Is it a good time to buy a house in Metro Detroit? Let’s review Mortgage Rates, Home Prices and Trends and find out!
Is it a Good Time to Buy a House Right Now in Metro Detroit?
Are you considering Buying a House in Metro Detroit? You might ask yourself, “Should I buy a house now or hold off?” First, we need to look at Mortgage Rates, and we are heading in the right direction: DOWN. Next, we must examine how mortgage rates impact your payment and your home purchasing power. While the final decision is yours, here’s some helpful information to help you choose.
What’s on the Horizon for Home Prices?
Fannie Mae and Pulsenomics release the Home Price Expectations Survey (HPES) every three months. This survey gathers insights from over 100 experts, including economists, real estate professionals, and market strategists, on their predictions for home prices.
According to the latest HPES, these experts anticipate that home prices will continue to rise over the next five years. The Latest Survey (see graph below):
The overwhelming green on this chart indicates that they do not foresee any price drops. Instead, they predict a steady increase of 3-4% yearly.
Even though the expected rise in home prices may not be as significant in 2025 as in 2024, these increments can accumulate over time. For instance, if your home’s value increases by 3.78% this year, it is projected to grow by another 3.36% next year and by 3.87% the year after. Ask yourself this question. Do you want to buy a house when prices have stabilized or wait for the potential of huge increases due to supply and demand?
Macomb and Oakland County Sale Prices Median and Average
Home Price and Real Estate Trends by City
Macomb County
Oakland County
What Does This Mean for You?
The forecast of rising Home Prices should be encouraging if you want to buy a house in Metro Detroit. It suggests that your home will likely be an asset that appreciates in value over time.
Still not convinced? Take a look at these numbers, which illustrate how a typical home’s value might change in the coming years based on HPES projections. For example, if you buy a house for $400,000 at the beginning of this year, you could gain over $83,000 in household wealth over the next five years as your home’s value increases.
Of course, you could choose to wait to buy a house, but if you do, you’ll likely end up paying more for a home in the future.
Track Home Prices and Sold Properties
Macomb County Home Price Trends by City
Oakland County Home Prices Trends by City
Macomb Sold Properties by City
Oakland Sold Properties by City
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Let’s Explore Together!⤵️
Wow 🤯, that’s a lot to take in. I’m sure you’re feeling a little a little overwhelmed. There is a lot to consider: when is the perfect time financially to jump into the market and buy your ideal home? Let’s connect to discuss how recent rate cuts and home price trends and figure out the magic numbers! We can schedule a Zoom call where I’ll share my screen and walk you through the details. Would you prefer an in-person meeting or a phone call? Let’s set up a time that suits you best. I’m here to help you make the most of these opportunities.
If you need to sell first, visit Top 3 Home Selling Questions Answered. I’ll walk you through Steps 1 and 2 of the Price-Driven approach. You’ll need a realtor who understands appraisal methods to determine value. Find out what your home is worth in today’s market and how much equity you can gain. Let’s start your homebuying journey; let’s connect! ⤵️
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Final Thoughts
If you’re ready for a change and have the means to do so, buying a house now could be wise. With home prices expected to continue rising, your new home will likely increase in value in Metro Detroit. I recommend starting with How Mortgage Rates Impact Your Monthly Payment. Let’s team up to begin your home search today!
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