Michigan just might offer the best real estate deals of 2017.
The general consensus is that 2017 is set to be an awesome year for real estate. People are confident, markets have been doing well, and we’re all poised to make a fresh push in the months to come. Of course, in reality the prosperity of the New Year won’t be spread evenly across the map. It never is. This year the spotlight could be firmly on Michigan real estate.
Bullish, But Challenged
Everyone is bullish on real estate for 2017. It seems likely that overall property values will keep nudging up, and there will be great gains for many property owners, home buyers, and real estate investors. There is a great appetite for buying and investing in property.
At the same time the numbers just aren’t working in some areas of the country. You can be infinitely optimistic, but that alone doesn’t make the math work. It’s hard to find deals that make financial sense in once hot cities like New York and San Francisco. Some areas have seen back to back months of inventory piling up, days on market dragging out, and pending sales slowing down. If the numbers don’t work you can’t profitably flip deals or buy and hold.
At the same time prices have still been ticking up, and it looks like we are set for a string of new interest rate hikes. Now, these dynamics could be altered by a sudden windfall of easy to get, cheap money. That is possible, even though it may not make deals in overpriced areas any more profitable in the long run.
Then there is the disparity between those who have the cash to invest, and those that have the time and energy, and expertise to buy, fix, rent, and flip deals.
MI Real Estate Makes Sense
Recent data shows that Michigan still has some of the most affordable stock of real estate. Here there is still plenty of opportunity to buy, hold, flip, and develop at numbers which can make sense.
The profit potential here could grow even larger in 2017 if the state manages to maintain traction in visibility, jobs, and wages.
The question is – what will your role be in bringing this altogether? Will you be buying MI real estate? Will you be connecting buyers and sellers? Offering financing? Providing rehab or management services?
Let us know how you’ll be engaging in the market in 2017, and how we can help!