There are some truly beautiful properties available in the Westland Michigan real estate market, for less than $500,000. The median price for homes in the Westland MI real estate listings is $140,900, less than that of nearby Livonia and far less than the median price in Ann Arbor, which is only a 30 minute drive away.
The Westland Michigan real estate market covers an area of some 20 square miles in Wayne County, about 16 miles from Detroit. It has been referred to as the “place to be” and a “City of Pride, Progress and Promise”. Even though many of the neighboring cities have seen financial crisis and shortfalls during the last several years, Westland has continuously been able to “balance the budget” and increase surpluses, without any interruption to city services.
If you are having trouble selling Westland MI real estate, you are not alone. Nearly 500 properties are currently in foreclosure or pre-foreclosure status. A foreclosure can be devastating to your credit rating and could make it very difficult for you to ever own another home. If you are facing a foreclosure situation, there is help.
On the flip side, you may be interested in buying, not selling, Westland MI real estate, but fear that past credit issues will hold you back. Many banks and lenders have implemented standards making it more difficult for bruised credit buyers to qualify for a mortgage, especially after the subprime market collapsed. Experts in the area say that at least part of the blame for the “slow” real estate market goes to lenders fearing bad loans.
But despite this, people with past credit issues can own a home in the Westland Michigan real estate market or elsewhere in the state. The solution is to buy a home on a rent to own basis. This allows you to live in a home of your choice, while improving and repairing your credit. If you have reliable employment, a few thousand for a downpayment and can afford the monthly payments, then you should be able to buy your own home. It may take a little time and a little help from people like mortgage brokers, real estate attorneys, and real estate investors, but you should be able to qualify for a conventional mortgage by the time your lease option term is up.
There are many reasons to buy Westland MI real estate. Property values will likely increase as economic issues throughout the state improve. Real estate is always a good investment. Paying rent for years leaves you with only a bunch of rent receipts and no ownership equity. On the other hand, as you make your monthly mortgage payments and the value of your home increases, you have invested in your future and the future of your family.