Always Growing: Strong Housing Market Forecasted
We've been keeping our eyes peeled for this quarter's housing numbers. We're very excited to see national trends matching what we're seeing locally in Northern Michigan. Experts around the country confirm the whispered housing bubble isn't about to burst; in fact, there doesn't seem to be any reason to expect one anytime soon!
As pointed out in The Housing and Mortgage Market Review, there's just a 4% chance that median home prices will drop over the next two years. That's a historically low forecast, and one that confirms the promising expectations of experts all over the United States.
Much of the worry about the housing market is based on the often repeated talk of all-time highs in housing prices. The market is, of course, performing well, but when adjusted for inflation, we're still 10% behind peak home prices before the 2008 financial crisis. There's plenty of room to grow, and this time, everyone knows how to recognize and account for any growing pains that might present themselves.
Michigan finds itself close to the median of states in this forecast, with Colorado, Idaho, Oregon and Washington expected to see the biggest improvements.
To learn more about the review, head here.
Questions about the housing market in Northern Michigan? Give us a call!