Real Estate Fact of Fiction from MBS

Mortgage Tips

It’s amazing to me, but, right here in Livingston County, there are over 7,000 residents who are currently renting but can afford to purchase a home. They are qualified to buy a home, so why wouldn’t they?

Some people think that the housing market isn’t stable, but home prices in Livingston County are forecasted to appreciate by 2.8% over the next year, and 16.3% over the next 5 years. Do you know what that means in dollars and cents? If you purchased a home at the median price of $288,000, you would gain $47,000.

This is a very strong market; however, here is the biggest misconception: in a national survey, the number one reason why people are still renting even though they are qualified to purchase a home is that they think they need 20% down.

It’s hard to believe that people in 2020 still think they need 20% down. That couldn’t be further from the truth! You can purchase a home with as little as 5%, or even 3% down, based upon the programs that are available.

LIVINGSTON COUNTY

  • Population:   7,000
  • 1 Year Appr:   2.8%
  • 5 Year Appr:  16.3%
  • 5 Year Gain:   $47,000
  • Median Home Price:   $288,000

OAKLAND COUNTY

  • Population:   87,000
  • 1 Year Appr:   2.6%
  • 5 Year Appr:  15.3%
  • 5 Year Gain:   $43,000
  • Median Home Price:   $279,000

WASHTENAW COUNTY

  • Population:   38,000
  • 1 Year Appr:   3.0%
  • 5 Year Appr:  16.7%
  • 5 Year Gain:   $48,000
  • Median Home Price:   $291,000

GENESEE COUNTY

  • Population:   30,000
  • 1 Year Appr:   3.4%
  • 5 Year Appr:  19.8%
  • 5 Year Gain:   $24,000
  • Median Home Price:   $122,000