Did I Wait Too Long to Buy a House?

May 21, 2014 Marc Edelstein FHA mortgages in Michigan, First Time Home Buyers, Michigan Foreclosures, Michigan Mortgage Banker, Michigan Mortgage Lender, Michigan Real Estate Tips, Mortgage News, Oakland County Mortgage Banker, Oakland County Real Estate, Wayne County Mortgage Banker 0 Comments

Did I Wait Too Long to Buy a House?We all know the housing market collapsed in 2008 and 2009. House prices plummeted and there were deals aplenty. And the deals remained through 2009, 2010, and 2011. Foreclosures and short sales were everywhere, and you could buy a house at less than half it’s original price. But then in 2012, the market started to turn, and in 2013 house values were up in the double digits. And with more growth in the right direction, does that mean you missed the chance to buy a house at a great deal?

Or course not. Not only are there still tons of foreclosures and short sales available, much of the foreclosure inventory has yet to be made available. And as the market starts to rebound, we are seeing more and more sellers coming off the sidelines and listing their homes at prices well below their peak value of 2006. So even if you are paying more than you might have 2 years ago, you’re still buying an undervalued asset.

If you are interested in buying a home and want to get a better idea of what is available in your price range, reach out to either a qualified REALTOR or a qualified lending specialist. Either one can help you start your search for a great home at a great price.

If you would like to find out how much house you can afford, please contact me and I will help you find your budget. If you have anything to add about the current state of home prices, please leave a comment.

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