Currently the median price for homes for sale in Livonia Michigan is almost $200,000, but prices start as low as $35,000. Obviously the Livonia Michigan real estate market has much to offer for investors and homebuyers, alike. Even those of you with bruised or damaged credit can likely own a home in the city or nearby if you purchase it on a rent to own basis -- which is also referred to as a lease option.
First, a little about the area, in case you are new to town. The area that is included in Livonia Michigan real estate was first settled by pioneers from New England and New York in the 1800s. It is assumed that the name was chosen because of the immigrants from Baltic countries that settled in the area. At the first government sanctioned census in 1900, the population was less than 1500. Current estimates put the population at around 98,000, down from an all time high of 110,000 in 1970.
Many people are interested in homes for sale in Livonia Michigan because the city continuously has one of the lowest crime rates in the country. Some are attracted to the area because of its numerous festivals including the Highland Games at Greenmead Historic Village. Others make their living at or attend Madonna University or Schoolcraft College. Other major employers around the Livonia Michigan real estate market include Ford, GM, UPS and Quicken. But, many residents commute to Detroit, Ann Arbor or Dearborn to work.
Currently there are at least 1000 homes for sale in Livonia Michigan according to the MLS listings, a national database of available real estate. If you need to sell your home quickly because of a job transfer or if you are trying to avoid foreclosure, there are a variety of options available to you that you may not know about, such as: lease optining, a 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 are selling with the assistance of a Realtor or For Sale By Owner, you know that your house must be in 'showcase' condition at all times. This can be tedious and frustrating as anyone who has ever sold a home can attest to. In some cases, financing for the buyer falls through and 'under contract' becomes 'back on the market' in a short period of time.
Many experts in the Livonia Michigan real estate market and other areas of the country blame the low number of home sales on new policies established by banks and other lenders to limit bad loans and foreclosures. Many people who can afford the monthly mortgage and have a downpayment still cannot qualify for conventional loans. For these people, a rent to own is often the only way to get their foot in the door of home ownership because people who sell their home with seller financing and terms will often sell to people with bruised credit and no bank qualifying is needed.
Homes for sale in Livonia Michigan
Of course eventually you will need a bank loan to buy the rent to own home, but living in a home and making monthly mortgage payments will help increase your credit score over time so that you can eventually qualify for that loan from a lending institute.
