What home buyers want to know! Should You Buy a Home Now in Metro Detroit or Wait? Let’s review Mortgage Rates, Home Prices and Trends and find out!

Should You Buy a Home Now In Metro Detroit

Are you wondering if you should buy a home now in Metro Detroit or wait? That’s a common question many folks are grappling with today. Your personal situation is important, but there’s something else to consider. If you can buy a home at today’s rates and prices, it might be better to focus on being in the market instead of waiting for the perfect time. Let me explain.

The Downside of Trying to Time the Market

Timing the market is tricky because things can change unexpectedly in the housing market for Metro Detroit. For instance, predictions suggested mortgage rates would drop this year. While experts believe rates will eventually fall, inflation still firmly holds the economy. My first recommendation is to understand what determines mortgage rates. Did you know that Wall Street supply and demand for bonds and securities determine mortgage rates? Did you know you can negotiate with a lender for your rate? I will even show you how to predict where mortgage rates are going next and when to hold on to your mortgage lock. I recommend visiting “Today’s Mortgage Rate: What’s Driving the Change.”

How Homeowners Benefit from Rising Home Prices

Waiting to buy also means missing out on potential equity gains. Fannie Mae’s Home Price Expectations Survey, which gathers insights from over 100 economists and real estate experts, predicts home prices will keep rising through at least 2028. For example, if you bought a $400,000 home at the start of this year, expert forecasts suggest you could gain over $83,000 in household wealth over the next five years. This underscores why being in the market is more advantageous.

Advice If You’re Ready and Able to Buy Now

You might be concerned about mortgage rates’ impact on your monthly payment and decided to put you home buying purchase on hold. However, don’t overlook Metro Detroit home prices. Although prices are expected to rise more moderately, this growth will benefit you once you own a home. So, while trying to time the market is tempting, consider the equity you’ll miss out on by waiting. If you’re ready and able to buy now, consider whether it’s worth delaying.

Home Prices vs. Mortgage Rates

Here’s something else to think about many buyers are waiting for lower mortgage rates before buying a new home. If rates drop, we could see home prices rise because of high demand and low supply. It’s wise to go through the numbers now. I’ve created a plan to help you decide when the best time is to buy a new home. You can track sold home prices and housing market trends by city direct bridge to the Multiple Listing Service. I also provide a graph to help you calculate your monthly principal and interest. Start with higher mortgage rates and lower home prices. Then, flip with higher home prices and lower mortgage rates. Which plan is better for your monthly mortgage budget? I recommend you create a plan now because we could see the housing market pivot again soon.

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. Maybe now is the best time to buy your new home.

Final Thoughts

If you’re debating whether to buy a new home now or wait, remember that time in the market is more important than timing the market. This website is loaded with tips and tools. If you’re ready to take the plunge and aim for significant equity gains, let’s connect and make it happen.⬆️