Anywhere you go in Oakland County, Michigan there are parts of the County where homes seem to be more affordable than other in the area. These more affordable homes are what we call “Starter Homes”. The more affordable homes attract young families due to being more affordable homes then those with higher square footage and a much higher price tag. These more affordable homes make for great neighborhoods that have a abundance of younger families just starting out with their first home purchase.
Affordable Homes Tough Search
Although the affordable homes are what seem to be plentiful in this market of home shortages and low inventory in the Oakland County area, this is not necessarily true. Some first time homebuyers feel that the area provides less of an inventory for them to find the more affordable homes. In fact, the ATTOM Data Solutions “Q 1 2018 U.S. Home Affordability Report states that 59 percent of the 446 counties they analyzed were very much more affordable then the historic average, with 27 percent of the counted counties actually showed a year to year increase in affordability.
The study referenced above would give way in meaning that prices were more affordable this year than last. The fact is that counties where this was true do not include the Oakland County, Michigan region leading to the belief that in our area this is not so true. The Counties where homes were more affordable over last year include Cook County (Chicago); Harris County (Houston), Maricopa County (New York). Even though affordable homes may have seem to be something of the past, but your budget , neighborhoods that appeal to you and your lifestyle will have the final say. READ MORE HERE
The Take Away
When inventory of affordable homes seem to be less available, it means it is time to re-evaluate your needs and wants in your new home. Mortgage rates are still at historical lows and down payments are as little as 6 percent down, it make it a great time to buy a new home. I’m here to help, give me a call and let’s see where you stand 248-790-5594.