The real estate moguls understand that the recession affected the Michigan state adversely. Fortunately, the vibrant cities of Michigan, particularly Detroit and Lansing, were poised to make the greatest comeback in the American housing market. As these cities started to show the signs of growth, the others followed suit after several years, discontinuing the slump that had a negative influence on the Michigan economy.
The Michigan housing market
Currently, the Michigan housing market is doing well. In addition, there has been immense political and economic support, especially in the residential segment of Michigan’s property market. While Michigan does not have the strongest housing market in the United States, it is quite robust, enabling it to forge ahead during the hard times. Thus, the state has plenty of opportunities for real estate investors, renters, and individual buyers. Apparently, many types of opportunities exist at the moment in terms of prices as well as types of property.
Michigan has several cities that suit a vast array of lifestyles for families. Cities such as Macomb, Forest Hills, East Grand Rapids, and Benton Harbor boast a significant population of children and families who live in the metropolitan areas. The incredibly low crime rates are also a key contributor, making Michigan a safe town to live. Michigan also appeals to the singles, who love the cities such as Big Rapids, East Lansing, and Highland Park.
Five Greatest cities in Michigan
While the automobile industry has not been thriving in the recent past, the individual cities in Michigan have not been languishing. Every city takes advantage of the available opportunities to create a strong Michigan economy.
Detroit is the largest city in Michigan. While this city has had its fair share of hard times, especially during the recession, it has made a great comeback. Real estate experts know that Detroit is on the rebound when it comes to the property market, and the prices are beginning to soar.
Grand Rapids has a vibrant furniture manufacturing business. In addition, the city is diversifying its industries by borrowing from Detroit and other industrial cities. Grand Rapids has invested in a vast array of educational institutions that can make a huge impact on the local economy in terms of research.
Warren lies in the suburban parts of Detroit. Warren is home to one of the greatest rappers, Eminem. Warren is a great hinterland of Detroit, and the reason why people prefer to live in Warren is the affordable rents and reasonable home prices.
- Sterling Heights
Sterling Heights is another hinterland of Detroit. Most of the people who work in Detroit prefer to live in Sterling Heights to the good school districts and developed infrastructure.
Lansing is the capital of Michigan. While Lansing is not the largest, it is one of the most developed city due to the presence of administrative functions and state housing initiatives.
Michigan boasts a vast array of diverse properties that range from rural to urban homes, allowing a vast array of prices and lifestyles. This diversity means that a well-informed investor can enter the market by identifying the properties that suit their business plan. Another reason why the property market is thriving is the presence of a vibrant banking sector. For the investors who qualify, funding opportunities abound in terms of mortgages and loans. If you are a first-time home-buyer, however, you need the assistance of a mortgage attorney to take you through the process and avoid the common pitfalls. A mortgage attorney understands the laws and will be instrumental when it comes to complying with the regulations.
The Mortgage Regulations in Michigan
By lending money at an affordable rate and ensuring that all mortgagees qualify for the loans, the banks have managed to avert the ravages of recession significantly. Homebuyers ensure that they get the right financial advice from the mortgage lawyers before they invest in real estate.
- Truth in Lending Act
Truth in Lending Act (TILA) is a key part of the Consumer Credit Protection Act. TILA is a Federal law that determines the various requirements of disclosure. The disclosure contains information such as the amount of interest for the loan, also known as the finance charge, and the Annual percentage rate (APR). The average interest rate in Michigan is 3.5% for a 15-year mortgage.