Currently, the median price of homes for sale in Livonia, Michigan is almost $200,000, but prices start at $35,000. Obviously, the Livonia Michigan real estate market has much to offer investors and homebuyers alike. Even those of you with bruised or damaged credit can probably own a home in or near the city if you buy it on a rent-to-own basis, also known as a lease option.
First, a little about the area, in case you’re new to the city. The area included in Livonia Michigan real estate was first settled by pioneers from New England and New York in the 19th century. It is assumed that the name was chosen by immigrants from Baltic countries who settled in the area. In the first government-approved census in 1900, the population was less than 1,500. Current estimates put the population at around 98,000, down from the all-time high of 110,000 in 1970.
Many people are interested in homes for sale in Livonia Michigan because the city consistently has one of the lowest crime rates in the country. Some are drawn to the area for its many festivals, including the Highland Games at Greenmead Historic Village. Others make a living or attend Madonna University or Schoolcraft College. Other major employers in the Livonia Michigan real estate market include Ford, GM, UPS, and Quicken. But, many residents commute to Detroit, Ann Arbor, or Dearborn for work.
There are currently at least 1,000 homes for sale in Livonia Michigan according to MLS listings, a national database of available real estate. If you need to sell your home quickly due to a job transfer or if you are trying to avoid foreclosure, there are a variety of options available to you that you may not be aware of, such as: lease option, short sale, land contract, and more. .
Because it is a “soft” market, it can take several months or more to find a buyer. Whether you’re selling with the help of a realtor or for sale by owner, you know your home needs to be in “show” condition at all times. This can be tedious and frustrating, as anyone who has ever sold a home can attest. In some cases, financing for the buyer fails and “under contract” is back “on the market” in a short period of time.
Many housing market experts in Livonia Michigan and other areas of the country blame the low number of home sales on new policies put in place by banks and other lenders to limit bad loans and foreclosures. Many people who can afford the monthly mortgage and have a down payment still can’t qualify for conventional loans. For these people, a rent-to-own is often the only way to get a foot in the door of homeownership because people who sell their home on seller financing and terms will often sell to people with bruised credit. and no bank qualification is needed.
Homes for Sale in Livonia Michigan
Of course, you will eventually need a bank loan to purchase the rent-to-own home, but living in a home and making monthly mortgage payments will help build your credit score over time so you can eventually qualify for that bank loan. a lending institution.