Should you buy a home now in Birmingham – Bloomfield Hills Michigan or wait for prices to go down more?

There has been tons of negative press lately saying that the real estate market is the worst it has been since the Great Depression. They say in cities like Miami prices have fallen almost 16%.

Did they forget to tell you that before they fell 16% that they went up 180.9%?

Let’s take a look at some of the non front page comments from the same papers.

Just in case we didn’t get the message across well enough……….

Now let me share another short thought for your consideration….

If during the next year interest rates raise by no more than 1 percent the new home you want to buy will cost you more each month than it would now unless the purchase price drops another 18%. PMI just published its opinion on that subject and they said homes in Michigan are currently selling at fair market value. 

Of course that begs the question, are interest rates going to go up in the next year with the Fed lowering rates? The answer is "yes" they will be headed up. Everytime the Fed lowers rates the market place starts moving mortgage rates up to compensate for the inflation that is surely forthcoming. Just look at what happened this last week. The Average 30 year rate went from 5.63% to 5.98%. Up over 1/3 percentage point in a single week.

BUY NOW OR WAIT? UNLESS ALL THE OPINIONS ABOVE ARE WRONG – NOW IS THE RIGHT TIME IF YOU WANT A GREAT DEAL!

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