Michigan new construction has had a solid year. Improving economic conditions in a variety of areas in Michigan including Ann Arbor, Flint, Grand Rapids, and Detroit has helped spurred interest in new construction real estate. As one of the hardest working states in terms of improvement after the economic downturn in 2007, Michigan home buyers expect options and they are getting them.
Trends in New Construction Home Investing
In the Metro Detroit area, there are more than 6 new home developments. The value of these properties span from the mid-$200,000 up to two or three times that amount. Ann Arbor and Grand Rapids are also seeing this type of surge in interest in new residential construction. And, why not? Interest rates remain low. Home prices are affordable, though they are climbing steadily. More so, many area governments are happy to offer incentives to home builders capable of getting rid of blight and transforming neighborhoods into the solid, safe communities they used to be.
A variety of home options existing in Michigan, but in new construction, there are some clear trends developing:
- Affordable, new construction is one of the most important components of this industry. While home buyers are buying again, they still want an affordable home that's within their price range.
- Single family homes remain the most valuable and promising investment here, with most developments focused on this area.
- Golf course home developments are also developing. An important trend here is in these properties offering more luxurious amenities and features in an effort to attract older buyers.
For home buyers interested in Michigan new construction, now is the time to invest. Home values are on the rise, which means they could spend more in just a short period of time by putting off their investment.
Solid demand for quality housing, especially in the major cities here, is a clear indication of Michigan's improving housing sector. It's also an important time for sellers to consider selling their home to get a higher price for it and to move into new options that may offer more customization and specialization options. This is the time to buy in Michigan.
Leave a Comment
Looking for New Construction?
Have you Seen the Latest, Most Innovative New Floor Plans Available?