Detroit Real Estate

 I got this question about "Should I buy now" last week.  It was from a college student that just graduated and just had gotten their first job.  Here was my response.  

Metro Detroit Home values in Southeastern Michigan have fallen dramatically since their highs in 2003 -2004.  Depending on what cities you like you can see homes that cost less than they did in 1990's.  In some cities prices are back to 1980 prices.  In Detroit some homes are back to 1970 prices.

Let me give you some examples.  It's not unusual to find homes in Redford, Dearborn Heights, East Pointe that once sold for over a $100,000 selling between $25,000 - $50,000.

Detroit homes that once sold for $90,000 can be bought for between $10-$20,000.  If you had to build these home you could not even pay for the materials on some of these homes.  Even cities like Livonia, Rochester,  Canton, Birmingham, Allen Park, Troy have lost 35- 40% of their value from their highs years ago.

So why should you buy?  

• Because in many cases you can buy a home for less than you can rent for.  Now that is a deal! 
• Plus you get a tax deduction. 
• Interest rates are low

My advice to you is plan to live in the house for at least five years.  Ask yourself are you comfortable in your new job.  Buying a new home can add extra stress to the new job and to your life.  Don't buy just because homes are cheap, be sure you can afford to maintain the home.  It sometimes costs a lot of money to keep the house in good order.  So don't over buy just because it is cheap.  Ask yourself if you are willing to make the committment to a home and all it entails.

More Wayne and Oakland County home buyer tips

       Metro Detroit first time home buyer advice

But yes it is a good time to buy Metro Detroit homes!

Search Metro Detroit homes for sale