Time Is Ripe To Buy Homes In Detroit Usa

By Author: Bruce Wills
Total Articles: 52
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Survey: Time is ripe to buy homes in Detroit USA

Now is the best time to buy homes-- because many home buyers expect prices to rise in the coming months in the year, although, many home buyers are also worried of U.S. economy. According to the survey conducted by Century 21 Real Estate on first time home buyers and sellers -- 80% believe now is a good time to buy a home. The online survey was conducted by Market tools, Inc. between March 12 to March 16 and it included 708 respondents.

The survey captures the views of first time home buyers and sellers. It includes the buyers or seller who bought their first home in the past year or the people who are planning to buy a house in coming months. The respondents believed the market today is more affordable than it was a year before.

The attractions for the first time home - buyers are

1. Low prices
2. Tax credit
3. Mortgage rates
4. Many believe the prices will rise in near future
5. A wide choice available in affordable houses
6. Safe investment option

Buying a home is an expensive investment and many buyers like ...
... to take the expert guidance of real estate firms to make a decision. 60% of the respondents believed they were not experts in real estate and 85% expressed their wish to hire a real estate professional to handle the dealings related to properties.

Other main survey points are:

1. First time home buyers were attracted towards mainly three points while taking a decision: the housing prices - 66%, the tax credit -- 63% and the low interest rates - 60%.

2. Home buyer's main concern while buying a home is the price range of the house -- 95% and the location in safe neighborhood comes second -- 90%.

3. The first time sellers make the decision to sell the home due to family reasons or personal matters (48%).

4. 54% of the home buyers believe the home prices are affordable as compared to a year earlier.

5. 80% of the respondents felt the mortgage rates were low and affordable, and low rates was the main cause for at least 46% of the home owners to move up or change neighborhood.

6. The low home prices have encouraged 50% of the home buyers to move up and 37% changed their neighborhood to relocate to a preferred place.

7. Home sellers are concerned mostly of the asking sale price of the homes as they do not want to lose money on sale of a house.

8. 48% of home buyers and 53% of sellers believe the price will increase in next year.

9. 85% of the buyers are aware of tax credit and 64% of the first time buyers said they qualify for it.

10. 85% of the sellers are aware of the tax credit and 33% said they qualify for it.

In the month of March, sale of previously occupied homes increased in many U.S. markets and the cause of the increased sale was tax credit and improvement in weather conditions.

Tax credit has not only helped in selling more homes but it also helped in increasing the price of homes. The market now has many homebuyers and the sale of existing homes rose in the month of March. April 30 is the last date for getting into a contract for buying home and the transactions should be completed by June.

For more information log on to Detroit Property Investment,Mayfair Group or Mails us at- info@mayfair-group.com ,myfairgroup@gmail.com,webmaster@mayfair-group.com