ALLEN PARK, Mich. (WXYZ) — If you’re looking to buy a house today, I’m learning why this might just be your best time to act.
“I picture probably a little kitchen table, I guess a breakfast nook,” said 27-year-old Annabel Arzola from Allen Park. “I like the size of this room.”
'How does this compare to the other places you’ve looked at?"
“Well, the other places that I looked at weren’t so updated. Like they weren’t so revamped with new floors and new kitchen tables, and it looks like new carpet too,” said Arzola.
Today I took a tour through a home in Allen Park with Annabel Arzola.
“In the summer, my family loves to have barbecues and little parties. So, I just picture my family in the backyard and myself actually in the kitchen and in the backyard. And if I can see it, see us there, picture us there, then that’s a contender,” Arzola.
She just recently got her first loan pre-approval letter.
"And you’re just dipping your toe into this. Tell me about what you’re feeling.'
“Um, excitement, pure excitement. And joy. And also, nervousness because it’s a big adjustment and also a big responsibility,” said Arzola.
Realtor Sami Abdallah has been watching people sit on the sidelines over the past couple of years.
“If you’re on the fence, understand others are on that fence with you. Go ahead and take that dive, take that leap before them. And maybe you can get yourself a better deal than the summer rush we’re expecting,” said Realtor Sami Abdallah.
He says home prices continued to rise even with interest rates going up.
“We remain an oasis as far as affordability goes in the country. As long as we have these conditions people will still want to come here. And with the recent news that we’re getting out of the city, and with the Lions winning their second playoff game, I think that we’ll continue to be attractive and that will only increase with time,” said Abdallah.
Jeanette Schneider, President of REMAX of Southeast Michigan, broke down for me the future cost of waiting.
“I don’t think home values are going to go down any time soon. So if you’re waiting for the interest rate to come down to be cheaper, but at the same time the price of the house went up, the net savings may be nothing for you,” said Jeanette Schneider President of REMAX SE Michigan.
“Anybody who owns a home in Detroit should feel really excited about the investment that they’ve made and what they’re making on that. 23 is a big number. I’m going to say I don’t know if Detroit can keep pulling that kind of number year over year, that would be an incredibly hot market. I do think home values in Detroit will continue to increase.”
