Michigan Home Builders will once again be a driving force in this State’s Economy for 2015. And ListTrue is helping to push the way with cost savings to builders and incentives to buyers.
This year starts off with Home Builders breaking ground on more single family homes since 2008. It’s a sign that signals strong economic growth for the Michigan housing market and overall US economy for 2015.
Consumer confidence is up in Michigan and throughout the Country. Employment is up, and mortgage rates are at historically low numbers. Home builders are ready for the challenge, beginning work on over 700,000 new homes (at an annual rate across the US) – that’s just over a 7% increase from the previous month for housing starts. Michigan home construction has already begun to recover from the more than 60,000 jobs lost since hitting bottom. In 2005 Michigan had over 150,000 people in construction. Most of those that lost their job in this field and gone and Michigan needs to resupply those skilled workers.
The Home Builders Association of Michigan helped change the Michigan Merit Curriculum standards making it easier for students to obtain vocational education.
Another look into this coming year is housing permits; Building permit requests for single family homes in the US are at a rate higher than they were in 2008. More building permits now – more building months from now. The all time, three decade, home construction high of 2.07 million units back in 2005 nose dived to just over a half a million homes…just four years later. But just last year that number more than doubled to just over a million units. That is very solid growth in the housing market and creates a very strong foundation for the market to build on in 2015.
Over the past few years, builders focused mainly on multifamily rental units. But as credit restrictions loosen, initiation of new government mortgage programs, continued low rates, lowering of private mortgage insurance, and with the overall unemployment rate at its lowest level in over 7 years ( US companies added over 600,000 jobs in the last two months of 2014)…All of these point to a stronger single family housing market for 2015.
Builder’s in Michigan are also seeing a tremendous savings from Selling their homes by using ListTrue.com. Offering Home Builders many options to sell, as most home builders feel more comfortable handling many aspects of the transaction. Builders can use those savings to offer more upgrade options to potential buyers or add other types of incentives by avoiding unnecessary costs associated with traditional real estate companies.Home builders could also use the savings to offer their workings special incentives or bonuses without increase expenses or us that money to invest in equipment and people.
If you are a builder and interested in learning how ListTrue can help your business call us at 616-957-0500.