12_18_2017
Photo Source: Instagram via @lakegenevaarchitects

The National Association of Home Builders (NAHB) released their December Housing Market Index showing Builder Confidence is now at the highest level since 1999. A reading above 50 is positive and December’s was at 74—highest in 18 years! The rise in optimism can be partly attributed to the new tax plan.

First-time homebuyer demand also hit a record high during the third quarter of 2017, coming in at the highest level in 17 years and up 6% year over year. These folks accounted for 56% of all purchase mortgages financed in the third quarter.

Affordability is a growing concern among the rental community, with almost half of all renters considered “cost-burdened” and devoting over 30% of their income to housing. It’s no surprise when the share of new units at $850/month dropped from 42% to 18%. Rental inventory is catering more towards the high-end market and rental market growth is slowing down.

Like many counties, the average sales price for Washtenaw County single-family homes went up 6.2% in 2017 from 2016, and homes flew off the market. For example, for a home in Chelsea, the average number of days on the market this year was only 32 days compared to 56 days in 2016. That’s crazy.

Hall Financial (NMLS #1467435) was formed in early 2016, founded on a common mission: to be the most client focused mortgage company in the industry’s history. We were going to stop the trend of treating homeowners and homebuyers as transactions and instead, welcome them as family. We were going to treat them like the queen of England. Here, we bring you up to speed and keep you in the know with the latest housing news, home trends, and more!

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