That questions is on many peoples mind in the Metro Detroit Real Estate Market. Who really knows where the bottom is? Who know if Michigan homes for sale prices will continue to drop?
I wish I knew. I have heard stories that is going to turn around at the end of this year. Some say middle of 2009. Some say the Metro Detroit Real estate Market won't turn until 2010. Some say they see indicators that is going to go up soon.
Every "expert" has their own opinion. I call them guesses. As a local Michigan Realtor I guess that it will be at least 2009 or 2010. So why should you buy now? Why shouldn't you what for the bottom of the Metro Detroit real estate market?
The main reason is: who is going to tell you when the bottom is? Are you on some special email alert? Is an owl going to tell you one night? Or are you going to a palm reader to find out? You as a consumer hear many things from the news. Usually the news reports what has happened. So the by the time the news reports that Michigan home sales prices are up we will have missed our opportunity to buy.
There are many great bargains that pop up and get sold monthly in Metro Detroit real estate. The bargains are selling and sometimes selling quickly. I put in an offer in on a Northville condo $79,000 for a 1560 square foot home. That is a deal that came and went quickly.
If you are serious about buying a home my thoughts are:
- start looking
- search Michigan homes for sale
- search the internet for homes
- know what you want
- go out once in a while to look at homes in your price range
The reason I say this is that the "dream home" you want on the lot you want, may go up for sale next month and be sold it 3 or 4 months. You may not see another one that meets your needs and criteria for a year. That home most likely not be on the market at the "bottom".
Take your time. Be choosy. BE PRICE CONSCIOUS. DON'T OVER PAY. Look for the home you want in a price range you can afford.
Find the home of your dreams at a pace and a price that is near the bottom. Ask any stock investor if they can time the market. The ones that try sometimes miss the best deal. If you want to get a specialized list of Michigan foreclosures email me at info@RussRavary.com
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My Month of December quote:
~ Mark Twain”
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.
Russ
We won't know when the bottom is reached until we are on our way back. I tell them that's impossible to know until after we've reached there and things are getting better. We know that now prices are way doen and interest rates are still decent and I don't know what interest rates are going to be so the safest time is now