Our mitten state of Michigan has unfortunately been one of the hardest places hit when it comes to real estate woes. Over the past decade, countless Michigan homeowners have lost their homes to foreclosure. While many others face the reality that the value of their home has been drastically reduced. This is a double-sided event though. As the homeowners suffer from dropping values. The homebuyers are greeted with extremely low values allowing them to purchase amazing home at bargain price.
The average value of homes dropped a total of 2% from this past December to January. Making the median home price a total of $154,700 making it the lowest price we have faced since November 2001, just before the “housing bubble” occurred and home values skyrocketed.
For you homeowners, not all hope is lost as sure home values are dropping but so have mortgage rates. If your facing a home that you may be losing value on, you could potentially refinance to some extremely low rates and save yourself a pretty penny thanks to all of the mortgage programs that have been instated as of late. Some of the programs include help for homeowners with mortgages owned/guaranteed by the Federal Housing Administration. While other loans backed by Fannie Mae and Freddie Mac are susceptible to mortgage refinancing as well. All-in-all homeowners are currently stuck with poor home values until the market, potentially, rebounds in the coming future. Refinancing is something we specialize in and love to help out Michigan-based homeowners with whether they’re in underwater situations or just want to save some money.
Now whether you’re a first time homebuyer or your veteran of the process towards buying a new home. Today’s values and rates are definitely in your favor. With the value of some homes down 20% and even higher in some situations, you can buy a dream home no matter where it may be located. Previously the only real estate being affected drastically from the crash of the housing market were homes located near the inner city. Well as time has gone on, neighborhoods along the lakeshore to small towns in the Upper Peninsula have all been affected. Truthfully you can select any city you want to live in whether it’s in Grand Haven, Grand Rapids, Traverse City or even Marquette Township.
Whether you want to refinance under the Home Affordable Refinance Program (HARP), FHA Streamline Refinance or some help with purchasing a home. Be sure to contact our certified loan-officers by calling 1-800-555-2098.