Some people are saying now is not the right time to buy real estate in Metro Detroit. If you have a solid job or think you have a solid job I think now is a great time to buy a home in Southeastern Michigan.
Here are 3 reasons why I think it still is a good time to buy
- Michigan Mortgage interest rates are still low.
- Large inventory of Metro Detroit homes for sale
- The $8000 first time homebuyer credit
- Fewer buyers competing for the house you want
- Home values in many cities are back to 1990 prices.
But right now if you are a home buyer or an investor your time span you should be considering for a home in Metro Detroit is ten years. You should not be plan on selling this home for at least 7 to 10 years. This is not a market for short term thinking. I don't think you should think about a five year time span to move. Buy for the long term or don't jump into this real estate market.
It is a good time to buy if you think your job is secure and if you are buying for the long term.
More Wayne County home buying tips
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
I was watching on TV last week that vacant homes in Detroit are going as low as $100 in some cases.
They are but they are in need of many thousands of dollars of work and in rough neighborhoods. Plus the taxes on that $100 Detroit house is probably $2000