Posted on February 27, 2018 - 08:25 AM
by Rob Thom
The lack of Livonia home buyers trading up makes it particularly tough for first-time buyers to break into home ownership. If builders built more homes, homeowners might move up, but because homeowners aren't moving up, the builders aren't seeing as much demand for new construction homes.
Buyers may also be facing higher borrowing costs this year since interest rates are expected to rise.
The average rate on a 30-year fixed mortgage has been below 4.5% since January 2014. Higher mortgage rates could also keep homeowners in their homes longer if they purchased when rates were at historic lows.
FREE AUTOMATED EMAIL UPDATES
Sign in to take advantage of all this site has to offer. Save your favorite listings and searches – also receive email updates when listings you like come on the market for free! *Contact Information is NOT Shared*
44205 Ford Rd
Canton, Michigan 48187
43155 Main Street Ste. 2300 X
Novi, MI 48375
39015 Cherry Hill
Westland, MI 48186
ROYAL OAK OFFICE
404 E. Fourth St. Ste #105
Royal Oak, MI 48067
IDX provided courtesy of Realcomp II Ltd., via , Copyright 2018 Realcomp II Ltd. Shareholders. Real Estate listings other than those of are marked with the Broker Reciprocity logo and detailed information about them includes the name of the listing brokers. Information deemed to be reliable but not guaranteed. Any use of search facilities of data on the site, other than by a consumer looking to purchase real estate, is prohibited. Last updated on 2018-07-17.