Ishma Insights
A word from our Managing Broker
With businesses slowly beginning the reopening throughout the country, more home-buyers are actively entering the housing market this summer. With so many buyers looking for homes to purchase and so few houses for sale right now, there’s a disconnect between supply and demand. This imbalance is pushing home prices upward while driving more bidding wars and multiple-offer scenarios which means that it’s a great time to be a seller!
But what about if you’re looking to buy? With the Fed pumping trillions of dollars into the economy, we can reasonably expect pricing to increase in the near term (that’s what the man calls “nominal inflation”). So if you’re renting, you can expect the rent payments to go up. However, the Fed’s additional liquidity is putting downward pressure on interest rates, which has resulted in 30-year fixed rate mortgage rates dropping to record lows! So while, prices are still ticking higher, housing is more affordable than ever. As inflation increases (goods become more expensive), having fixed dollar obligations will be key to building long-term wealth.
If you’re among the many people looking for a home to buy this summer, it’s important to ensure you have the right guidance from the start. This way, you make sure your offer stands out from the crowd when it really counts. Here are two tips to follow:
1. Hire a Trusted Local Expert
We’re not in a normal market. We are in one of the greatest health crises the world has ever seen. The pandemic has had a dramatic impact on the journey you must take to purchase a home. To successfully navigate the landscape today, you need a true expert on your side, armed with data, experience and your best interests at heart.
2. Get Pre-Approved for a Mortgage.
When there are more buyers than sellers on the market, the process to find a home becomes much more challenging. One way to show you’re serious about buying a home is to work with a lender to get pre-approved for a mortgage before starting your search.
With a pre-approval letter, sellers will see your true desire to buy this year, potentially helping your offer rise to the top. Prep has a number of trusted bankers that can assist. Reach out to us to learn more.
Bottom Line
We’re in unique and dynamic times. However, it is a fantastic time to be a buyer and seller of real estate. Are you ready? Get Ready. Give us a holler. We’re here to help.
Are You Ready? Get PREP’d. We’re here to help.
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Featured Listing
Listed in Boston Edison
1188 Atkinson Street
$ 299,000
4 Bedrooms | 2.2 Bathrooms | 2,150 Sq Ft
Click above for the video tour!
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Meet Our Summer Fellow
Jonae Maxey
A native Detroiter and junior at the University of Michigan Ross School of Business, Maxey is laying the foundation for social impact through real estate, and wants to involve other Detroiters in that process
Read more about her work here in the University of Michigan optiMize-Detroit feature.
“Attending the University of Michigan Ross School of Business, I became very familiar with Century Partners and Prep Realty. Interested in real estate and bringing communities together in developments, my professors, faculty, and network always guided me to check them out. I finally connected with them and Prep Realty via Zoom this summer and realized how aligned our goals were. Although I am just getting started in real estate, I know that the mission of my ventures will be to revitalize inner city communities without displacing communities but through community. From the first conversation, I knew that I found a genuine group of individuals who, like myself, want to make a difference in the city. Furthermore, I was both inspired and motivated because the companies are founded by African Americans. This is the first time I connected with people that share similar backgrounds as me and share similar goals. Working with these companies is truly amazing.”
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Featured Lease
Listed in Cornerstone Village
5910 Hillcrest Street
Don’t miss out on this updated move-in ready single family beauty, located in Cornerstone Village. This 3 bedroom, 3 bathroom home features hardwood floors, plenty of open space for leisure and entertainment, as well as a rare second floor full bathroom! Spacious back yard includes a deck ready for summer fun.
3 Bedroom | 3 Bathroom | 1,262 Square Feet | Rent: $1,400/month
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Do Your Property Search With Us!
PrepSold.com is now your 1-stop-shop! Now available on our new site, you can conduct property searches and save your favorites, through “My Property Portal“. There you can find real time accurate data of Detroit real estate inventory. And when you find a house you love, just send us a message to set up a tour!
Click HERE to complete our Home Buyer Questionnaire
So we’re PREP’d and ready when you are.
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Why Prep?
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You Ready Yet? These Just Closed!
19107 Greenwald St, Southfield MI
4 Beds| 2 Baths | 1,680 Sq Ft | Sold: $181,000
16907 Inverness St, Detroit, MI
3 Beds| 1.5 Baths | 1,490 Sq Ft | Sold: $128,000
Sold in Boston Edison
1493 Atkinson St, Detroit, MI
5 Beds | 3.2 Baths | 2200 Sq Ft | Sold: $295,000
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That’s a wrap!
Ready yet?
We have the tools to get you PREP’ed.