If you are thinking of Buying a Home this Summer in Metro Detroit, I recommend you ask yourself these questions.
Buying a Home This Summer? Here’s What You Need to Know
Summer is here in Metro Detroit, and it’s the prime time for buying a home! With better weather and timing for summer or fall moves, it’s no wonder. But, with mortgage rates going down, it’s wise to start preparing now. Here are three key steps to take before real estate market heats up:
Boost Your Credit Score: High mortgage rates with a low credit score are even higher. Work on improving your credit by paying down debts and paying bills on time. Avoid applying for new credit for now.
Get Pre-approved: With a better credit profile, get pre-approved for a mortgage. This shows sellers you’re serious and ready to act fast when you find your dream home.
Know Your Options: Even with high rates, you can still find good deals. Talk to lenders about adjustable-rate mortgages and buying mortgage points to lower your monthly payments. Consider locking in a rate now to avoid future increases. Need Mortgage Help?
Are you thinking About Buying a Home this Summer? Ask Yourself These Questions
Are you thinking about buying a home this spring? If so, you’re likely keeping a close eye on the housing market. You’re gathering insights from the news, social media, your real estate agent, and chats with friends and family. Home prices and mortgage rates are probably hot topics in your circles. Here are the top two questions you must ask yourself as you decide, along with some data to help you cut through the noise.
1. Home Prices: What’s the Forecast for Metro Detroit?
You might be wondering, “Where are home prices heading?” A solid prediction source is the Home Price Expectations Survey by Fannie Mae. This survey, involving over a hundred experts, forecasts that home prices will continue to rise nationally through 2028. Next, dive deeply into Metro Detroit home prices and trends by city. You have direct access to the data from the Multiple Listing Service (the realtor’s database).
Why does this matter to you?
While the pace of appreciation might not match recent years, the key takeaway is that prices are expected to rise for the next five years, not fall. This means that buying a home this summer now could grow your investment, increasing your home equity. Waiting could mean paying more later.
Home Prices for Macomb and Oakland County
Median and Average Home Prices
Metro Detroit Home Prices and Real Estate Trends by City
Take control of your buying a home this summer or or home-selling journey with direct access to our Multiple Listing Service (MLS) through our unique bridge access feature. Dive into detailed, real-time graphs and trends, and explore home prices across different cities and price ranges at your own pace. Curious about recent selling prices? You’ve got access to up-to-date sold data, too. Skip the headlines and get the facts straight from the source.
Macomb County Home Prices and Trends
Oakland County Home Prices and Trends
2. Where Do I Think Mortgage Rates Are Heading?
Over the past year, mortgage rates have spiked due to economic uncertainty, inflation, and other factors. However, an encouraging sign for the market and mortgage rates is that inflation is moderating. Inflation has cooled for the past two months, and unemployment has risen. If August inflation and jobs report are promising, there is a good chance the first interest rate cut will be in September. I recommend learning how mortgage rates are determined and Tracking mortgage rate trends by visiting “Today’s Mortgage Rates ~ What’s Driving the Change.” Also, to predict where mortgage rates are heading, see “Navigating Mortgage Rates ~ Weekly Updates and Predictions.” You can always request our Real Estate Insider Newsletter and have the updates sent to your email inbox or text message.
Mortgage Daily News
3. Do You Know Your Home Purchasing Power?
Interest rates have dropped and the predictions is the base for mortgage rates could be 6.5% towards the end of September, but we’re crossing our fingers for August inflation news. Knowing how mortgage rates affect your monthly costs and overall budget is critical. While we haven’t seen home prices dip, the landscape is steady, thanks to a tight market. We’re not witnessing the skyrocketing prices of the Unicorn Years, yet a decrease in mortgage rates could spark a buying frenzy amid the ongoing shortage of homes in Metro Detroit.
This means prices could rise again. How much? It hinges on demand, recalling the surge between 2020 and early 2021. Now’s the moment to crunch some numbers and pinpoint the optimal time to make your move. Good news: Freddie Mac reports that 30-year fixed mortgage rates have dipped below 6.7% since mid-July. Let’s navigate these waters together and maximize your home purchasing power.
Understand the Market Before You Buy! Let’s Connect ⤵️
Boy, that’s a lot to pack in.🤩 Ready to explore the market and find your perfect home? Schedule a Zoom call with me, and we’ll review the sold data, understand your purchasing power and property taxes, and answer your questions and concerns. I’ll share my screen to give you a clear view of the market insights and help you make informed decisions.
Key Takeaway
Staying informed on home prices for Metro Detroit and mortgage rates is crucial when considering buying a home this summer. While predictions can’t be made with absolute certainty, having the latest info can guide your decision-making process.
Are you thinking about taking the plunge into homeownership? Let’s stay connected to ensure you have all the information you need. To keep current, consider signing up for our newsletter. We’ll inform you about the latest trends and updates in our local real estate market. This spring could be the perfect time to find your dream home!
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