Home News Buying a home is still a smart move if you’re financially ready, experts say

Buying a home is still a smart move if you’re financially ready, experts say

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Detroit (WXYZ) — Levonne Jeffery was eager to own her own home, but a 58-year-old woman made a lot of money for many social welfare programs, while at the same time a traditional mortgage.

But then a chance came.

“I jumped over the moon,” Jeffrey told 7 Action News. She stands in front of a 384-square-foot farmhouse and is surrounded by a beautiful garden.

Jeffrey is one of more than 12 Detroit people who found part of the American Dream with the help of Cass Community Social Services.

Tiny Homes Detroit is Rev. Faith Fowler’s vision and to date 18 homes have been used. The other house is almost ready to move in and six more are under construction.

The amount paid by the resident each month covers the monthly expenses associated with owning a home, such as utilities and taxes. And after living in a house for seven years, the resident knows that he is given ownership of his small house and the land on which it is located and can independently bear the cost of ownership of the house.

“The opportunity to own was important to me. I’m old. I don’t want to keep moving,” said Jeffrey, who lost his last home during rehab in a car accident. Jeffrey was a pedestrian when he hit the car. “I can’t keep moving around, you lose so much.”

Across the United States, more and more people, beyond socio-economic levels, find it difficult to find what they consider to be affordable homes.

Even higher rents are driving people out of their area of ​​interest and, in some cases, out of the homes they already live in.

Maynard Neal, President and Principal Broker of NERG Real, said: Real estate professionals who encourage people to buy if they can qualify.

The red-hot housing market seen in the spring and summer of 2021, which caused the bidding war, is seeing higher mortgage rates and housing supply beginning to increase.

Last week, two of his customers were able to buy a home at a suggested price they hadn’t seen in more than a year, Neil said.

Neil said home ownership is the best way to manage housing costs.

“When you buy a home, you’re trapped in your mortgage rate,” Neil said. “And you can refinance at any time when the mortgage rate drops.”

“We have some clients on sale or sold this year that we bought three years ago and have made sales in the range of $ 80,000 to $ 100,000 over three years,” he added.

Neil encourages anyone interested in buying a home to consult a mortgage expert.

“Mortgage professionals look at your unique situation to see what’s in your credit, whether you need to raise your credit score, and what you need. You can, “Neil said. “They will be able to explain to you the arena you can enter the market, the amount of homes you can buy, and what you need to buy that home.”

Some Michigan residents Michigan Housing Development Authority (MSHDA)..

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