When it comes to home buying, everyone’s looking for an amazing deal, right?
After all, we are inundated with news of how the real estate market has been in free fall, especially the Michigan housing market… Well, take a gander at this article on the US News and World Report.
Is 2010 the year to buy a house? It certainly looks that way: After a steep run-up in prices during the first half of the decade, home values have plummeted back to 2003 levels. Fixed mortgage rates are sitting near record lows. And the foreclosure epidemicâ€”while painful for many home ownersâ€”has created some wonderful opportunities for bargain hunters. If that’s not enough, Uncle Sam is handing out thousands of dollars in tax credits to nearly all first-time buyers and the bulk of existing home owners who close a purchase by June.
But while the 2010 outlook appears inviting, there’s one key catch. “You need to have a stable job,” says Mark Zandi, the chief economist of Moody’s Economy.com. The economy is showing signs of life, but the unemployment rate is already at 10 percent and expected to go higher. And while those mortgage rates are attractive, buying a house makes sense only if you can bank on your income stream. So before you consider purchasing a home, take a hard look at your job, your company, and your industry.
While the national housing numbers may have plummeted to 2003 pricing, I would point out that southeast Michigan price points are approximating mid-90’s pricing right now.Â In late 2007 through 2008, we were at about year 2000 pricing.
But you came here for a list or two of some screaming deals in the Canton and Plymouth Michigan real estate markets. And here they are:
Just know that the real estate market is very dynamic and that these lists are “snapshots” taken at a particular, unique point in time. As such, they are likely to include listings that are no longer available, and, obviously, there are also likely to be more properties that have been come onto the market since these lists were created.
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Thanks for reading, and I hope you find the real estate deal of a lifetime soon!