How not to make a major home buying mistake in 2017

Written by Posted On Wednesday, 19 April 2017 07:13

If you are like many home buyers you may be nervous about buying a home.  After all it is a big decision.  If have been already looking at homes or thinking of buying a Metro Detroit home, you may come to realize that it is not a buyer's real estate market in Metro Detroit.   You are probably going to learn that it is a seller's market.  You will be seeing homes sell quickly and sometimes you will get into multiple offer situations with other home buyers.  Sometimes you are not even going to get to see a home because it is sold before you get there.

Lakefront home for sale in Waterford

So what tips am I going to offer you on how not to make a major home buying mistake in 2017?  I always like to stress to home buyers that I work with is that someday your home is going to be one of your biggest financial assets you have.  So you have to treat your home purchase as a financial decision too.  Not only an impulse "I gotta have this house" decision.

 You want your home to increase in value over the years.  You want to buy the house at the best price you can.  But how do you do that in a seller's market when seller's are listing the homes at the top of the Metro Detroit real estate market?  How do you get a deal?

It's not so much as getting a deal, as it is not going crazy and over paying for a home.  That is the important point of buying a home in 2017.  Yes, you are going to have to pay top dollar for a home, but do not over pay.  I do not want you to be upside down in the property already.  If you are going to pay over the appraisal price you have to be in the mind set that you are going to live in the house 10 to 15 years.  If you are only going to live in the house 5 to 7 years you are going to lose money on the house.  So it would be wiser to step back from over paying or getting into a bidding war on a home.  It does not matter if you are buying a lake home on Pine Lake in West Bloomfield or any home in SE Michigan the time frame you are going to live in the house matters.

We are going to have a correction in the housing market at some point in the future.  You do not want to get into the position of being upside down and then having to sell your home.  Unexpected events do happen.  Job relocation, divorce, and even lose of a job sometimes happen.  If you have to sell during the downturn when you have over is going to hurt you financially.

So my tip to you is too keep in mind that a home purchase is a financial purchase also.  Do not let your emotions of have to have this house get the better of you.  I hope this 2017 home buying tip helps you.

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