Home values rising in mid-Michigan
Nationally, housing values are increasing less than they have in the recent past. However, in central Michigan, local housing experts say home values are blooming, especially entry level homes.
Lori Rhynard is the Executive Officer for the Central Michigan Association of Realtors. She said low cost home values are rising in Mid-Michigan due to a greater demand from millennials who are looking for lower cost homes so they can keep up with student loan debt.
“I think one of the obstacles for millennials is and will be for a long time is their student loan debt. When they go to apply for their mortgage they find out that all of this student loan debt and such is putting them you know they might qualify for an eighty thousand dollar house”.
Rhynard said the housing inventory in Isabella and Gratiot counties is well below the historic average.
“I think there are plenty of buyers out there but they’re competing for the smaller number of houses. I think that a lot of houses are even selling for above their list price”.
Rhynard said more homeowners are choosing to stay instead of sell -- she believes due to uncertainty from federal tax reform issues.