When Is the Best Time of Year to Purchase a Home In Detroit?

Housing costs have soared over the years, which has left many millennials and younger professionals hesitant to leave renting behind and move forward into homeownership. There's plenty to consider before you move forward with the decision to buy, so we've provided a breakdown of timing considerations for purchasing a home in Metro Detroit according to home buyers' most common interests.

For the Best Price

You'll find the cheapest property listings during late fall and early winter when moving to the American Midwest since buyers are least likely to move to Detroit during the harshest weather conditions. It's important to note that buying during this time will likely mean that there will be less inventory for you to browse. Still, buyers will have more negotiating power in this scenario, making more expensive homes accessible.

For the Most Options

Pickier home buyers will enjoy a wider array of Detroit properties to choose from when shopping for a new home during warmer months. Though the prices will be less flexible due to higher buyer demand, you'll be in a better position to find a property more closely aligned with your initial criteria. Because buying in spring and summer is highly competitive, you should be aware that a home purchase during this time could cost more than buying a similar home later in the year.

Planning According to Your Personal Finances

Income and personal finances can hold back young families and aspiring homeowners from owning their own property. Buying a home that's too expensive puts you at risk of a mortgage default, which could put you in the position to lose your home. In deciding whether it's time to consider buying, do your homework to understand the added costs of homeownership:

• Assess your current monthly housing expenses budget as a renter
• Calculate the cost of maintaining major systems such as plumbing, HVAC, and landscaping
• Balance the costs of buying a more updated (and more expensive home) against an older property that could bring the added risk of high-cost repairs

What to Look For in Market/Local Economy

If you aren't particularly focused on the buying timeline as much as market conditions, you can adjust your buying strategy accordingly. Staying on the lookout for lower interest rates could mean shrinking your mortgage payment considerably if you're also committed to submitting a higher down payment. A few other factors to keep tabs on include:

• Real estate development activity happening in neighborhoods or areas of interest
• Steadily increasing popularity
• Growing restaurant and retail businesses

Find your dream home with the knowledgeable agents at Robertson Homes, Detroit's premier home builder. Our team has developed many highly desirable new-home communities in the area, and we'll help you find the best place to build your new home! Speak to a member of our team today by completing our contact form.