Redford, MI

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

It is a buyers market in the Metro Detroit Suburbs so banks are having to price Detroit area foreclosures competitively if they want to sell them. There are lots of home deals out there.

Many Michigan foreclosures are in need of repair. You have to remember that if the former homeowner couldn't pay the mortgage they were not going to put money into the house. Many times they let it go and sometimes even trashed it. It is not unusual to have to have the house completely repainted or re-carpeted. That is why some Metro Detroit foreclosures are priced so cheaply.

Stained Carpeting is not unusual Damaged Walls

Missing electrical and plumbing fixtures are common too!!!

Even once in a while there is a beautiful foreclosed home at a great price but it most likely will get multiple offers within 2 days of going on the market. Then I would bet that it will sell at list price or higher. The homes that are trashed will sit on the market and you may even be able to pick them up below the list price.

Search Metro Detroit foreclosures- here are the latest list of bargain homes by city

Or if you are tired of missing out on the great Metro Detroit foreclosure deals.... You only find out about them after they are sold. Then sign up for my VIP Metro Detroit foreclosure emails. I will set it up that you can receive daily emails of the latest Metro Detroit foreclosures in your area. Whether you want to buy a Redford Foreclosure or a Northville foreclosurethe latest foreclosures will be in your inbox that day.

SEARCH MICHIGAN FORECLOSURES BY CITY

Yep the 6 degrees of separation works in the economy too. All across the nation the Metro Detroit economy is hurting people across the country. Some people will say no, but I know it is true.

I know Real estate agents and mortgage people that have lost thier second homes. They had to make tough choices. I know people that had homes in Florida that let them go. North Carolina, Las Vegas, Texas, and California are places that I know people have given up homes. I know it is not large numbers but Metro Detroiter's are having to give up their second homes. Their income levels no longer support a second home. Then that causes problems in your economy. Less people are needed to take care of those homes. Less Michigan people coming to spend money in your economy.

Our trips and vacations have been cut back. We aren't taking trips to New Orleans, or New York. I even hear that Broadway is hurting. We aren't coming there like we used to see the shows. We aren't spending as much money in Chicago.

Salesmen across the country aren't selling to the car companies like they used to. Whether it is large insurance companies, or finance companies that did the financing or warranty for the auto companies they have been hurt. Even truckers are feeling the pinch. We aren't ordering as much as we used to so not as much is being trucked around the country.

Whether you believe it or not it is like the 6 degrees of separation. What we do here in Detroit does affect you. Not matter what industry you are in, what state you are in our Michigan dollars do count.

Do you miss us yet?

Here in the outside circle of Metro Detroit suburbs that encompass the City of Detroit we are seeing 1000 square foot bungalows selling for as low as $25,000. Some of these outside circle cities are Dearborn, Redford, Lincoln Park, Warren, East Pointe, Ferndale, Oak Park, Hazel Park. It is not uncommon to be able to buy a nice brick ranch home or bungalow for $50,000 to $70,000. In these same cities you could not buy a home for less than $100,000.

You can not buy the land, connect to city sewers, and build the house in this day and age. How can you build a house for $50,000? Last week I was in a Detroit foreclosure. It had new windows, new carpeting and was selling for $8000. I would bet that the carpeting and windows cost that much. Let alone the building structure.

Many Michigan home buyers are getting great deals. And I think these deals will continue to come as more Wayne County Homes and Oakland County homes go into foreclosure. But as time goes on we will continue to see investors buy up these homes. There will be a large number of rental homes across Metro Detroit.

But as time goes on prices will rise because people will realize that they can't build a house for as cheap as they are selling the home for.

Russ Ravary

Your southeastern Michigan real estate specialist

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