Housing recovery in Fenton, Linden, Grand Blanc, becoming more evident
GENESEE COUNTY -- Earlier this summer we reported the housing market in southern Genesee county was beginning to show signs of life. Now, phase 2 of a housing recovery, new home construction resurfacing after a long hiatus.
Patrik Welty of Legacy Realty in Fenton tells NBC 25 that just in the last 2 or 3 weeks he is seeing an increase in the volume of calls from people interested in building homes on vacant lots, something that has been unheard of since before the housing crash almost 4 years ago. A sign that is especially encouraging because it is a sign of real money. In otherwords, people have the money to invest in building a home, unlike a home purchase where you may only need to put a small portion down.'
Things have a long way to go before returning to 2006, when new subdivisions were a regular topic for planning commision meetings in Holly, Grand Blanc, Fenton and Linden, but the spark shows we could be on our way. Also, this is only one small portion of Mid-Michigan, so while encouraging it is good to put things into perspective.
Finally, Patrik says, the last sign of a healthy housing market, rising prices, is missing in southern Genesee county. The reason? Tougher financing restrictions as a result of the predatory lending practices that many believe led to the crash in the first place. Unlike places like Flint there are more buyers than sellers in this area but not enough homes, Welty says.
Once prices begin to rise homeowners who are stuck in their current home can get back into the game.
Then, the market will recover more fully. How long that will be is anyone's guess.
