Reports Say, “Yes, You Can Buy a Home for Sale in Southeast Michigan!”
Posted in Homes for Sale Southeast Michigan by Michigan Real Estate Expert on June 21st, 2010 If you’ve been looking at your finances to see if you can afford a home for sale in Southeast Michigan, or a home in any area for that matter, a new report from the National Association of Home Builders and Wells Fargo says, “Yes, you can!”
According to this report, the prices for over 72% of the homes purchased in the first quarter of 2010 were affordable for families making an annual income of $63,800 (the median national income). One of the main reasons for this is because of the national median price: just $175,000. Adding to that is the still historically low interest and mortgage rates, as well as companies once again beginning to hire new employees. These “affordability” numbers are based on 28% or less of a family’s take-home pay.
Many new homeowners agree. The National Association of REALTORS® released the statistics for existing home sales on May 24. April saw a 7% increase in sales from March, and Freddie Mac reports that 30-year, conventional, fixed-rate mortgage commitment rates rose to 5.10% in the same month.
What Does This Mean for Buyers and Sellers?
While this still means slow going for those with a home for sale in Southeast Michigan, this means an incredibly hot market for buyers. With over 4 million homes available for sale, sellers are definitely competing with each other. In many places across the country, homeowners have dropped their prices 10% to 50%, in an effort to attract attention.
Can You Afford a Home?
If you’re looking at the real estate market and wondering if you can finally afford the home of your dreams, it’s time to quit wondering. Start doing your research.
Before you begin shopping for a home, shop around for a lender. Finding a good lender with reasonable rates is one of the best first steps of buying a home.
Next, get pre-approved for a mortgage. Pre-approval lets you know how much you really can afford and whether your credit is acceptable for a mortgage. As well, if you do find the home you’ve always wanted, being pre-approved gives you a strong standing in negotiations, because the seller knows you’re seriously looking for a home.
Finally, if you can afford one of the homes for sale in Southeast Michigan and have been waiting for the best time, you’ve reached it. There’s never been a better, more affordable time for buyers in the last 50 years.
If you’re looking for your dream home, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.
Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call: 248-514-2640
