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“What is done well is done quickly enough.” Augustus Caesar

August is often a calm and quiet time of year as summer vacations and activities begin to wind down, and we relish those last days of relaxation before the school year starts again. The month is also named for Augustus Caesar-the first Roman emperor known for his unlimited patience, skill, and efficiency and bringing durable peace and prosperity to the empire. Whether building empires or portfolios, low risk and high returns are preferred, and historically, the housing market has reflected a steady investment sought by cautious leaders. Still, recent double-digit increases have left many concerned that we’re heading toward another housing bubble like the one in 2006. However, a closer look at the market data indicates this is nothing like 2006 for three major reasons:
  1. Risky mortgage loans don’t drive the current housing market. In 2006, nearly everyone could qualify for a loan, fueled by lenient underwriting. Today, loans with high-risk features are absent, and mortgage underwriting is prudent.
  2. Homeowners aren’t using their homes as ATMs this time. Today, homeowners are letting their equity build, as cash-out refinances are half of what they were in 2006.
  3. This time it’s simply a matter of supply and demand. Builders overbuilt during the 2006 bubble but significantly decreased productions over the next decade, resulting in today’s limited supply of single-family homes. 
So, the bottom line is that the market is nothing like it was in 2006. Today, millennials continue to need homes as they start and expand their families. Hence, demand continues to be high. In addition, although beginning an upward trajectory, interest rates are still at historic lows, and continued oversight on subprime loans is safeguarding real estate as a good investment.   Read more about the 3 Charts That Show This Isn’t a Housing Bubble on our blog page.

Summer may be winding down, but there are plenty of days left to celebrate, so check out our list of this month’s events and festivals in Metro Detroit.


Stay Safe, Happy and Healthy,
 
Jacobs Group Realty
(248) 218-0034
info@JacobsGroupRealty.com
www.JacobsGroupRealty.com
 
 

AUGUST 2-9-DON’T MISS DETROIT’S MOST BELOVED FREE, GLOBAL MUSIC FESTIVAL-THE CONCERT OF COLORS, MIDTOWN DETROIT

AUGUST 5-8-ENJOY OVER 150 LOCAL BANDS THROUGHOUT THE CITY AT THE HAMTRAMCK MUSIC FEST, HAMTRAMCK

AUGUST 6-BE PART OF THE 1ST ANNUAL DETROIT FREESTYLE MUSIC FESTIVAL, DETROIT

AUGUST 7-CELEBRATE THE ARTS AT THE BERKLEY STREET ART FEST, DOWNTOWN BERKLEY

AUGUST 13-15-ENJOY SMOKIN’ GOOD FOOD AND MUSIC AT THE RIBS & R&B MUSIC FESTIVAL, HART PLAZA, DETROIT

AUGUST 13-15-IMMERSE YOURSELF IN THE ELECTRONIC DANCE MUSIC MOVEMENT AT THE CHARIVARI DETROIT MUSIC FESTIVAL, HISTORIC FORT WAYNE, DETROIT

AUGUST 13-15-PARTICPATE IN FITNESS ACTIVITIES, ART SHOWS, LIVE ENTERTAINMENT AND MORE AT MILFORD MEMORIES, DOWNTOWN MIFORD  

AUGUST 28-ENJOY LOCAL ARTISTS, FOOD, VENDORS, AND LIVE MUSIC AT THE HAZEL PARK ART FAIR, GREEN ACRES PARK

Located within Milford Township in southwest Oakland County, the Village is 2.5 square miles and has a population of approximately 6,300. The Village is easily accessible from both I-96 and M-59 and serves as a central business district for about 25,000 people in the surrounding areas. The thriving downtown district draws visitors from Ann Arbor and Dearborn communities while retaining its small-town charm.

The Village boasts six parks within its boundaries. Central Park, located on the banks of the Huron River, has a playscape, basketball court, tennis court, volleyball court, and ice rink. Fairgrounds Park is adjacent to the Senior Center for easy access to a picnic area and shuffleboard courts. Hubbell Pond Park is the site of the YMCA and Library and a trail system that runs from Commerce Road to Kensington Park on South Milford Road.
 
Comparing June 2021 to June 2020 YTD, 69 (+76.9%) properties sold, price per SF is $197 (+20.9%), and the median sales price was $335,000 (+8.1%)

If you haven’t heard, yes, it’s a seller’s market! Our buyers are persistent, but it’s not easy going up against multiple offers and losing out on their dream home. If you or someone you know is interested in selling, please reach out to us, and we may be able to make a match. The map below is our current search area, but inventory is extremely low throughout the entire Metro Detroit area, so call us because it’s definitely a good time to sell.
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