Well, the Detroit Lions may have lost last weekend, but that doesn't mean residents of Michigan should be pessimistic about 2012. As a member of Stewart Title I keep up with trends in the real estate market, and based on the items below, this year should be very, very good indeed! The following is courtesy of my friend Dick Gibb of Max Broock Realtors (Birmingham, Michigan), a Real Estate One Company:
- Michigan has the 2nd-best economic record since 2008 according to the Bloomberg Business Economic Evaluation of the States. University of Michigan economist George Fulton expects Michigan will have added 60,000 jobs in 2011.
- Growth rates in Metro Detroit hotel occupancy are expected to be the second strongest in the nation in 2012 according to TravelClick, an industry research and consulting firm. They are predicting a 22% increase in occupancy rates in the first 9 months of the year.
- The homeownership rate is at its second-highest level on record, only behind the record high set in 2000, according to the U.S. Census Bureau. The metro areas with the highest homeownership rates were in Michigan and Florida.
- Detroit ranks # 3 in the nation in most internet-searched markets in the country for real estate information.
- U.S. News has selected Traverse City, Michigan as one of the top ten places to retire in 2012.
- Detroit and Washington, D.C. were the only cities to register a gain in home prices in September, 2011, according to S&P/Case Shiller.
All of the above indicates that Michigan real estate- whether commercial or residential- is a great investment this year, and Stewart Title and I are excited to be a part of it!