NO ONE In Michigan Is Building Homes! - It’s no secret there’s a massive lack of homes out there to buy today in Michigan, and the common answer is, well, why don’t we just build more? National home construction is up 21%, but in Michigan, we are still trying to figure out what shoe goes on what foot, so hold onto your hard hats and stick around to find out why.

Rising real estate prices, inflated rents, multiple offer scenarios, bidding wars, over asking price offers. I’m sure a lot of this sounds familiar to you. Homebuyers are stretching themselves beyond thin these days just to get themselves into a home that was worth half that 5 years ago. The median sale price in the U.S jumped over $150,000 from the first quarter of 2020 to the fourth quarter of 2022, during low interest rates and a surprisingly strong economy throughout the pandemic. And as I have mentioned in every single one of my Michigan housing market videos is the issue with inventory. This housing market is sick and inventory is the cure. I don’t want to say this issue is new, we’ve needed new housing supply since the 2008 recession, but when covid rolled around and things were shut down, supplies were overly inflated and hard to get, there was a pause just brief enough to do some serious damage that still is an issue to present day.

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Andrew McManamon is a licensed Real Estate Professional with Signature Sotheby's International Realty. All the information presented throughout his videos are based on current or prior experiences, and serve as educational purposes only. Please consult with a local real estate agent, real estate attorney and/or mortgage lender to see if this information is applicable to your situation.

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