Should I wait to buy Livonia Real Estate or any home in Michigan?
Many buyers are going to be asking that question this year. Should I wait to see if the price of Metro Detroit homes go down? Is the other question. Do I think Michigan home prices are going to fall? YES I do think home prices are going to fall. Lying to a client is not good for either of you.
The client and I do not know when the market is going to turn. The client does not know when their “dream home” will be on the market. If their dream home is on the market now should they wait to see if it goes down? The Michigan real estate market is like the stock market, we do not know when or where the bottom of the market is. Lots of “experts” may try to predict it, but probably 1 out 10 may be right.
My thoughts on whether you should sit on the sidelines and not buy are:
1) You should be buying for the long term. If the home you buy goes down for 6 month to a year and the value comes back in a year, should you pass up looking and possibly finding your “dream home”. My example on that is that I had a neighbor that put their home up for sale last year. They got lucky and sold their home right away after finding their dream home. Their Michigan dream home was a lake home with a first floor master bedroom and bath. It was maxed out with amenities. The home had more to offer than many non lake homes we saw. This client is very cost conscious. Have Michigan Home prices fallen since last year? Sure have. But this home would not have been here this year. Are they happy? They are delighted with their home and their choice to buy last year. Because they got what they wanted at a good value. Sure it might have been cheaper, but it would not be on the market. It is not another what if, maybe, could have. Instead it is a dream fulfilled.
2) Types of homes, certain Michigan homes may only come on the market once every 5 – 10 years. Will it hurt to look? It is possible that a home you would have loved came on the market and was sold. When you go to look when you think the market is at it’s lowest there may be no Michigan homes that you love. Home inventory and availability changes monthly.
3) If you look and happen to find a great Michigan home, put in an offer that you can live with and that you feel is a good value. You may find a bank foreclosure that you like now. None of us can forecast the bottom of the market or when you can find your “dream home” at the best price.
My thought is it never hurts to browse the Internet or to have a Realtor send you listings. You may find a home that interests you. You may choose to go out an look at homes. If you do not find what you want, you can always sit on the sidelines for a few months. Find a Realtor that you do not feel pressured to buy.
If you are thinking of buying go to my website www.russravary.com I have over 50 articles on buyers tips, Home inspections, how to buy a bargain, buying Michigan foreclosures. If you want to Search Michigan Homes for sale on my website or email me to send you listings.
