Thread: Should I buy or rent near Detroit?

First I have to say Burrrrrrr!!!!! Are you sure you don't want to do your residency in Texas. We have some great schools down here.

But if you must then absolutely.

for 3 reasons:

1st - It is a buyers market and the economy will be back in 4 years
2nd - Even in a flat market closing costs are not high enough to off set 4 years
3rd - I assume you other option is rent and do the quick math.. Even if you didn't break even what type of loss would you have to have to be more than 4 years of paying rent.

buy buy buy

Thanks for the advice cornerpost. When I did the calculations, I used our current rent ($900) vs mortgage + escrow (~$1300) on a 200,000 house. Using those numbers and factoring in everything (realtor fees when selling, tax credit, etc) we figured we would need a 5-6% appreciation on the house to break even in 4 years. It might be a little better than that because I did not factor in itemized tax deductions at the time.

But anyway, I do think its worth the risk to buy a house. My question is more about the Detroit area. I'm scared that I won't be able to sell the house in 4 years because the market there is a mess. Anyone have any insight on the Detroit market (specifically the Royal Oak area) and whether I should be able to sell in 4 years?

www.zipskinny

Or call the cops and get the local crime stats BEFORE either buying or renting or you will be sorry.

dont buy a house in detriot or its surrounding areas, i advice you to buy a house at las vegas something like vacation homes which gives you the double return in 4 years.

so try that out thanks.