The Team Hinton Real Estate Group blog is a place for all the latest news and updates about the Real Estate market will appear. Learn all about the latest and greatest tips and tricks to buying a home or selling a home. Also, get the latest updates about Team Hinton and our ever growing team of real estate agents in Ypsilanti, Michigan.
Get ready for another strong year in the 2018 housing market! U.S. home values and sales volume will continue to rise in 2018. Find out how you can maximize your Real Estate selling or buying this coming year.
Read MoreAmericans continue to believe that homeownership is important in achieving the American Dream. A recent survey by NeighborWorks America reported that:
“Owning a home remains a core element of the American Dream.”
When asked “How important a part of the American dream is owning a home?”
Homeownership and Financial Stability
The survey also revealed that 81% of Americans believe that owning a home leads to a family being more financially stable. This feeling was reiterated by Zillow Senior Economist Aaron Terrazas who, in a recent press release, explained:
“After about a two-year slowdown, rent growth is starting to pick back up across the nation…Looking into 2018, rent is expected to continue gaining.
More widespread rent growth could mean home buying demands stay high, as renters who can afford it move away from the unpredictability of rising rents toward the relative stability of a monthly mortgage payment instead.” (emphasis added)
Owning a home always has been, and always will be, a crucial part of attaining the American Dream.
The housing crisis is finally in the rear-view mirror as the real estate market moves down the road to a complete recovery. Home values are up, home sales are up, and distressed sales (foreclosures and short sales) have fallen to their lowest points in years. It seems that the market will continue to strengthen in 2018.
However, there is one thing that may cause the industry to tap the brakes: a lack of housing inventory. While buyer demand looks like it will remain strong throughout the winter, supply is not keeping up.
Here are the thoughts of a few industry experts on the subject:
National Association of Realtors
“Total housing inventory at the end of November dropped 7.2 percent to 1.67 million existing homes available for sale, and is now 9.7 percent lower than a year ago (1.85 million) and has fallen year-over-year for 30 consecutive months. Unsold inventory is at a 3.4-month supply at the current sales pace, which is down from 4.0 months a year ago.”
Joseph Kirchner, Senior Economist for Realtor.com
“The increases in single-family permits and starts show that builders are planning and starting new construction projects, that’s a good thing because it will help to relievethe shortage of homes on the market.”
Sam Khater, Deputy Chief Economist at CoreLogic
“Inventory is tighter than it appears. It’s much lower for entry-level buyers.”
If you are thinking of selling, now may be the time. Demand for your house will be strong at a time when there is very little competition. That could lead to a quick sale for a really good price.
Ypsilanti Michigan is not only a great place to live, but it's where we call home. If you're looking to buy or sell a home in Ypsilanti, it's a good idea to learn a little more about the area first. Check out the Hinton Real Estate Group Community Spotlight: Ypsilanti post where we breakdown all the best parts about living in Ypsi!
Read MoreThe Team Hinton Real Estate Group is a Buyer's Boutique that is dedicated to making your home buying or selling experience the best and mist enjoyable experience it an be!
