In the Metro Detroit area we have witnessed a downturn to housing since 2002. Homes have taken longer to sell, the supply has outpaced the demand, and the prices that home sellers have been receiving for their homes has been less each year.
Other areas of the country have been experiencing this only recently, or within the last 2 years or so. When you read the national news please keep this in mind. National data does not tell the “local” story.
Are we at the end of the downturn? I honestly don’t know. For the sake of the economy in Michigan and homeowners across the region I sincerely hope we are near that point.
How will you know when it is the “right time to buy”? When it is right for you.
Let’s face it, we all have to live someplace. Whether that “someplace” is an apartment rental or Mom & Dads home or a college dorm or a home of your own will be up to you.
Housing is also an expense we all have. Renting or owning or paying room and board – we all have to pay to live somewhere. Choosing whether to own or rent is a personal decision and should be based upon only what is right for you.
The Metro Detroit housing market is saturated with homes right now, some of them are very
good “bargains”, others not so good. If you want to own your own home, and purchase while
the market is plentiful with homes and low prices and the time is right for you, then by all means
hire a competent real estate agent to represent your interests and help you with the process.
©Kris Wales RE/MAX Advantage 1, Inc. Chesterfield Township MI