I'm seeing a lot of lower priced homes with beautiful original architecture & large land lots outside of Michigan & further south. I'm looking to buy a home & although I was born here & have lived here all my life, I'm considering leaving as well. I'm not interested in paying double or triple what a home is worth at my age. I'm seeing wonderful properties in other states below $150,000, even below $100,000 with acres of land attached. It would be sad if Michigan loses it's residents & therefore it's Motown charm.
We were looking at homes in July 2023 but gave up because the prices were INSANE. talking about small lots with a trailer on it asking $300k or more. when the land is worth less than $70k. Luckily we were able to find a reasonable duplex to rent.. for now. our plan is to buy land and build. I could buy land, have well and septic installed and build a nice ranch style house with a full basement for less than buying one of those trailers on a few acres. Sounds like the owners of our duplex might be looking to sell to us for what they paid for it in 2018. Which is $150k less than Zillow and other websites put the property value at. at least if the bubble burst we wouldn't be underwater if we buy it. I'm thinking of doing what my dad's best friend did and build a new primary residence every few years. live in it 2 years to qualify for the section 121 federal capital gains tax exemption (250k-500k single-married) while you build the next home then move into the new one and sell the first one. I helped him build 2 of them when I was in high school. If prices stay obscenely high, I could spend $250k-$300k to build a house worth $600k-$800k.
What is your thought on Detroit midtown. I bought a condo back in 2022Y at 490K and the estimated house value has not changed a lot, so wondering if Detroit is actually one of hottest housing markets in the states, nowadays.
There are good programs out there for first time buyers to put 0-3.5% down on a home. Closing costs tend to be 2-4% of the purchase price. Basing this on a $250k home, 4% is $10,000 for closing costs. The average down payment for first time buyers is 3% which is $7,500 (but there are programs for 0% your payment would just be higher). Total $17,500. Inspection and appraisal can be $1200-$1500 combined depending on how much you want done. Total: $19,000 and that doesn’t include an emergency fund, reserves for “what if” or furniture and all the purchases that come with a new home. I’d be shooting for $25,000 to $30,000 depending on how consistent your income is. I’m self employed so money is a little more inconsistent than a 9-5 job, so my personal goal would be $40k+ to cover 6 month reserves.
For all those who complained in 2010-2011 and even 2012 prices are depressed in Metro Detroit they need to recover fast. Careful what you wish for. You just might get it. Oh boy have we ever. And has most of the United States as well. 2010-2011 prices were not depressed in Metro Detroit nor in the United States. They were reasonable after crashing form inflated levels. The real crisis was not the crash form 2008-2009 here in Michigan and most areas in the United States. The real crisis is housing affordability. Once again careful what you wish for. Was not good for all those who wished prices would recover fast back in 2010-2011. Well you got your wish then some and for years not just recently there have been cries about housing costs being way way too high. The housing market here in Michigan and across almost all the united States was so much better back in 2010-2011 and even early to mid 2012 when prices were flat for society as a whole overall. The only ones its not better for are investors who hoard multiple properties, and the ones who own 2 homes (primary and vacation) and look to sell only one and pocket the profit. I say this as a home owner owning a paid for in cash right away since March 2013. Rising prices do nothing for me and make it worse as if I ever had to move despite getting more for my home next home costs more as well and worse yet property taxes uncap and next home would be much more. Bad for all of us. 2008-2009 was the good old days for the housing market compared to today. And 2010-2011 was best of both worlds flat home prices at reasonable levels, growing economy and job losses behind us despite a still high unemployment rate.
@@LivingInMichigan yes… also on apartment and condominium as well. Before they start constructing the building, will they offer pre-selling offer which by nature cheaper compared to buying a already developed building. This is a question of pure curiosity and i wanna understand the market more. Thank you
@LivingInMichigan i have been looking for a while and the are a lot of reduced prices and now it seems like everyone is listing. The people that i know that are selling are pricing lower than last year because they want to sell fast.
Like your channel , Great job. Michigan is great except for Gov. Whitless. Her tyrannical polices, during covid closed 38% of small businesses. But you could go to Ohio and do anything you wanted. Hmm were there more deaths in Ohio. No, plus putting covid patients in nursing homes… horrible.
I'm seeing a lot of lower priced homes with beautiful original architecture & large land lots outside of Michigan & further south. I'm looking to buy a home & although I was born here & have lived here all my life, I'm considering leaving as well. I'm not interested in paying double or triple what a home is worth at my age. I'm seeing wonderful properties in other states below $150,000, even below $100,000 with acres of land attached. It would be sad if Michigan loses it's residents & therefore it's Motown charm.
Great advise man... we are still wanting to get up there but it seems like it keep slipping away.
