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What You Need to Know About Buying a Michigan Home in 2022

Posted on: March 24, 2022

Tips from Your Michigan Bank

DetroitIf your Spring plans include relocating to Michigan or moving to a new community in the state, check out these helpful highlights about the real estate market. The housing market is competitive, and the buying process is complex, but banks in Michigan are here to help you successfully navigate the challenges

News about the 2022 Michigan Home Real Estate Market

First, some good news about home prices! Real estate forecasters predict that prices in Michigan will start to stabilize.

  • In Grand Rapids, January home prices increased about 10 percent compared to last year, far less than the 14 percent price increase buyers saw in 2021.
  • In Ann Arbor, January median home prices dipped about 3 percent, while Farmington prices were down 9 percent year over year.
  • The Detroit housing market remains volatile, with January home prices up a whopping 36 percent year over year.

For qualified buyers, interest rates for a traditional 30-year fixed mortgage loan averaged below 4 percent in February.

  • Financial experts anticipate that mortgage rates will rise slowly in 2022, but will stay below the pre-pandemic levels when interest averaged 4.27 percent in 2019.

Deducting mortgage interest on tax returns remains an important benefit of homeownership, and Michigan is enhancing tax advantages for first-time buyers.

The number of homes available to buy is scarce, and most experts predict it will remain a seller’s market for the foreseeable future.

Maximize Your Homebuying Power with Help from Michigan Banks

Detroit2 Patience, persistence, and planning are essential to the homebuying process. Financial planning to buy a home includes:

  • Building your credit score, so lenders are confident in your ability to pay a mortgage.
  • Saving for a down payment (or securing down payment assistance) and closing cost expenses.
  • Getting pre-qualified and pre-approved for a mortgage to know what you can afford and help make your offer more appealing to sellers.
  • Talking with banks in Michigan, like Level One Bank, about the mortgage solutions available to you, such as:

The Level One bank teams in Jackson, Kent, Macomb, Oakland, Washtenaw, and Wayne counties understand the local real estate markets and are here to support your homeownership dreams. Let’s welcome Spring by getting started on your journey to buying a home in Michigan. Contact us today or visit one of our local branch offices!

“There are no limits to what you can accomplish, except the limits you place on your own thinking - Brian Tracy, motivational speaker”

Posted in: Your Home, Your Life

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