2012 began with quite a bang in the housing market but it was far from a good thing for current homeowners. It was reported back in January that overall home values were down for the fifth straight month. Which brought home values down to their lowest point in about ten straight years. The average home value fell 0.8% in that month alone. Even more depressing is that home values are down 3.8% from about one year ago. This isn’t all bad news, at least depending on how you look at the situation.
Sure homeowners are being hit hard and unfortunately there is no quick fix to instantaneously raise your home’s value. On the flip side though, homebuyers are in the driving seat when it comes to today’s housing market. With values at a ten-year low, even the thought of buying a home should prompt people to purchase a home but that is just not the case.
The issue is that people see the housing market as one giant risk. Everyday we hear and see signs in regards to the millions of homes that are “underwater.” The other issue is that foreclosures are on the rise and nothing could scare a homeowner than the risk of losing their beloved home.
We’re at a strange point right now as things look great in certain sectors while others look quite gloom. People seem to be hesitant to purchase homes but yet many builders are gearing up to begin new construction projects. Real estate professor Ken H. Johnson from Florida International University believes the market will improve thanks to the improving economy but it will definitely take time.
With home values looking as if they’re going to linger at their current values for some time yet. Why not take advantage of the market whether you’re a homeowner or if you’re looking to buy? Thanks to the incredibly low mortgage rates, we can help you Michigan homeowners out there by refinancing into today’s extremely low rates. For those of you looking to buy property within Michigan, we can also help you by locking in pretty little loan with a bow on top. Either way, give one of our loan officers a call if you have a Michigan property: 800-555-2098.