Are We Headed Towards a Housing Bubble?

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

People have been asking us a lot lately if we’re headed towards a housing bubble in Southeastern Michigan. It makes sense why people think that, because prices have gone up dramatically, and are predicted to go up over 5.5% in the U.S. in 2016. 

However, just because prices are going up doesn’t mean we are headed towards a bubble. There was a combination of factors that led to the most recent bubble in 2006/2007, including the fact that lending guidelines were very loose. Mortgages aren’t as easy to come by now, and it will remain that way for the foreseeable future.

“

There’s an opportunity right now if you choose to take it.

”

Another reason people believe we’re headed towards a bubble is because of the increased home values we’re seeing. In reality, a middle-income household doesn’t need to overstretch their budget to buy a typical home. To qualify for a home, you will likely need to make an income of over $40,000, but payments are still well below what they were in 2005 and even 2000.

If you’ve been thinking about buying or selling, now is the time to make a decision. If prices continue to go up, and interest rates go up too, homeownership is only going to get more expensive. There’s an opportunity right now if you choose to take it.

If you have any more questions for us, feel free to give us a call or send us an email. We look forward to hearing from you!

Thanks to All Who Attended Our Client Appreciation Dinner

Buying in Southeast Michigan? Perform a full home search

Selling in Southeast Michigan? Get a free Home Price Evaluation

We recently hosted our second annual client appreciation dinner at Laurel Manor in Livonia on April 16th, and we had a great time with all of you. The night was full of food, drinks, great conversation, dancing, and trivia games. We were happy to be able to give away 12 incredible prizes to our valued clients, including a 50” television.

We hosted this event because we are so grateful for the business opportunities, referrals, and repeat business we’ve gotten from all of our clients over the years. There’s nothing more rewarding than being able to give back to those who have been so thoughtful and generous to us. It’s only fair.

Our team looks forward to continuing to serve our clients and their referrals at the highest level in the future. If you have any questions for us or know anyone who’s interested in buying or selling, we’d love to hear from you. If you weren’t able to make this last event, we would also love to see you at the next one! Thanks again, and we look forward to hearing from you!