Michigan Real Estate Is Getting HOT! Here's Why..

Рет қаралды 4,202

5 ай бұрын

The Michigan Real Estate Market Is Getting HOT! - In Michigan right now, It’s cold out, it’s snowy, we’ve had some below zero days, And just when we thought things were slowing down and cooling off in the Michigan real estate market, it starts getting hot and bothered again, let’s talk about why that is.
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Andrew McManamon is a licensed Real Estate Professional with Signature Sotheby's International Realty. All the information presented throughout his videos are based on current or prior experiences, and serve as educational purposes only. Please consult with a local real estate agent, real estate attorney and/or mortgage lender to see if this information is applicable to your situation.

Пікірлер: 32

@tomwinston6758 5 ай бұрын

Great info Andrew, thanks!

@LivingInMichigan 4 ай бұрын

Thanks Tom! Thanks for watching.

@redwingzfn 5 ай бұрын

Great advise man... we are still wanting to get up there but it seems like it keep slipping away.

@LivingInMichigan 5 ай бұрын

Thanks for watching! I know what you mean, there’s opportunities around, it’s just slim.

@youssoufsaadikaminedahirou8118 5 ай бұрын

Hey my dear hope your doing good happy to meat you again

@LivingInMichigan 5 ай бұрын

All good! Hope the same for you. Thanks for stopping by.

@byeonghohwang3230 3 ай бұрын

What is your thought on Detroit midtown. I bought a condo back in 2022Y at 490K and the estimated house value has not changed a lot, so wondering if Detroit is actually one of hottest housing markets in the states, nowadays.

@kloss213 4 ай бұрын

Bought a 7a lot on Beaver Island. 3 years later a 5a next to mine sold for 250k. 5xs what I paid and I have a better larger lot.

@LivingInMichigan 4 ай бұрын

Sounds like you're sitting on quite the property!

@nickk05281982 2 ай бұрын

I get price drop emails everyday now lol

@cashcolby2822 2 ай бұрын

You personally how much money did you start off with and do you know of any potential benefits for first time home owners that I could apply for

@LivingInMichigan 2 ай бұрын

There are good programs out there for first time buyers to put 0-3.5% down on a home. Closing costs tend to be 2-4% of the purchase price. Basing this on a $250k home, 4% is $10,000 for closing costs. The average down payment for first time buyers is 3% which is $7,500 (but there are programs for 0% your payment would just be higher). Total $17,500. Inspection and appraisal can be $1200-$1500 combined depending on how much you want done. Total: $19,000 and that doesn’t include an emergency fund, reserves for “what if” or furniture and all the purchases that come with a new home. I’d be shooting for $25,000 to $30,000 depending on how consistent your income is. I’m self employed so money is a little more inconsistent than a 9-5 job, so my personal goal would be $40k+ to cover 6 month reserves.

@Jamie-ju5zb 2 ай бұрын

Who should we contact f we want to move ,but not buy as of right now? Looking to move to Portage. 3-4 rooms

@LivingInMichigan 2 ай бұрын

Feel free to contact me directly! Mcmanamon13@gmail.com or 810-360-3488

@getinthespace7715 4 ай бұрын

We were looking at homes in July 2023 but gave up because the prices were INSANE. talking about small lots with a trailer on it asking $300k or more. when the land is worth less than $70k. Luckily we were able to find a reasonable duplex to rent.. for now. our plan is to buy land and build. I could buy land, have well and septic installed and build a nice ranch style house with a full basement for less than buying one of those trailers on a few acres. Sounds like the owners of our duplex might be looking to sell to us for what they paid for it in 2018. Which is $150k less than Zillow and other websites put the property value at. at least if the bubble burst we wouldn't be underwater if we buy it. I'm thinking of doing what my dad's best friend did and build a new primary residence every few years. live in it 2 years to qualify for the section 121 federal capital gains tax exemption (250k-500k single-married) while you build the next home then move into the new one and sell the first one. I helped him build 2 of them when I was in high school. If prices stay obscenely high, I could spend $250k-$300k to build a house worth $600k-$800k.

@LivingInMichigan 4 ай бұрын

That’s a great plan

@raymarcarloballeta5202 4 ай бұрын

Do michigan have pre-selling offer.? Housing offer before the construction even start.

@LivingInMichigan 4 ай бұрын

Are you saying selling of lots in new construction communities before the homes are done?

@raymarcarloballeta5202 4 ай бұрын

@@LivingInMichigan yes… also on apartment and condominium as well. Before they start constructing the building, will they offer pre-selling offer which by nature cheaper compared to buying a already developed building. This is a question of pure curiosity and i wanna understand the market more. Thank you

@T181T 4 ай бұрын

It looks like the market is flooding in michigan

@LivingInMichigan 4 ай бұрын

In what way?

@T181T 4 ай бұрын

@LivingInMichigan i have been looking for a while and the are a lot of reduced prices and now it seems like everyone is listing. The people that i know that are selling are pricing lower than last year because they want to sell fast.

@pierrebinot149 Ай бұрын

Like your channel , Great job. Michigan is great except for Gov. Whitless. Her tyrannical polices, during covid closed 38% of small businesses. But you could go to Ohio and do anything you wanted. Hmm were there more deaths in Ohio. No, plus putting covid patients in nursing homes… horrible.

@roncharles7269 4 ай бұрын

Can you please stop this? you are lying with people just for your personal benefits. I moved to Michigan after watching your videos. My life is upside down now. Michigan is the worst place that I have ever been in my life. The life standard is be any poor/developing countries in the world. Michigan doesn't have any good road, no good school for kids, No good houses (just some abandoned houses) crime rate is super high. I cannot even go outside. My bags were snatched. People enter in the house anytime and can kill you. I am super scared. All people are moving out of this state. They say "houses are cheap in Michigan". But Those houses are abandoned. I won't let any animal live in those houses. I am dying to leave Michigan. These realtors are keep lying.

@LivingInMichigan 4 ай бұрын

I’m sorry to hear that your experiences in Michigan have not been what you expected. Despite me being a real estate professional, I am passionate about the state I live in and I’m fully transparent with the pros and cons of the areas I speak about and provide an extensive amount of resources to help people make the best decision possible for themselves.

@roncharles7269 4 ай бұрын

@@LivingInMichigan I moved to Michigan for my work. I quite my last work to move here. I lived in Novi/Northville. It is a crap. My neighbors are telling me that that is the best place in Michigan. My jaw dropped. I am looking for jobs (outside of Michigan) to move out this crap. I see people don't work here and most of them are druggies. They just go and steal in the houses. I am very scared.

@burtlewand5915 4 ай бұрын

@@roncharles7269You are obviously a troll of some kind. Please explain for everyone how druggies roam the streets in Novi when there is no public transportation, and no inexpensive housing at all, all while there is essentially no homelessness. Novi is actually home to a very large Asian expat community, and having worked with them, I know they feel safe, happy, and have had BBQ's with their American neighbors. I wouldn't live in Novi... because I think it's too sleepy. Clown 🤡

@adrianocosta6760 3 ай бұрын

@@roncharles7269 i am not from Michigan but moved here in 2016. It takes while to adjust but you are not correct about the state. Novi ia not near an good place to live it has has some good metrics on paper. Where tou want to be is by woodward where everything and everybody is, also a close drive to detroit if needed. I advise you to check Birmingham, beverly hills, royal oak, huntington woods, Berkley, bloomfield hills and franklin. Those are the good areas and also do not miss the bets of this state, which is summer up north! Good luck!