Detroit Real Estate

Last month I heard a question on one of then morning news show and I thought it could be about West Bloomfield Real estate.  The question was from a Michigan home seller.  The sellers were having to relocate and sell their West Bloomfield home.  They sold their Michigan home but because home values had fallen so much they didn't not get any money from the sale of their home.

WHAT SHOULD THEY DO NOW?

How do they buy a new home if they received no money from the sale of their old West Bloomfield home.  My suggestion is to go back to the basics.  Get an least expensive apartment and LIVE BELOW your means.  Yes you have to go back to saving.  For many people that is a foreign concept.  Whether you have lost your home in foreclosure or sold your home and got little or no money that is what you have to do.  100% loans have gone away.  There is only one 100% loan and it is a very specific loan for rural areas.  So basically you have no choice but to save.

You have to have a down payment now!  The only way you are going to get that money is to save it or have somebody give it to you.  So how bad do you want a home?

• Do you want to build equity in a home?
• Do you want a place to call your own?
• Do you want to live in a rental home forever?
• Do you want to hear your neighbors next door all the time?
• Do you want your landlord to tell you what you can and cannot do in your home?

If you want your own home again start saving.  Find a nice safe, convenient rental home or apartment that is close to your work and good schools.  Don't get the most expensive one.  I see this mistake happening all the time. 

People lose their home that their were paying $2500 a month on.  So they go out and rent a home for $2100.  They are crazy.  They need to re-think what they are doing.  Get the $1500-$1700.  Forget about appearances.  LIVE BELOW YOUR MEANS!  So you can save for a down payment for your next home.  It will be good practice for your financial future.

Whether you are planning to buy West Bloomfield real estate, Livonia real estate, or any Metro Detroit real estate live below your means for a while and save some money.  You will be glad you did.  

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