Home Mortgage Rate vs Price: Unlock Your Purchasing Power💲

Home Buyers are stuck on what mortgage rates they need before they buy a home in Metro Detroit. Home prices are also something to consider . I’ll help unlock your purchasing power.  

Home Buying Morgage Rates-Unlock Your Purchasing Power | Team Tag It Sold for Metro Detroit

Home Mortgage Rate vs Price: What Number Do You Need To Move?

If you’ve been considering buying a home in Metro Detroit, mortgage rates are probably at the top of your mind. They may even be why you’ve put your plans on hold. When rates climbed nearly 8% last year, some buyers found the numbers didn’t make sense for their budget anymore. That may be the case for you, too.

Data from Bright MLS shows the top reason buyers delayed their plans to move is due to high mortgage rates (see graph below):

a graph of blue rectangles with text

David Childers, CEO at Keeping Current Matters, speaks to this statistic in the recent How’s The Market podcast:

“Three quarters of buyers said ‘we’re out’ due to mortgage rates. Here’s what I know going forward. That will change in 2024.”

That’s because mortgage rates have come down from their peak last October. And while there’s still day-to-day volatility in rates, the longer-term projections show rates should continue to drop later this year as long as inflation gets under control. Experts even say we could see rates below 6.5% by the end of 2024. And that threshold would be a game-changer for many buyers in Metro Detroit. As a recent article from Realtor.com says:

Buying a home is still desired and sought after, but many people are looking for mortgage rates to come down in order to achieve it. Four out of 10 Americans looking to buy a home in the next 12 months would consider it possible if rates drop below 6%.”

While mortgage rates are nearly impossible to forecast long term, the optimism from the experts should give you insight into what’s ahead in the short term. If your plans were delayed, there’s light at the end of the tunnel again. That means it may be time to start thinking about your move. The best question you can ask yourself right now is this:

What number do I want to see rates hit before I’m ready to move in Metro Detroit?

The exact percentage where you feel comfortable kicking off your search again is personal. Maybe it’s 6.5%. Perhaps it’s 6.25%. Or maybe it’s once they drop below 6%.

Once you have that number in mind, use the Buyer’s purchasing power for Metro Detroit charts below to determine your principal and interest mortgage payment. 

Home Mortgage Rates vs Price in Metro Detroit

Scroll through different price points. I’ve made simple graphs to show you what your payments might look like. Focus on your purchasing power before stressing over mortgage rates. It’s all about finding your perfect home!
CLICK PICTURE TO ENLARGE⤵️

Home Prices and Real Estate Trends for Metro Detroit

Finding your perfect home isn’t just about mortgage rates. Let’s talk home prices! The past few years have shown us that buyers went wild in Metro Detroit, often overbidding by thousands. But now, home prices are growing at an average pace.

So, what’s better: buying when mortgage rates are slightly higher, with a plan to refinance later, or getting a home when rates are low but prices are high? And what if there’s a bidding war? Imagine what you could do with $20,000 towards mortgage cost vs overpaying for a house? We don’t want a repeat of the “Unicorn Years🦄” in Metro Detroit.

Macomb County Home Prices and Real Estate Trends by City

Oakland County Home Prices and Real Estate Trends by City

Here’s a tip: Start playing with the numbers using your home purchasing power charts. ⬆️ Home Prices are up, and Mortgage Rates are Down. Then, reverse the order. 

Now, Access the Multiple Listing Service for Sold Home Prices

Don’t forget that part of home price trends is examining what homes are selling for, not guesstimates. I pre-designed your city-sold properties and provided a video on how to use the MLS like a Realtor. All the information is now at your fingertips. Get out your scratch pad and calculator, roll up your sleeves, and save money. 

Macomb County Sold Home by City

Oakland County Sold Homes by City

Bottom Line

If you’ve put your plans to move to Metro Detroit on hold because of where mortgage rates are, think about the number you want to see rates hit that would make you ready to re-enter the market. Once you have that number in mind, let’s connect so you have someone on your side to help you prepare to take the next step: move! 🥳

More Help Is 1️⃣ Click Away⤵️

If you find this information useful, like and share it with your friends and family. 🥰💯
 

 

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Pam Sawyyer @ Metro Detroit Home Experts

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