Should I buy now? Metro Detroit real estate
I think anybody that has the money and is ready to buy should buy now. Metro Detroit real estate prices are slowly going up. The shadow amount of foreclosures that everybody says is out there are not materializing. I think we have reached the bottom and now home prices are on the way up. No they are not going to go up fast. But one of the biggest benefits of buying right now is the low interest rates. That is one of the best reasons to buy in the fall of 2012 and the winter of 2013. Let me explain how a 1 percent interest rate change can alter your buying power. Look at the below calculation. Loan duration: 30 Years Interest rate: 4.500% Loan amount: $ 250,000.00 Monthly payment: $ 1,266.71 Then here is what will happen if interest rates go up one percent. Loan duration: 30 Years Interest rate: 5.500% Loan amount: $ 250,000.00 Monthly payment: $ 1,419.47 The payment jumps up $152 and some change a month. You may not be able to afford that. Lets say you could only afford the $1266.71 payment with the 1% increase you would only be able to afford a $223,000 house. That is a big difference. That could be the difference between getting a fixer upper or a nice home. So should you buy Metro Detroit real estate now or should you wait? I say grab the low interest rates and buy when home prices are a little lower. Now is a great time to buy. Give me a call on my cell (248) 310-6239 to get started today. [wnt_grid keyid=”1″ title=”Bloomfield Hills MI homes for sale” maptype=”disabled” ownertype=”all” paginated=”true” sortoptions=”true” maxresults=”50″ search_mode=”form” primarysearchtype=”active” searchtype=”city” state=”MI” single_family=”y” condo=”y” min_price=”420000″ max_price=”1000000000″ listing_status=”Active” county=”Oakland” city=”Bloomfield Hills,Bloomfield Township” /]
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