Michigan Real Estate Predictions for 2010 – Is this the Year for You to Buy?

Posted in Michigan Real Estate Predictions by Michigan Real Estate Expert on February 18th, 2010

Have you been wondering if the National and Michigan real estate predictions for 2010 are true?  Is it possible this is the year to buy Southeast Michigan real estate? Why would 2010 be special? Well, let’s look at the current house hunting conditions, which might give some insight:

  • Home prices are lower than they’ve been since 2003. According to the National Association of REALTORS® (NAR), the median price of homes in the U.S. was around $170,000 by November of last year.
  • Fixed mortgage rates have almost reached record lows. Although they are subject to change from week to week, at the time of this writing, 15 year fixed and 30 year fixed mortgages were 4.45% and 5.06%, respectively.
  • The high number of foreclosures has been painful for many homeowners. However, if you listen to the Michigan real estate predictions for 2010, there are many great deals for those who want to buy Southeast Michigan real estate, but don’t want to spend their entire life savings at once.
  • The extension and expansion of the Obama administration’s homebuyer tax credit has been a driving force for many home sales. The government has handed out a large amount of tax credits to many first-time buyers, and will be paying out more as the purchase date draws closer.

So, is it the year to buy a house? Only you know for sure. The economy is up and running once again, but the unemployment rate is still at 10%, and may go higher. The answer to “can I buy a home” depends on whether you have a stable job or not; look at your industry, company and job before answering. The good news is that, while unemployment may still rise, it’s expected to level off and start decreasing mid-year.

For those who can afford a home, want to buy one, but are waiting for the bottom of the market, don’t wait too long. Michigan real estate predictions for 2010 say the Southeast Michigan real estate around the corner with the “SOLD” sign might have been your dream home!

If this is a good year for YOU to buy a home, I can help. Call me at 248-514-2640 or email me at info@NorthWoodwardHomes.com for more information.

Lee Morof sells North Woodward Homes in Oakland County Michigan

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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