1) Low Mortgage Rates
Low mortgage rates mean higher purchasing power. With the low inventory for real estate in Michigan, low mortgage rates have increased buyer’s purchasing power allowing them to have a larger price range to search for homes.
2) New 3% Down Payment Mortgage Programs
Low down payment mortgage programs have expanded including the 97% mortgage. 2015 has granted new low down payment programs for first time home buyers. Fannie Mae and Freddie Mac have both released 3% down mortgage options for first time homebuyers allowing more young professionals and families to buy homes.
3) Fast USDA home loans
USDA home loans, the zero down mortgage program is quicker and easier to close. Michigan’s USDA has stayed up to date with their mortgage reviews allowing home buyers to close quickly on their no down payment mortgages. With Michigan being the #1 USDA mortgage state, the underwriting offices stay busy but have been able to quickly approve loans without weeks of delays as in previous years.
4) Low Gas Prices
Low gas prices have made driving to home showing appointments much cheaper. It isn’t just how much you make but how much you keep. Lower expenses equal more money in your pocket!
5) Low Unemployment Rates
Michigan’s booming job market has fueled home purchasing. Michigan’s economy has the lowest unemployment rate in years which helps allow families to have the stability to save and buy homes. With fewer people being laid off the chance that a buyer will lose their job a week before close is slim.
Did I miss any reasons to be thankful? Feel free to share reasons why you are thankful this year in real estate!