks. Now, as restrictions are being lifted statewide, pending home sales have increased by over 5,000 across 18 Michigan counties from the month of April to May.

The demand for a new home is skyrocketing throughout Michigan, as offers on houses are being given just hours after being put on the market. With this, the higher demand has led to housing prices continuing to rise, although that is not stopping buyers from purchasing new homes. Corey Stanton, a local real estate agent, informs us that the rising prices are due to “the combination of historically low interest rates and quarantine pent-up demand causing a lack of quality inventory.”

Do not let the increased housing prices deter you if you are in search of buying a home, as mortgage loan interest rates are low – as low as they have ever been. While the price of a new home may be a bit higher than the sweet spot you are looking for, the low interest rates we are experiencing now are providing a suitable trade off.

The housing market is on the rise as mortgage rates are continuing to fall. Take the leap and fill out your mortgage application with us; no time is better than now!