Throughout the country we are experiencing significantly increased home values. Nationally, home prices are on average up over 6% from later 2016 through late 2017. With this increase in sale price, comes an increase in equity, and increased economic consumption as a result. Billions in wealth has been created.
In my local market, home prices outpaced the national average for the same time period, and have broken the 10% mark. For a comparison of my local market, Oakland County, Michigan (southeast Michigan), follow this link: Oakland Country Market Report. Interestingly, although Michigan is surpassing the national average in price growth over the last year, the state still has a higher percentage of mortgaged homes with negative equity than the national average.
Just as is an issue nationally, Oakland County is suffering from low inventory. This tight market is pressuring sales higher and increasing competition. We need more sellers, and new home builds!
To learn more, please visit my blog: Mi Real Estate Guy's Blog