Michigan House Prices

The time to sell your home is now because sellers are getting offers above asking price in several cities around Mid-Michigan. Real Estate agents say staging a home is one of the best options.Mortgage interest rates have been on the rise and are now over three-quarters of a percentage point higher than they were at the beginning of the year. According to Freddie Mac’s latest Primary Mortgage Market Survey, rates climbed to 4.72% for a 30-year fixed rate mortgage last week.

The interest rate you secure when buying a home not only greatly impacts your monthly housing costs, but also impacts your purchasing power.Purchasing power, simply put, is the amount of home you can afford to buy for the budget you have available to spend. As rates increase, the price of the house you can afford to buy will decrease if you plan to stay within a certain monthly housing budget.

The chart below shows the impact that rising interest rates would have if you planned to purchase a $400,000 home while keeping your principal and interest payments between $2,020-$2,050 a month.With each quarter of a percent increase in interest rate, the value of the home you can afford decreases by 2.5% (in this example, $10,000). Experts predict that mortgage rates will be over 5% by this time next year.

So if you’re thinking about investing in the Michigan real estate market, but don’t know if it’s a smart investment, we’ve got all the answers. Reliable data helps us provide accurate information to help you make smarter investment decisions. We’re now going to list the data our investment property calculator has on the Michigan real estate market. If you would like to find data on any other housing market in the nation or just quickly analyze a specific investment property, start your free trial now.

The City of Howell is centrally located within Livingston County.  The name did not come into immediate use, however, as it was called Livingston Centre for quite some time. The Downtown Howell area has a weekly Sunday Farmers’ Market, which runs 9 a.m. to 2 p.m. from the first Sunday in May to the last in October. The market has locally grown produce, bedding plants, flowers, homemade goods and crafts. Hosted in front of the Livingston County Courthouse and downtown Howell, which is listed on the National Register of Historic Places.Weekly entertainment and the energetic ambiance of Howell’s downtown give the market a mini-festival atmosphere. The median home value in Howell is $196,300. Howell home values have gone up 13.0% over the past year and they predict that they will rise 3.3% within the next year. The median list price per square foot in Howell is $120, which is higher than the Detroit Metro average of $103. The median price of homes currently listed in Howell is $228,990 while the median price of homes that sold is $193,440. The median rent price in Howell is $1,195, which is higher than the Detroit Metro median of $875. Howell is also known for the Tanger Outlet Shopping Mall.
James Loveland

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