Are You in the Mood to Buy Real Estate? Really Cheap?

The recent mini-depression is sad news for some in Michigan. It's not easy for a person or a family member to lose a job, and many here are in that situation. Many people are cutting their losses and finding employment in other states with a more balanced economic outlook.

The good thing about all of this financial doom and gloom is that the real estate market in Michigan is now extremely competitive. If you live in Michigan and are in the mindset to buy, now might be your best chance yet of getting a really great deal with lots of extras.

Consider the statistics: in September 2005, there were 7,000 homes for sale in Oakland County, which is my home and immediately north of Detroit. Even back then, real estate agents were calling it a "buyers market." In September 2006, there were over 14,000 homes listed for sale, twice the amount available the year before. It's taking longer to close the deal, and many sellers are getting nervous.

Median priced and starter homes are mainly affected. We sold a home in the summer of 2005, just as the market was slowing. Our home was listed for ten months, and we were ecstatic when our buyer walked through the door and signed the papers.

Prime Time for Buyers and Tips to Remember

1. Before you start, make sure you know what you're doing. There are many good online references, including zillow.com and realestate.com. These will give you a feeling of what is out there and what people are asking. A note about zillow.com: the site gathers their information from the last time the home was sold. This may not be an accurate depiction of what that home would sell for now. Almost all of the major real estate brokers have national and local websites as well.

2. Narrow your choices to what works for you. If you really want three bedrooms, two baths and a garage, make sure you stay with it. There's no need to settle for less. Remember, the market is flooded and you can afford to be picky.