Now is a great time to be a homebuyer in Michigan!!

The real estate market has been very slow in Michigan. What does that mean for a homebuyer?

Opportunity!!!

Interest rates are still low which allows most people to afford a little more than they were expecting. Houses have been on the market for an extended period of time, leaving more choices and more negotiation room. Sellers are offering creative incentives to bring buyers into their home over their neighbors. Why are you waiting to buy?



The biggest question I get is: Where do I start? My answer is always ~ get pre-approved for a mortgage. I have several mortgage professionals I recommend to my clients to get them in the right mortgage program. Knowing how much you can afford helps narrow down the area and type of home you will be able to call your own.



The next statement is: I want to look at foreclosures. Ugh! Yes, it is true that there are a lot of foreclosures on the market. The truth is, you have a better chance at a great deal with a private owner than a bank. It is true that the bank has a bottom line to meet. However, most people that lose their homes are not happy about it. They cause a lot of damage to the interior before they leave. Water is left running, cabinets are missing, light fixtures are taken, the home is completely dirty, etc. The warning I have is that even if you can get a mortgage on the home (some homes in that condition are un-mortgageable) you have to plan on spending a lot of money out-of-pocket before you can even move into the house. If you are dealing with a private Seller, you are more likely to get a home in move-in condition, with all of the appliances at a great price. Why? A lot of Sellers are carrying two homes. They have bought a new home without selling their current so now they have 2 (or 3) mortgage payments plus all of the utilities, property taxes, maintenance, etc. They are looking at all offers to relieve them of the debt. Houses are not being given away but there is a great opportunity to find a great home at an incredible price.



Don't wait too long though....just like Michigan's weather, the market can change fast! Need help finding the right home? Email me and I can sign you up for a great, exclusive program I offer.