A Guide for First Time Home Buyer
featuring Guidance from Ashley Ridenour
Welcome to Detroit
Metro Detroit is a perfect place to buy a home in the Midwest. Detroit is cultural hub as well as the center of the automotive industry. Detroit is also home to a major port resulting in many economic opportunities and attracting families as well as young professionals.
Valuable Guidance For Home Buyers
Trends in the Detroit Real Estate Market*
Metro Detroit is still going strong with a sellers market, but it absolutely depends on the price point. Detroit does have low inventory and homes are still receiving multiple offers depending on the pricing strategy the agent and the sellers agree upon. More and more price deductions are starting to occur. However, home valuations are not decreasing. It’s more a of case where the sellers are using older comps – and pricing the home too high. For a good two years, many sellers were able to price high and still sell, but with higher interest rates buyers are more hesitant. So, they’re just not selling as quickly.
Tips for First Time Home Buyers in Detroit
- Write and list the things you would like to see in your home and place them in order of importance. Then when interviewing agents show them your list of wants/needs and ask the agents opinion of your list compared to your budget. Then from there decide what items you can knock off your list to be in line with your desired price point. Having a realistic expectation of your price point can prevent any disappoints when looking at homes. This should be an exciting time but it can quickly become stressful if expectations are being met.
- Set aside time on nights and weekends to view homes. Buying a home does take time and patience. If you book your schedule outside of work hours and have a limited amount of time per week to view homes; you’re at risk of missing a home that could be a good fit for you. Inventory is still low in some areas – this causes aggressive offers and low days on market for move in ready homes. It can be very frustrating to see a home that you like go pending in days that you didn’t get a chance to see. Sellers are eager to sell and will not wait to accept a great offer. It does take some sacrifice of your personal life to be readily available when buying a home.
- Have an open mind. I say this because it’s nearly impossible to find your PERFECT home; unless you have unlimited money and you’re building your home. So, you don’t let cosmetic things in a home keep you from making a move. Paint, carpet and updates can all be changed overtime. It’s always a great idea to find something that has good bones, but just needs a little love. It ensures you’ll be able to buy lower and have lots of equity over time. Look at things like the layout of home and the location. Those things you can’t change – so have an open mind and try to see past the wallpaper and pink carpet.
- Block out as much outside noise as possible. Opinions are the cheapest commodity. If you have made the decision to buy a home, trust your yourself that you’re doing the right thing for you, and your timing. Everyone will have an opinion on your decision, and will give unsolicited and opinions and advise. From the news, co-workers, friends and family. Listen to your agent about what’s going on in the market. Things change quickly in Real Estate and it can take up to months before everyone else can see the changes. Do your best to not ask for input during this process because it can get confusing. People can only speak from their experience and they will not have the same knowledge as a professional.