Are you interested in buying or selling a home? Read this article and it might help you shed some light, especially if you are in one of the HOT ZIP codes for house buying and selling.
The SE Michigan Home Sales Doubled in the National Trend
Overall, homes sales in the US is currently down by 8.6 percent, but… let’s look into metro Detroit – the house sales rose to 7.9 percent, according to the data gathered by ReMax of SE Michigan. You might be interested to know that house prices in SE Michigan are up to nearly 5% compared to last year; and the communities in the Macomb County continue to see the largest growth.
One first-time home buyer, Lyndsey Ramsay doesn’t think that she and her husband are asking for a lot. She said, “we want a decent yard, an attached garage.” As it turns out, the couple found it difficult to find a home, that is updated and is within their price range.
Did you know that fully updated started homes are in short supply? It may be a short supply, but the demand especially for high-end homes is high, plus what is more is that low interest rates makes financing these high-end homes easier.
Now, let’s check the hot sellers.
Hot Seller Markets
Shelby Township: This seems to be out of reach for any hopeful first-time house hunters.
Now, you might wonder, why this is so. Here are some pain points…
- People want more for their money but at a lower price range.
- People just don’t see the value.
According to the SE Michigan Council of Governments (SEMCOG), the Shelby Township is at number 4 in the Macomb County for the highest in population growth from 2010-2018, and it doesn’t seem to slow down any time soon.
Shelby Township is also considered a dream place for nature lovers with its Cherry Creek Golf Club, Stony Creek Metropark, and other hike and bike trails in Macomb Orchard Trail.
Macomb Township: House sellers in this area are getting top dollar and the demand for housing grows higher. This is Michigan’s fastest growing township especially for single family housing, which has been growing for the past 3 years.
Sterling Heights: The city of Sterling Heights is said to be the 5th highest property value in the whole state of Michigan, according to the Michigan Department of Treasury.
Royal Oak: You probably noticed that this has been booming for a while – prices in the homes are starting to level off, but it is still considered as a hot market for sellers and a high demand for buyers.
Plymouth & Northville: These are bustling downtown areas with high workability scores and have a high variety of musical, artistic, and cultural experience. If you are a homeowner from here, you will get top dollar for your home.
The Best Buyer Return of Investment
Here’s a little tip for investors, you purchase a property in an area where there is room to grow in value. However, there is no guarantee, but there are rooms for growth.
Here is our list of best buyer areas:
- Madison Heights and Oak Park
- Warren & Center Line
- Commerce Twp & Milford
- Livonia & Westland
So, if you are looking to invest, think about some specific places in Michigan.