“More than any time in the past, this is probably an important time for people to think strategically about their home.”
Affordable housing has been a long time issue here in the Michigan.
Sunday wrapped up the final day of the Home Builders Association’s 2022 Home Expo at the Grand Traverse Resort and Spa.
Over 120 exhibitors were present, showcasing every aspect of residential construction and design.
Many Michiganders feel that the housing market is getting out of control, bringing even more people to the HBA Home Expo this year, seeking guidance.
“Unless you have a place to move to, I am not a fan right now of selling your house to make the money off it, you’re going to pay for it in the end,” said HBA Executive Officer Bob O’Hara.
Traverse City is one of the most expensive cities to live in Michigan and one of the areas with very little availability right now.
“The housing in the Grand Traverse market—apartment rentals are just crazy,” said O’Hara. “The price for building a home is significantly higher, it’s quite a bit higher here than it is in some areas downstate.”
O’Hara says those looking to rent or buy homes should be patient for change, given the rapid growth in the area.
“The Traverse City area has seen such growth in the last five years,” said O’Hara. “We are, along with a bunch of our partners who have a lot of other groups, working hard to bring new people into the industry.”
But home builders and homeowners looking to remodel are still concerned.
“The costs seem to change every day and the builders are all extremely busy, so does the cost and the budget match when they are able to get to us?” said Traverse City Resident Chris Brutzman.
Trade labor shortages and high material costs have been impacting the industry for several years.
“I’ve heard some of the builders, some of the people today, saying they’re scheduling two, two and a half, three years out,” said Kalkaska resident Valerie Peterson. “He’s got other clients that are already ahead of me, how long is it gonna take to get all their supplies, their building done, to get to starting on mine?”
But there is hope that the market will change for those looking to buy, rent or remodel their home.
“There’s a real shortage there and the answer is going to come gradually, but I think we’re going to be pleasantly surprised,” said O’Hara.
For more tips on hiring a builder or a look at upcoming events, you can visit https://www.hbagta.com/hiring-a-builder-tips.html.