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Buying or Selling a Home/Buying real estate in Detroit metro area
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Question
I am looking at buying a condo in the Detroit metro area (Taylor, MI). This condo is three years old and is absolutely gorgeous. Selling price 3 years ago was 220K --- condos in this development are currently selling for 130K. The condo I'm looking at is a foreclosure (in excellent condition) and is available for 90K.
I am very well aware of the climiate in Michigan at this time -- amd I crazy to be buying right now?
Hi Rita-
Thanks for your question. Most experts believe that we are at the bottom of the market. It may be awhile before prices start to climb, however. If you love the condo and would like to live there for 3-5 years and enjoy the tax benefits as well, then by all means buy it. It sounds like a great deal. There are no crystal balls but until the recent crisis, real estate has always been a good investment FOR THE LONG TERM. I would caution you to determine the financial health of the condo association as a high number of defaults could cause ramifications for the remaining owners. Hope this helps. Best, Toni
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Answers by Expert:
- Dick Dennis
- Jessica Bryan
- liznarr
- Hans Weber, Licensed Broker Associate
- Sue Bernstein
- Karyn Foley
- Dottie Worthington
- Jim Root
- Russel Ray
- Connie Wildasinn-Broker,GRI,RealtorŪ
- Todd C. Menard
- Diann Tonnesen
- John Hendricks
- Jay Denit
- Matt Heisler
- Lisa Webber
- John
- Laurie Stephenson
- Marvin G. Bobbitt, III
- Nori J. Muster
- Sharon Huneycutt, Realtor, Associate Broker, GRI, e-PRO
- CJ Brasiel
- Jeff Kessler
- Kathryn Hisert
- Emily
- Ted Lewis
- Kerrin Kostelic, FL Broker Associate, GRI, AHWD
- Tim Norris
Toni Yates
Expertise
As a real estate broker and agent for over 12 years, I am qualified to answer questions about buyer and seller agency, home ownership, second home ownership, lake property and basic real estate information and laws as they apply in the Commonwealth of Virginia.
Experience
12 years in real estate and a second home owner. Top producer for many years. Have specialised in resort and second home as well as primary home ownership. Also have expertise in equestrian properties. Owner and one of the founders of Re/Max Lake & Country as well as Greenway Horse Farm.
Organizations
National Association of Realtors, Virginia Association of Realtors, Fredericksburd Area Association of Realtors, Richmond Area Real Estate Association and Charlottesville Association of Realtors. Re/Max and the Better Business Bureau.
Education/Credentials
Real estate licensing and broker licensing courses as well as required and optional continuing education in my field.
Awards and Honors
Top producer awards from FAAR and Re/Max.
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