Home Buying in 48091>Question Details

Aneta, Both Buyer and Seller in Warren, MI

Trying to buy a house in Troy, MI. Should I buy now or wait some more?

Asked by Aneta, Warren, MI Wed Mar 24, 2010

I'm looking for a house in Troy, MI (or surrounding area) and I can’t help but wander - with the home buyer’s credits expiring soon is it fair to assume that the house sales will drop and so will the prices? Will the credits be extended? What about all the foreclosures that the banks are holding on to? What will happen if they decide to put these on the market?
I guess I wouldn’t want to buy a house now if it’s going to drop even more in value and be worth half of what I pay for it.
Our house is paid off but need to move because of the schoold district. We're planning to sell ours eventually, but were hopping to buy something first and then sell ours. Should I first try to sell it and then look for one? Or buy first and then sell? I'll practicaly have to give it away for free, but I'm affraid it may be worth even less if I keep waiting.
What's your take on it? I know no one can tell what will happen 6 mo from now, but you may have a better idea than I do.

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Take a look below. It does not mention troy but still could be helpful.
http://www.housingpredictor.com/michigan.html

Look below to see what foreclosures look like near you. If there are a lot that suggests waiting could pay off. If none are there who knows. Unemployment is still bad. As long as people have no jobs real estate is likely to drop more and certainly will not recover.
http://www.foreclosurepulse.com/blogs/mainblog/archive/2010/…
0 votes Thank Flag Link Wed Mar 24, 2010
Hi Aneta,

Your posting tells me that you are an informed consumer; great! I agree with the previous responses; but. there are a few other thoughts you might consider. In some areas, like Troy, great deals are hard to come by; while in other areas supply is more plentiful (refer to my second paragraph below.) Also, where are you financially; would an unexpected interest rate increase push you out of your current affordability range? Because you are probably trading up, the possible loss on the Warren home will most likely be more than offset by the deal realized on the Troy home. But if you can also handle a rental, the Warren home would make a good investment property for now.

I would strongly recommend that you buy in Troy soon, based on the recent stats. Recently published year-to-year stats for Troy and Warren are as follows:
# of listings: Warren - up 2.79% / Troy - up 10.91%
# of sales: Warren - down 11.90% / Troy - up 70.59%
Sales volume: Warren - down 17.28% / Troy - up 68.83%
Median Sales Price: Warren - down 27.74% / Troy - down only 3.96%

The above shows a marginal increase in Troy inventory, but a very large increase in demand. This environment will drive Troy home prices up; and we will probably soon see that -3.96% become a positive number,

I would be more than pleased to help you manage your project. Please don't hesitate to call or text me on my cell at (313) 516-8822. I will look forward to working with you soon. Thanks.

Reg
Real Estate Guy
ReggieFluker@yahoo.com
Web Reference: http://www.SaveMoneyToo.com
1 vote Thank Flag Link Thu Apr 8, 2010
good afternoon.......since you don't need to sell your exisiting home to purchase the next one...perhaps rent or lease it through a management company....and consider selling it when the market comes back..the homebuyer credit only applies to first time buyers defined as not being a homeowner within the last three years...rates are extremely low, now, and yes, it is a great time to buy....hope that helps....bob mcclure- first preferred mortgage- southfield, michigan...
0 votes Thank Flag Link Wed Mar 24, 2010
Conditions are great to buy. Interest rates remain low, home prices are down and the tax credit is still available for a principal residence. It's unlikely this tax credit will be extended. What would a better time to buy look like?
0 votes Thank Flag Link Wed Mar 24, 2010
Hello Aneta,

You ask some good questions. First of all I can say that now is a great time to buy, will it be in 6 months? Yes it is true that the tax credits are expiring, more foreclosures are expected to be released, I haven't heard anything about extending the tax credit. Home prices are expected to stabilize this year so my advice would be to purchase if you have the buying power, then you can sell after. You would qualify for the tax credit and get a great deal on a home. I would be happy to assist you with this process. Feel free to contact us about your needs.


Warm Regards,
Mike Stawizky
Keller Williams Realty
Commerce Market Center
(248 ) 980-4406
teamstawizky@kw.com
Web Reference: http://moveinnow.org
0 votes Thank Flag Link Wed Mar 24, 2010
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