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Michigan is the Great Lake state. With having the Great Lakes and thousands of inland lakes for recreation, Michigan is a popular place to live and vacation. The shorelines of the lakes sport beautiful hotels, luxury homes and vacation cottages. Along the water is one of the only places where real estate is moving in Michigan´s real estate market.
The economy has been hit hard since 9/11 and the following mini-recession. As a result, people are leaving the state and many houses are for sale or vacant. Statewide, Michigan homes for sale are plentiful in every county with ample houses listed in all price ranges. Houses are going at or slightly below market value after sitting for sale an average of 3 months or better.
New construction has cooled for single-family houses, condominiums and retail properties. There is still new growth in the suburbs of the biggest cities: Detroit, Grand Rapids, Traverse City and Lansing. Detroit real estate is still a hot market for existing homes. Grand Rapids real estate is hot for both new construction and current homes.
The fall and winter are normally cool months for the Michigan real estate market. The most active market during these times is people moving to Michigan for relocation with a job. Investors and sellers hope the trend will turn once spring hits and home sales will jump and boost the economy.
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