Real Estate Values in Macomb County MI: For Concerned Sellers and Potential Home Buyers

buying a house to rent

Current real estate values in Macomb County MI vary. If you are thinking of buying Macomb County MI real estate and you have bad credit, you may think that you are only daydreaming. But, homeownership is a real possibility; if you are motivated, have a stable income and can afford to rent.

If you are having trouble selling Macomb County MI buying a house to rent, there are options that you may not be aware of. A good strategy for buyers and sellers is a lease option agreement or "rent-to-own", as it is sometimes called. Particularly, if you need to sell quickly, experienced real estate investors in Michigan like us may be able to help.

In January 2007, the median price for a home in Michigan was $178,900. Real estate values in Macomb County MI are mostly lower. In Center Line, for example, the median price is $119,000. In Warren, the median price is $138,898.

The highest buying a house to rent values in Macomb County MI are found in Harrison Township, Saint Clair Shores and Mount Clemens. The median price for a home in these areas is around $275,000. Shorefront, canal front and lake view properties with values over $500,000 explain the higher median price.

Warren is the largest city in Macomb County. Its population at the last census was over 130,000. Just north of Detroit, in the southwest corner of Macomb County MI, real estate values in this area have either remained stable or dropped over the last couple of years.

Michigan's struggling economy has affected real estate values throughout the state. In some cities, average property values dropped as much as 6% in 2006. It is hoped that new industry coming into the area will correct the economic problems, caused to a large extent by fewer jobs in the automobile industry.

Macomb County real estate listings offer everything from classic circa 1930 homes to new lofts and penthouses. The large number of foreclosures in the area (over 1000 in Warren alone) indicates that finding a buyer has been difficult for many people.

If you are reading this and you are a property owner, having trouble selling your home, you should know that a large number of potential buyers are often overlooked. These are bruised credit buyers, good, responsible people, who now have a job and can make monthly mortgage payments, but because of the bad economy, has caused them credit issues and can't get traditional bank financing.

Auto industry lay-offs and factory closings left many people unemployed for a time. In some cases, it was necessary to relocate or reeducate. And, whether a paycheck is coming in or not, the bills do not stop. If you are reading this and you have been turned down for traditional bank financing, because of past credit issues you should know that there are real estate investors ready, willing, and able to help.

If a person can afford to rent, he or she can usually afford to own, but all that most lenders look at is the credit score. To them, you are just a number.

Even people who have worked hard to pay off their debts may still find that their credit score is not high enough to qualify for even a high interest loan, much less the better ones. Even a couple of late payments on a credit card can really damage your score. It is understandable that many things can cause a late payment, but the credit bureaus are not concerned with the causes, or with the accuracy of an individual's credit record. Sometimes, bad things really do happen to good people.





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