[2023-03-26] Michigan Housing Supply TANKED!

Michigan Housing Supply TANKED!

Living In Michigan

Sunday, March 26, 2023

https://www.youtube.com/watch?v=KW8PcCO3w6s

https://www.youtube.com/results?search_query=Michigan&sp=EiG4AQHCARtDaElKRVFUS3h6MnFURTBSczhsaWVsbEkzWmM%253D

Michigan Housing Supply TANKED! - It doesn’t matter where you are in the country right now, the common hardship home buyers and even renters are facing right now is there’s just nothing to buy or rent. And with mortgage rates as high as they are along with the price tags on the home, it’s hard to justify a compromise. Several sources have analyzed that The U.S. housing market is short 6.5 million homes, as new household formations increased dramatically since the height of the pandemic. The questions are, how is this affecting homebuyers, what will the future hold for Michigan real estate, and is buying a home in the next year or so worth it? Stick around, because all those questions and more will be answered.

Why is the housing market like this, why is the competition so high, why is everything so unaffordable? what is going on with inventory? All these questions come back to housing supply, or the number of homes that are for sale on the market. To fully understand this situation, we need to rewind 15 or so years and see where we went wrong.

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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 is based on current or prior experiences and serves 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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