Profile picture for Unicornz0

Suburban Detroit MI Housing Prices Artificially High?

 
I have
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 31 2011 - Livonia
We think we've answered this question for you!
  • Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.
 
 

Answers (2)

Profile picture for sunnyview
I think that your rationale is valid, but I do not know your area so it is hard to say if that is the reason for the price floor you describe. If I were you, I would consider the buy cost, but focus on the fair market rent in relation to PITI. At least. that provides you with some protection against market drops.
  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
November 01 2011
Profile picture for Unicornz0

I've been thinking about buying a house in one of the western suburbs of Detroit . The houses that I'm interested in are currently selling for $100,000-150,000. These prices seem to be reasonable compared to the selling prices BEFORE the housing crash. But I think they are grossly over priced now. I'm thinking that HUD, Fannie Mae, and Freddie Mac, with their very low down payment requirements are keeping the prices artificially high.
 
Even though some think of the suburbs as distinctly different from Detroit , I see the entire Detroit–Warren–Livonia MSA as one big neighborhood. Now that the new middle class and auto industry wage seems to have a high of about $14.00 dollars per hour, I don't think it will be affordable for many buyers, if I decide to sell this house in the future,
 
I'd like to know what others think about my concern.
 
Thanks In Advance For Your comments,
Uni

  Flag content
Close
Report a Problem

Please enter a valid email address.

Close
Content flagged

We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

Close
We're Sorry
This service is temporarily unavailable. Please come back later and try again.
October 31 2011
 
Related Questions
we would like to buy a home that will soon be going into foreclosure (a deceased relatives home). Wh
Profile picture for Joey Popovich
Latest answer by Joey Popovich
June 05 2012 | 4 answers
how do I go about finding a first time buyers loan?
Profile picture for Janice Copeland
Latest answer by Janice Copeland
January 17 2012 | 4 answers
Suburban Detroit MI Housing Prices Artificially High?
Profile picture for sunnyview
Latest answer by sunnyview
November 01 2011 | 2 answers
Can I purchase a house in another state before I move and get an FHA loan?
Profile picture for Kelly Lacey
Latest answer by Kelly Lacey
March 23 2010 | 2 answers
Mortgage Rates
 
Be A Good Neighbor

Zillow Advice depends on each member to keep it a safe, fun, and positive place. If you see abuse, flag it. More on our Good Neighbor Policy.

Homes for Sale
  1. 9436 Harrison St, Livonia, MI Home For Sale
    9436 Harrison St, Livonia, MI 48150

     For Sale: $88,000

    • Beds: 3
    • Sqft: 1058
    • Baths: 2.0
    • Lot: 6534
  2. 32879 Perth St, Livonia, MI Home For Sale
    32879 Perth St, Livonia, MI 48154

     For Sale: $239,900

    • Beds: 4
    • Sqft: 1965
    • Baths: 3.0
    • Lot: 8276
  3. 11799 Hunters Park Ct, Livonia, MI Home For Sale
    11799 Hunters Park Ct, Livonia, MI 48150

     For Sale: $299,900

    • Beds: 4
    • Sqft: 2065
    • Baths: 3.0
    • Lot: --