Home Buying Tips for Michigan Home Seekers

Buying a home will likely be one of the biggest purchases in your entire life, so it requires the research and planning of making one of the biggest purchases of your life. Searching for homes on the real estate market is no easy task, especially when you’re looking at homes in Michigan. Markets like Lansing, MI and the surrounding communities have seen huge ups and downs, making it difficult for home seekers to be sure that they are making a smart purchase decision. That’s why we defer to the pros of Hubbell Briarwood, a real estate agency located in Lansing, Michigan, who was kind enough to provide some top tips to consider on searching for homes in the state of Michigan.

Create a Gameplan

Knowing the price range that you will spend on your home will help you answer many more questions that you will need to make during the home search process. What markets of Michigan are you most interested in? What are the top rated communities, and which ones have more new developments than others? How much will your down payment be? Hopefully you’ve been putting money aside for that very purpose. Ideally you should be able to put 20% of the value of the home down, so take that into account while conducting you home search. There are plenty of Michigan properties currently available, so it’s important to narrow things down so you don’t get overwhelmed straight away.

Know Your Market

You may have heard about how much of a hit the Michigan real estate market took back in 2008, but separate communities that are mere miles apart from one another prospered while others faltered completely. Communities with great school systems and friendly neighborhoods like Okemos, MI had fantastic years, even during the recession. As new housing development has slowed down extremely in Michigan lately, communities with few home openings available will see inflated prices until new housing development can bring them down.

Look For A Home that will be your Home

If you’re currently renting an apartment or condo in Michigan, you may be looking at interest rates and home prices in certain areas and think that you are far suited off for buying a home than continually renting. While you may be right on some levels, you have to consider the risks involved in purchasing and selling a home in a short period of time. As real estate markets are subject to extreme ups and downs, you don’t want to purchase your home and discover a year later that it’s now only worth 50% of what you bought it for. While that may be an extreme scenario, purchasing a home should not be seen as a financial investment or a short term solution for saving money. The risks in purchasing a home are lowered if you intend on living in the home for a longer period of time. Obviously jobs and other unpredictable life events can make selling your home necessary, but you should intend on searching for a Michigan home that suits all of your immediate needs and will be your permanent residence for the foreseeable future.

Get An Agent

michiganmapWhile you may think that you can easily brave the real estate market on your own, it doesn’t hurt to get the help of an agent during the process. You should be well aware that most agents work for home sellers, so their motives are geared towards selling the home in the best interests of the home owner and themselves. They can be a wealth of information when it comes to areas of Michigan that you are interested in, as well as

Be Patient

Like all important decisions that you make in your life, you have to make a careful and rational decision when choosing a home that you like. Does it serve the basic needs of your family? Is it in your ideal price range? While it’s okay to have a good gut feeling about a house, you have to be realistic and adhere to the guidelines you set in place before searching for homes. Consult with your agent to know housing conditions in the area, and understand the average selling price in the neighborhood and how the home you are interested stacks up to that number. If you are absolutely in love with a home, it is smart to not let that information on to the seller or the real estate agent, as that may have an impact on your perceived negotiating power.

Use External Resources

As we mentioned before, don’t go through this experience on your own. With the wealth of information that you can find on the web, spend a great deal of time researching market conditions and information on specific communities. If you’re interested in Lansing as a town to consider, dig into information on Haslett, Okemos, Dewitt, East Lansing, and other smaller communities. You may be surprised with what you find, and you’ll likely want to at least drive through some of the surrounding communities to learn more about them. Best of luck on your home search process!

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