Thanks for watching! I know what you mean, there’s opportunities around, it’s just slim.
Great info Andrew, thanks!
Thanks Tom! Thanks for watching.
Hey my dear hope your doing good happy to meat you again
All good! Hope the same for you. Thanks for stopping by.
We were looking at homes in July 2023 but gave up because the prices were INSANE. talking about small lots with a trailer on it asking $300k or more. when the land is worth less than $70k.
Luckily we were able to find a reasonable duplex to rent.. for now. our plan is to buy land and build. I could buy land, have well and septic installed and build a nice ranch style house with a full basement for less than buying one of those trailers on a few acres.
Sounds like the owners of our duplex might be looking to sell to us for what they paid for it in 2018. Which is $150k less than Zillow and other websites put the property value at.
at least if the bubble burst we wouldn't be underwater if we buy it.
I'm thinking of doing what my dad's best friend did and build a new primary residence every few years. live in it 2 years to qualify for the section 121 federal capital gains tax exemption (250k-500k single-married) while you build the next home then move into the new one and sell the first one. I helped him build 2 of them when I was in high school. If prices stay obscenely high, I could spend $250k-$300k to build a house worth $600k-$800k.
That’s a great plan
What is your thought on Detroit midtown. I bought a condo back in 2022Y at 490K and the estimated house value has not changed a lot, so wondering if Detroit is actually one of hottest housing markets in the states, nowadays.
You personally how much money did you start off with and do you know of any potential benefits for first time home owners that I could apply for
There are good programs out there for first time buyers to put 0-3.5% down on a home. Closing costs tend to be 2-4% of the purchase price. Basing this on a $250k home, 4% is $10,000 for closing costs. The average down payment for first time buyers is 3% which is $7,500 (but there are programs for 0% your payment would just be higher). Total $17,500. Inspection and appraisal can be $1200-$1500 combined depending on how much you want done. Total: $19,000 and that doesn’t include an emergency fund, reserves for “what if” or furniture and all the purchases that come with a new home. I’d be shooting for $25,000 to $30,000 depending on how consistent your income is. I’m self employed so money is a little more inconsistent than a 9-5 job, so my personal goal would be $40k+ to cover 6 month reserves.
Who should we contact f we want to move ,but not buy as of right now? Looking to move to Portage. 3-4 rooms
Feel free to contact me directly! Mcmanamon13@gmail.com or 810-360-3488
For all those who complained in 2010-2011 and even 2012 prices are depressed in Metro Detroit they need to recover fast. Careful what you wish for. You just might get it. Oh boy have we ever. And has most of the United States as well. 2010-2011 prices were not depressed in Metro Detroit nor in the United States. They were reasonable after crashing form inflated levels. The real crisis was not the crash form 2008-2009 here in Michigan and most areas in the United States. The real crisis is housing affordability. Once again careful what you wish for.
Was not good for all those who wished prices would recover fast back in 2010-2011. Well you got your wish then some and for years not just recently there have been cries about housing costs being way way too high.
The housing market here in Michigan and across almost all the united States was so much better back in 2010-2011 and even early to mid 2012 when prices were flat for society as a whole overall. The only ones its not better for are investors who hoard multiple properties, and the ones who own 2 homes (primary and vacation) and look to sell only one and pocket the profit.
I say this as a home owner owning a paid for in cash right away since March 2013. Rising prices do nothing for me and make it worse as if I ever had to move despite getting more for my home next home costs more as well and worse yet property taxes uncap and next home would be much more. Bad for all of us.
2008-2009 was the good old days for the housing market compared to today. And 2010-2011 was best of both worlds flat home prices at reasonable levels, growing economy and job losses behind us despite a still high unemployment rate.
Bought a 7a lot on Beaver Island. 3 years later a 5a next to mine sold for 250k. 5xs what I paid and I have a better larger lot.
Sounds like you're sitting on quite the property!
Do michigan have pre-selling offer.? Housing offer before the construction even start.
Are you saying selling of lots in new construction communities before the homes are done?
@@LivingInMichigan yes…
also on apartment and condominium as well. Before they start constructing the building, will they offer pre-selling offer which by nature cheaper compared to buying a already developed building. This is a question of pure curiosity and i wanna understand the market more. Thank you
I get price drop emails everyday now lol
It looks like the market is flooding in michigan
In what way?
@LivingInMichigan i have been looking for a while and the are a lot of reduced prices and now it seems like everyone is listing. The people that i know that are selling are pricing lower than last year because they want to sell fast.
Like your channel , Great job. Michigan is great except for Gov. Whitless. Her tyrannical polices, during covid closed 38% of small businesses. But you could go to Ohio and do anything you wanted. Hmm were there more deaths in Ohio. No, plus putting covid patients in nursing homes… horrible.