Thread: house values in metro detroit area

While I cannot speak about your local market conditions, I would say generally that now is a great time to buy. Is it the absolute bottom in your area? Who knows? The point is you can get a great deal on a house right now. As far as your house goes, why not just put it on the market and see if it sells. Once you get a contract then you can look for your next house.

Thats a great suggestion mike. I would say go with it. You can never loose out on that one.

Originally Posted by motowner

Hello, Happy new year !
I am a newbie to this site. we own a house in a suburb of Detroit & are planning to move to another suburb of Detroit (Novi, MI) which has a better school district & closer to my wife's work place. We liked a newly constructed house in Novi area.
I have been reading & hearing that the house values are likely to drop further this year so , our dilemma is should we put our current house up for sale now or wait longer until the market stablizes. I might get a better deal on the new home if the market goes down futher at the same time affecting the value of our current home as well.
Either way we don't want to end up with 2 morgages.
Please advise . Thanks

First of all, welcome to the Real Estate Forum. Excellent reasons for your move to another location with regard to school district and the commute! Housing prices are heavily weighted by the community that the house is in. There are bubbles and "sinkholes" that are going to significantly differ from the overall housing market.

Are you planning on having the home custom built for you, or buying one that is already built?

Could you rent your current house until prices stablize and buy your new house at the low interest rates and prices of today?

Thats what I was going to suggest rent your current home for like a 6 month lease and buy now there are some amazing deals out there.

Even new construction has some great deals. That would also give you some time while it's built for things to change and you can show your property if you choose to while occupying it and listing it for sale. Interest rates are still going down.

Good Luck!

I think you should list your house and sell it and look to buy with contingant on selling your home. There are some great deals out there and numerous places going for cheap you have alot of time to look around (alot of inventory out there) and I do think the rates are still gonna go down on interest. Good Luck!

It depends alot of your local situation but Detroit in general has not been strong. If you can find someone to rent your current home (even at a slight loss) it would make sense. Losing a few hundred dollars on rent is better if you can save thousands of dollars on the house price. good luck