Northville, MI

I got that question today from a buyer's mother. It was a first time home buyer and they are a little nervous about buying.

There is no definite answer to buy or wait. I'm not a psychic and I honestly don't think anybody can predict our economy at this point. The metro Detroit economy is not good but will the metro Detroit real estate go up or down?

My answer is that all home buyers at this point should buy for the long term. You need to buy with the intention of staying in the home for at least 10 years. I think we are in for a period of 5 - 7 years of uncertainty. I think we are going to have periods of flatness and periods of real estate growth. I don't think we are going to see huge metro Detroit real estate price increases.

So let's be the devil's advocate and say real estate prices drop next year. Does it really matter if you aren't going to sell for 10 years? What happens if you wait to buy next year? If homes are cheaper but interest rates are more expensive will you save money?

So a $200,000 home at 5.5% has a payment of $1,135. if you wait and the home is $180,000, but interest rates are 6.5% the payment is $1137. I can't predict what the future will be. Sure the home may be cheaper and interest rates may be the same but who knows. I don't and I don't think anybody can.

But the bottom line is if you wait for the ultimate bottom you are going to miss it. Who is going to tell you it is the bottom, before Metro Detroit home prices go up? Will there be some magical flag or sign from heaven that will tell you? Unfortunately no.

If you buy now you will have been in the house, already making changes and memories. You will be getting tax deductions. You will have one year and maybe more of your mortgage paid off. Yes by waiting you have a 50/50 chance of getting a better deal or paying more. It's like rolling the dice. Or YOU COULD BE LIVING IN YOUR OWN HOME. BUY FOR THE LONG TERM.

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Here are the top 5 priced Northville luxury home that are currently for sale. Northville Michigan is one of Metro Detroit's great areas to live.

Every home is different some may have an Olympic pool, or a billiard room, or a home theatre center. Each home above may have some of these great features below. Here are some of the fantastic features that these homes have:

• OLYMPIC SIZE SWIMMING POOL
• BILLIARD ROOM
• SAUNA
• SEPARATE APT PERFECT FOR GUESTS
• ACREAGE
• HORSE BARN
• BEAUTIFUL BAR
• CENTRAL VACUUM
• AIR CLEANER
• WHOLE HOUSE SOUND SYSTEM
• SPAS
• HOT TUB
• JETTED TUB IN THE BATHROOMS
• HOME THEATRE ROOMS
• PONDS OR STREAMS ON THE PROPERTY
• SECURITY ALARM (OWNED)

There are quite a few beautiful Northville luxury homes for salecurrently. If you are looking for a Northville estate give me a call or email me at yesmyrealtor@gmail.com If you are relocating to the Metro Detroit area Northville Michigan is a place you want to visit on search

Search Northville Luxury homes for sale

So you are thinking about investing in Michigan real estate and flipping Michigan homes. Are you ready? So now how can you be sure you win the house you are bidding on? You already know to bid cash but what else will give you an edge in bidding?

There are two more areas that the bank considers besides how much cash you are offering. There are:

1. whether you want an inspection or not
2. how soon can you close

So you want to put the soonest date possible as your closing date. The bank wants to be free of the foreclosure as soon as possible. Then they will take an offer that says they will buy the house without an inspection. They have a sure deal if there is no inspection clause. The bank wants a sure deal.

I always recommend every buyer to get a home inspection. So I don't recommend you to waive the inspection unless you have the capability to know the house is good yourself. Or if you take a qualified inspector thru before you make the offer. Then I say go ahead and waive the inspection.

You will have a greater chance of winning the bid. You will be on your way to flipping Michigan homes.

Search metro Detroit foreclosures

Flipping Michigan homes - Michigan real estate investing part 1

Flipping Michigan homes - Michigan real estate investing part 2

Flipping Michigan homes - Michigan real estate investing part 3

Are you looking for a great Northville Michigan bank foreclosure for sale? We now offer on our real estate websites a quick and easy home foreclosure search tool. All you have to do is go to www.RealEstateBusyBees.com or www.BobandTeena.comand click on the Northville bank foreclosure link. What you will see is the bank owned homes for sale come right up with just one easy click of the mouse.

If you have any questions about buying or selling real estate in Northville Michigan please feel free to email us anytime at info@BobandTeena.com

Currently there are 200 Northville homes for sale on the market as of 11/29/2009. The least expensive Northville home for sale currently is $84,900. The most expensive Northville home is 3.5 million dollars.

Right now there are only 8 Northville foreclosures for sale. There are 39 Northville homes for sale that are short sales. Remember short sales are homes that the owners are trying to sell them for less than what they owe on the mortgage. Short sales have to be approved by the bank. They should really call them long sales because short sales can take anywhere from 2 to 6 months to complete. Many times they don't ever get approved by the bank.

The average time on the market for the 200 Northville homes for sale is 161 days. I am going to break it down a little more.

The 13 Northville homes that are priced over a million dollars. They have been on the market on an average of 309 days. Out of those 13 luxury Northville homes non of them are short sales. There were only 3 homes that sold in the Northville Luxury home market in the last 6 months. The metro Detroit luxury home market has a two year supply of homes. Northville luxury homes are moving slow.

In the under $200,000 price range there are 27 Northville homes for sale. 12 of them are short sales. The 27 Northville homes under $200,000 have been on the market an average of 194 days. In the last 6 months 36 Northville homes in the same price range have sold after being on the market on the average of 87 days. What that tells me that if a Northville home is priced right it will sell in less than 3 months. In the under $200,000 range.