Asked by Wolverine, Troy, MI • Tue Dec 20, 2011
I currently live with my parents and plan on buying a house in the Metro Detroit area sometime in the next 2-3 years when I am ready to move out. This will be a house to live in that I can call my own place that I plan to have paid for when I move into it. My target price range is from $100K to $130K. I plan on paying cash for it as I hate any form of debt. The type of home I am looking to purchase is a small starter brick home from 900-1400 square feet in good condition in an ok to decent neighborhood built within the last 30 years.
Now I ask this question because I want to plan my finances to ensure my existing savings (about $110K) do not lose any purchasing power in relation to home prices between now and when I am ready to buy a house in 2-3 years. So do you foresee significant price increases in the next 2-3 years in the Metro Detroit area. Or is it only very small increases like 1-3% per year or flat or even falling prices?
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