Do You Buy Bloomfield Hills Real Estate When Prices are Low or High?
Posted in Bloomfield Hills Real Estate by Michigan Real Estate Expert on July 9th, 2012 Like any commodity, you’re going to make money if you buy Bloomfield Hills real estate when the prices are low and sell when the prices are high. So why haven’t you, and millions of others like you, bought a home during the major downturn in the real estate market?
When pushed for an answer, many potential buyers respond that they’re afraid, unsure or allowing their emotions to guide them. They’re worried that the prices of Bloomfield Hills real estate will have another huge drop. Or they’re unsure if the prices have reached the rock bottom so they can get the very lowest price possible.
Stop allowing your emotions to guide you. Face the facts. The real estate market is steadily improving. Those low prices are gradually moving higher and higher. It’s time to get off the fence and buy while real estate prices are still low. Then you’ll have the pleasure of selling after the prices go higher.
If you’re still unsure if now is the best time for you to buy Bloomfield Hills real estate, consider these additional factors:
- Rent will increase each year no matter what the real estate market does. What is the maximum interest rate you could ever pay, and what would your mortgage payments be at that rate? Have your mortgage broker do the math for you. Is that more or less than you’d pay for rent 10 years from now?
- Interest rates are at historical lows. Do you really want to miss out on both low home prices and low interest rates?
- You can deduct the mortgage interest from your taxes. In most cases, you can deduct all of your home mortgage interest. This can save you a bundle.
If you’re ready to buy low, give me a call today at 248-514-2640 or email me at info@NorthWoodwardHomes.com.
Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
www.NorthWoodwardHomes.com
