The presidential election and us

So what effect has the election had on Metro Detroit real estate? I really don't know if it is strictly do to the election but we have seemed to have a larger drop in the real estate market here in the Metro Detroit area. I don't mean price drops in homes, or low ball bids, or lower home values. I mean drop in the activity related to real estate. It is definitely no longer a good sellers market. There are fewer buyer calls, fewer listings coming on the market, and fewer showings. Homes are sitting on the market longer.

Will it matter whether Donald or Hillary is president. Will our new president affect real estate? I myself do not believe that either on of them will dramatically affect the Metro Detroit and suburbs real estate market. My concerns on the future is the economy and the interest rates. Those two major factors are what sellers and home buyers should be concerned about. No of us can predict when it will happen.

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There will be always a couple of guys that will be bears on the real estate market, and will be lucky on their timing. But there are no single indicators of the impending change. So what should a Metro Detroit home buyer do? A new home buyer should not rush into buying a home. I think you should have a little cushion of savings after you close on the house to fund the unexpected expenses that you may not think about. There may be repairs, house hold items needed, or maybe you want to do some updating. My best advice to a first time home buyer is: When you first buy a house don't bury yourself in credit card debt trying to do everything at once. Take it slow and try to pay cash for as much as you can.

So the bottom line advice I have for home buyers is:

YES, it is a good time to buy with the low interest rates if you are ready to buy. But don't rush into buying if you are not financially stable or have a little rainy day fund put aside. Over the years I have seen hundreds of new home buyers get into a home by the skin of their teeth. Some of these home buyers have made it, but I know others that have struggled as long as they have owned their house. I have even seen some let their homes go. So do not rush into the market until you are ready. Don't worry about the external factors. Worry about you and your family.

Search lake cottages for sale around Metro DetroitMetro Detroit Home sellers are probably debating whether they should wait another year to sell because the home values are going up. Now this is tricky part. It's all about the timing and where you are at. If you are ready I would say go for it. I myself would probably pull the trigger if I was ready to move onto the next Q&Aphase of my life. Will the gain you make on the sale of the home out way the increased interest rate? If you are going to pay cash then that doesn't make a difference. The only factor you then have to be concerned with is value of your home in a year or two. Nobody can predict whether it will be a sellers market or a buyers market then. Who knows? It's a gamble and only you the seller can make that decision.

So our future is foggy at this moment. Hopefully we will continue on the same trend for a few more years.

Call Russ Ravary at (248)310-6239 or email at yesmyrealtor@gmail.com

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