Best Suburbs to Buy a House [[Long-Term Outlook)

[Roxy]

No, Deb, you're just being realistic. What I'm fearing is the wave of bankruptcies and foreclosures, which is sure to come, ushering in another period like the one we just emerged from a few years ago: empty houses and an influx of renters who don't give a fuck about the property or the neighborhood. I admit that the only time we seriously considered moving was the circa 2008-2012 period. But home values had dropped so much and the equity we had dried up, so it didn't make sense. We hung on like so many others, and things gradually stabilized. Rinse and repeat? God, I hope not, but I'm thinking by end of summer things are gonna be looking really grim.

I predict that we will see a lot of bankruptcies and foreclosures in 2021. It could definitely change the face of some cities again as it did in 2008-2012. Cheaper real estate means investors, renters, and people who would have been priced out in a good economy, flooding into prime locations for once in a decade [[or lifetime) deals. As someone interested in buying, I'm waiting this out to see what will happen by the end of the year and into 2021.

[Roxy]

I started this thread approximately a month before the shutdown. Does anyone have predictions for how 2020 has affected real estate in the Detroit area or if their opinions have changed since February? Perhaps the pandemic will set back Detroit's progress, making real estate in certain markets a better investment than other areas. My guess is that long term, people who can now work from home will want to move further away from the city to towns like Oakland Township, Leonard, Lake Orion, Shelby Township, and Romeo. Several well-to-do suburbs close to the city, like the Grosse Pointes, will see real estate prices remain stagnant with only small increases during the pandemic's real estate boom. There will be foreclosures once the moratoriums end in late 2021 to 2022, and we will see inner ring suburbs with mid-range housing prices mostly affected by any foreclosure crisis, further sending these suburbs into decline.

[Gistok]

I started this thread approximately a month before the shutdown. Does anyone have predictions for how 2020 has affected real estate in the Detroit area or if their opinions have changed since February? Perhaps the pandemic will set back Detroit's progress, making real estate in certain markets a better investment than other areas. My guess is that long term, people who can now work from home will want to move further away from the city to towns like Oakland Township, Leonard, Lake Orion, Shelby Township, and Romeo. Several well-to-do suburbs close to the city, like the Grosse Pointes, will see real estate prices remain stagnant with only small increases during the pandemic's real estate boom. There will be foreclosures once the moratoriums end in late 2021 to 2022, and we will see inner ring suburbs with mid-range housing prices mostly affected by any foreclosure crisis, further sending these suburbs into decline.

You do know that not everybody who can work from home wants to live far from Detroit. I think you are too obsessed with homes as an investment. Yes it matters that your house appreciates in value... but there are other factors in deciding where you live. Such as what is nearby. If you live out in the sticks working from home most of the time, what is it that you like to do in your leisure time? The pandemic will go away eventually.

If you like semi-rural living and country activities, then that is what you will get. But if you want to get out and do things sports or culture related, then living in the sticks isn't all that it's cut out to be.

I live in St. Clair Shores near I-94/I-696. I love that location because I am 20 min from downtown [[theatres/stadia/museum district) as well as other nightlife. I'm 15 min from the zoo, 20 min. from Southfield, 3 minutes from the waterfront, etc. I love living so close to freeways which make other locations seem so much closer because of the ease of getting there.

If you live out in Romeo or Milford, or Woodhaven... it's going to take you some time to get to areas you may want to visit frequently. To base where you live solely on having a house as an investment, can at times detract from your quality of life.

[Satiricalivory]

I started this thread approximately a month before the shutdown. Does anyone have predictions for how 2020 has affected real estate in the Detroit area or if their opinions have changed since February? Perhaps the pandemic will set back Detroit's progress, making real estate in certain markets a better investment than other areas. My guess is that long term, people who can now work from home will want to move further away from the city to towns like Oakland Township, Leonard, Lake Orion, Shelby Township, and Romeo. Several well-to-do suburbs close to the city, like the Grosse Pointes, will see real estate prices remain stagnant with only small increases during the pandemic's real estate boom. There will be foreclosures once the moratoriums end in late 2021 to 2022, and we will see inner ring suburbs with mid-range housing prices mostly affected by any foreclosure crisis, further sending these suburbs into decline.

Yeah we've seen no evidence of anything of the sort. Everything has held it's value during the pandemic or stayed it's course. If anything will be stagnant it's exurbia like Lake Orion, not the inner suburbs or the city.

Reading your original post, this looks like exactly the same sentiment you had in April. If you're so confident in far flung sprawl and not Grosse Pointe then go move there.

[bust]

You do know that not everybody who can work from home wants to live far from Detroit.

^^Truth.
I work from home.
If I were single and choosing Detroit area, I'd pick Detroit.
I'm not.
So in the Detroit area I'd pick Grosse Pointe.
But what do I know?

[bust]

You do know that not everybody who can work from home wants to live far from Detroit. I think you are too obsessed with homes as an investment. Yes it matters that your house appreciates in value... but there are other factors in deciding where you live. Such as what is nearby. If you live out in the sticks working from home most of the time, what is it that you like to do in your leisure time?

Yes.
And in general:
Homes are a better investment near transit--
Especially where it hasn't been great.
Even if frogs sound better at night.

[ABetterDetroit]

I started this thread approximately a month before the shutdown. Does anyone have predictions for how 2020 has affected real estate in the Detroit area or if their opinions have changed since February? Perhaps the pandemic will set back Detroit's progress, making real estate in certain markets a better investment than other areas. My guess is that long term, people who can now work from home will want to move further away from the city to towns like Oakland Township, Leonard, Lake Orion, Shelby Township, and Romeo. Several well-to-do suburbs close to the city, like the Grosse Pointes, will see real estate prices remain stagnant with only small increases during the pandemic's real estate boom. There will be foreclosures once the moratoriums end in late 2021 to 2022, and we will see inner ring suburbs with mid-range housing prices mostly affected by any foreclosure crisis, further sending these suburbs into decline.

2020 Metro Detroit real estate prices are no longer a “prediction” on the 26th of December. Sales have remained strong with low inventory to choose from is driving prices higher for quality properties. Interest rates remain at rock bottom levels. Are you saving more for that down payment than prices are currently appreciating where you are looking? That is critically important if you are in a wait and see mode.

What is your price range Roxy? That would also be necessary if you want recommendations or accurate assessments of the currant housing market by location within the metro.

[motorcity]

According to reporting today, the best place is not in Michigan at all. Michigan is stagnant and still losing a lot of population. And the 2020 Census won't even capture the exodus out since March.