Good time to buy property in Detriot (Detroit, Ann Arbor: mortgage broker, real estate)

[nevjohnson]

Hi All,

Is it a good time to buy in the suburbs of Detroit, Auburn Hills,Troy,Birmingham etc.... or do people generally thing that house prices have further to fall. Additionally where can I find prices(website) for recently sold properties in these areas?

Thanks

Nev

[sugarbeet]

I'm not sure I would characterize it as a good time, but if you are looking for a home where you plan to life indefinitely, then this is a good time to buy. Trying to "time the market" is a game for fools. Sites like zillow.com are probably your best bet for free data about recent home sales.

[nevjohnson]

I am trying to weight up buying versus renting. I generally consider renting to be dead money but unfortunately I am not well educated enough on the property market ( at this time) in these areas. However it is always good to ask and get feedback and opinions from people close to the ground. Any further feedback both +ve and -ve on this theme greatly appreciated.

[Coldjensens]

I was told that Oakland COunty is considered a "declining market", but Wayne county is not. perhaps it has hit bottom? Not sure.

[Sno0909]

Reports have indicated that home prices will likely fall even more through 2008, and then gradually go up in '09. Even though prices will most likely go down, I do not encourage renting in the mean time. Purchase a home if you have the money, but just make sure you buy in the right place.

To respond to Coldjensens comment; whoever told you Oakland is declining and Wayne is not is just plain wrong. I live in Wayne County and can honestly say it is deteriorating fast. Oakland County is, and always will be, a nice place to live. But the best place to buy right now is Ann Arbor area. They are bringing a lot of new companies over there and you have U of M. It's a sure bet.

Adam

[Coldjensens]

The person who told me is a mortgage broker. He was talking about right now. Obviously Wayne County has been in decline for some time. He told me that in some lists for ledning purposes, Oakland County is currently designated as a declining market, but Wayne county is not. That may mean that Wayne county which declined more rapidly than Oakland county has hit the bottom.

I have seen studies that say the real estate decline in the US will last anywhere frmo 6 months to 11 years depending ont he expert and which indicaters they are watching. No one will make any predictions about Michigan.

I would never buy in a declining market if I expected further decline. Why throw away your money? Just rent until you think it is bottomed out then buy. Otherwise you will put a down payment and watch it disappear.

[williambeach]

I agree the decline is going to be worst in Michigan than is any other state.
Its cold, wet and only has 3 months of dec. weather. The auto isdustry is not going to make a come back as they are not even trying to build a car that we want. Toyota is now working on car that runs on water. I was lis. to the news today and they said toyota was planing a release in 3 years.
all the time GM is pushing its H3s and SUVs, and the like.
No wonder toyota has taken world wide first place. I think the decline will be even more in the coming years.

[AncientCoins]

Wayne appears near the bottom, Oakland and Macomb are still falling.