03/15/2024
The reason why prices are increasing is because of inflation. That includes homes. It’s called Asset Inflation. People are unsure about there cash so they are putting their money in assests so that their money can grow with everything else.
What if the market crash?
Detroit is still one of the cheapest cities in America to purchase properties. Hence the reason you see articles saying Detroit home prices are rising or Detroit is out pacing Miami for highest growing property values in America.
In Detroit you are still able to purchase a home and have a monthly mortgage payment lower than the average rent rate.
Honestly purchasing a home in Detroit would allow you to save money on your monthly expenses. It will allow you to have some type of stability when it comes to a monthly payment. I’ve had clients who’ve purchased and are now paying less as an owner than a renter.
If you’re reading this and are currently leasing you may qualify for down payment assistance to help with down payment and closing costs which means less money out of your pocket.
If you’re reading this and are currently leasing but can’t qualify for a home loan, work to get qualified. There’s no reason and hoping and praying for an opportunity and when one presents itself you aren’t ready.
If you’re reading this and are currently renting a place on a month to month lease or an expired lease, you need to renew or extend your lease to at least a 12 month lease.
With housing prices increasing, multiple things are happening.
1. Owners are selling properties that they have held for years and purchasing their dream home, taking the profits to purchase other things. Both could lead you with a new landlord who could raise rent, give you 30 day notice to leave property. This is why a lease is important! It is a legal contract that gives you rights that new owner must follow until term has been fulfilled.
2. With increased pricing, taxes are increasing and some homeowners are losing properties which will allow a transfer of ownership, which will allow for situations given in one to happen.
With assest inflation there’s opportunity for property values to increase 10’s of thousands yearly, ESPECIALLY with Detroit. It’s been at the bottom so long, on way to go is UP! 10 years from now, you’re going to be wishing you bought a home in Detroit.
If you want to learn change your name from renter to owner DM or email me [email protected]
My goal is to put you in the best possibility to win🤞🏾
