If you're a buyer, this question is a home run for you! The prices in the housing market today are great! Most sellers have realized that the property values have declined and it is reflected in their asking prices. Which makes this a GREAT time for buyers. Not only are the prices FABULOUS . . . but the selection. WOW!
I know in the area of Novi that I currently reside, there are SO MANY apartment buildings. The range of rent is all over the map. What a wonderful time for the apartment dwellers to be looking for their first home. You can get SO MUCH HOME for your buck!
So, my words of encouragement are this . . . it doesn't hurt to look and gather information. Isn't that the decade we are living in?!? I mean, I find home buyers to have a wealth of knowledge before they even start talking to a real estate agent. That's GREAT! I love when my people do their HOMEWORK . . . makes the searching that much easier. I mean, they are equipped with what they want, where they want to be, except one thing seems to be lacking . . . not quite sure what they are able to spend.
There is no charge in sitting down with a mortgage person and finding out what you can afford. Despite what the news reflects regarding FANNIE and FREDDIE, get the advice of a GOOD mortgage expert. When you reach a conclusion as to what your budget can afford, the task is simple from there. TRUST ME, there are great deals in every budget . . . beginning with starter homes on up to luxury.
You want to know how the prices are in our market? Take these simple steps and you could be on your way to home ownership before you know it.
1. Have an idea of what area you would like to move to. Think about your job, schools, family, etc.
2. Be aware of what features in a home you NEED and then a list of those you WANT. With the selection today, you should be able to get the best of both worlds (or very close).
3. GET PRE-APPROVED by a reputable mortgage person. This is one of the first things that sellers are looking for when you get ready to submit an offer. This also helps eliminate those homes that are not in your price range. Stick to a budget! You'll find something you're interested in!
4. Contact a full-time real estate professional. They are there to help. Have them do some of the homework for you. They know the real estate end of things, so let them share their knowledge with you.
In today's real estate market, it is a win-win situation for our buyer friends.
Great home prices + low mortgage rates = a home of your own.