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Answers (11)
- workabee
- Contributions:1030
If Brey pipes up from Florida telling you to buy, I bet he's a wiz on Michigan real estate. Must be running for the head of the NAR cult in Florida. Buy now, buy now, buy now...
- fromdeserttosea
- Contributions:40
I think the real estate market in the mid west is starting go back up to norms. I am seeing a lot of signs of " return to normal"------I would say Buy! Why because I think that if you can get in on ground level.... it can not go much lower, and if it does you have not lost a lot.. However it is goes up, which it look like what is happening litte by little now. then you stay to look very very pretty, and you did not invest a lot of money... in fact you house might already be paid off..
- sd72
- Contributions:1
I have been in the Mortgage Business for many years and I would say only to buy if you plan to live in the house for 10 years.
If you have to go out of State to find work after school you will most likely lose Money.
Michigan doesn't look good this year. It is figured that home Values could go down another 5-10%.
Buying a home is a long term investment not a short term !
Shaun Dickey
If you have to go out of State to find work after school you will most likely lose Money.
Michigan doesn't look good this year. It is figured that home Values could go down another 5-10%.
Buying a home is a long term investment not a short term !
Shaun Dickey
- Gary Brey, "garybrey"
- Contributions:73
It is an excellent time to purchase in Michigan.
- Kelly Lacey, "kellylacey"
- Contributions:797
Only if you already have employment lined up...
The job situation in MI is still horrible (and probably will be for a long time) and most new college grads have to leave the state to find work. If you fall into this category you'll have a house you have to try to sell. Good luck with that!
- sunnyview
- Contributions:25139
Wow what a canned answer from Ms. Wutz for an area that has been so hard hit by the bubble.
- mike.reinard
- Contributions:4
The Case-Shiller price index says that house prices in detroit have fallen by at least 40% since their peak in December 2005, but in December 2005 most real estate agents would have told you that it's an excellent time to buy as well so beware. While prices in the area recently have gone up (and back down) a little bit, it's impossible to say that's really a sign of recovery because there has been a lot of government support in the market at year end 2009 and through April 2010 that is no longer there. There must be a lot of short sales in the area so if you are going to buy anything focus on those and in the meantime read up on a website called patrick-dot-net to educate yourself on renting vs. buying.
- Kathryn Wutz, "Kwutz"
- Contributions:28
Anastasia,
It is a great time to buy in Michigan! Especially with being a college student, a home that you might have consider buying back in 2004 at the height of the market which might have been unattainable now you are able to purchase. This is a great time for buyers to take advantage of the market. Please let me know if there is anything that I can help you with. If you have any questions feel free to send me an e-mail or a phone call.
Kathryn Wutz
- Anastasia08
- Contributions:2
No, I just starting looking this past weekend...I just spoke with an agent today and planned on seeing whta i could get approved for before i really get my hopes up. I was looking in the Jefferson Village/Marina District.
- Russ Ravary, "RussRavary"
- Contributions:30
Home values in Southeastern Michigan have fallen dramatically since their highs in 2003 -2004. Depending on what cities you like you can see homes that cost less than they did in 1990's. In some cities prices are back to 1980 prices.
Let me give you some examples. It's not unusual to find homes in Redford, Dearborn Heights, East Pointe that once sold for over a $100,000 selling between $25,000 - $50,000.
Detroit homes that once sold for $90,000 can be bought for between $10-$20,000. If you had to build these home you could not even pay for the materials on some of these homes for the prices they are selling for.
But in many cases you can buy a home for less than you can rent for. Now that is a deal! Plus you get a tax deduction. My advice to you is plan to live in the house for at least five years. Don't buy just because it is cheap, be sure you can afford to maintain the home. It sometimes costs a lot of money to keep the house in good order. So don't over buy just because it is cheap. Ask yourself if you are willing to make the committment to a home and all it entails.
Let me give you some examples. It's not unusual to find homes in Redford, Dearborn Heights, East Pointe that once sold for over a $100,000 selling between $25,000 - $50,000.
Detroit homes that once sold for $90,000 can be bought for between $10-$20,000. If you had to build these home you could not even pay for the materials on some of these homes for the prices they are selling for.
But in many cases you can buy a home for less than you can rent for. Now that is a deal! Plus you get a tax deduction. My advice to you is plan to live in the house for at least five years. Don't buy just because it is cheap, be sure you can afford to maintain the home. It sometimes costs a lot of money to keep the house in good order. So don't over buy just because it is cheap. Ask yourself if you are willing to make the committment to a home and all it entails.
- Bulk Real Estate
- Contributions:1
Definitely. The detroit area was the first to be rocked by foreclosures, and is just starting to show signs of recovery (in terms of sales). As a college student, you're probably going to have trouble getting a bank loan, unless you've got a solid co-signer. Have you thought about seller-financing?
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I'm a college student looking to buy my first home...is it a good time to buy in Michigan?
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