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 Price vs Mortgage Rate: How Mortgage Rates Impact Your Purchasing Power
Are you thinking about buying or selling a home in Metro Detroit? If so, you’ve probably been hearing a lot about mortgage rates lately. That’s because mortgage rates play a big role in how much you can afford to pay each month for your home loan. Understanding how these rates affect your budget is crucial. Let’s break it down.
What’s Going on with Mortgage Rates?
Mortgage rates have been decreasing recently, which is excellent news for buyers. However, they can still be unpredictable. Several factors can cause rates to change, like the economy, inflation, job growth, and decisions made by the Federal Reserve.
For example, Odeta Kushi, Deputy Chief Economist at First American, notes:
“With inflation slowing down and the Federal Reserve hinting at possible rate cuts, we might see lower mortgage rates in the future. But it won’t happen overnight, and there may be bumps along the way.”
Predicting Mortgage Rates and When They’ll Drop
It’s not just about knowing what mortgage rates are today. The bigger question is, what’s causing them to change? Understanding the factors behind mortgage rates can help you predict when they might go down. Every morning, I update the guide “Cracking Today’s Mortgage Rate: What’s Causing the Change?” By Sunday at 9 PM, I post “Cracking the Mortgage Rate Code and SAVE.” where we look ahead and predict the rates for the upcoming week.
What number do I want to see rates hit before I’m ready to move in Metro Detroit?
The exact percentage at which you feel comfortable kicking off your search again is personal. Maybe it’s 6.5%, 6.25%, or 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 in Metro Detroit isn’t just about mortgage rates. Let’s talk home prices! The past few years have shown us 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 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.
If You Need to Sell your Home First, Start Here ⤵️
Now, Access the Multiple Listing Service for Sold Home Prices
Remember that part of examining 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
Let’s Decode the Housing Market Together! Let’s Connect ⤵️
Wow 😮, there’s a lot to consider! Whether looking to buy a new home or considering selling in Metro Detroit, keeping up with the latest housing market trends is essential. After all, these numbers impact your decisions. Let’s simplify the process together. Schedule a Zoom call with me, and we’ll review the data. I’ll share my screen so you can see the market insights clearly and feel confident about your next steps.
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! 🥳
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