When you compare the number of properties for sale to the number of recently completed real estate transactions Wayne County MI, homes appear to be selling slowly.
However, if you are looking to purchase a home, even if you have poor credit, the Wayne County real estate market is the right place for you. You might think that you are only daydreaming, but home ownership is a real possibility, regardless of your past credit issues, as long as you have the proper assistance.
Formed early in the history of the United States, Wayne County originally contained the entire lower peninsula of Michigan, as well as parts of Ohio, Indiana and Illinois.
Over the years the boundaries were changed as new states and other counties were formed. Today the county’s total size is 672 square miles (58 square miles are in the waters of the Detroit River and Lake St. Clair) divided into 33 different cities, 10 different townships and one village. Detroit is the county seat and the largest city, both in the county and the state.
For many years, the economic survival of the county and the majority of its residents were directly linked to the automobile industry, namely GM, Ford and Chrysler or the “Big Three”.
With the auto industry in a state of dismay, all of this has affected the credit ratings of many good people. Credit card companies do not care about auto industry problems; they report every late payment and every late payment negatively affects a person’s credit rating. If your credit has been damaged over the years by any of this, you should know that there is help.
Real estate transactions Wayne County MI
Over the years auto industry economics have affected the values of Wayne County real estate. If you count foreclosures as real estate transactions Wayne County MI has more than its fair share. About 1000 properties per year revert to the county treasurer for unpaid property taxes. Currently there are about 3400 county owned properties, most of which are in Detroit.
Because of budget shortfalls and the struggling economy, the county was unable to “do” anything with these properties, allowing many to stand empty and in disrepair. This affected the appearance of the neighborhoods and property values declined.
If you are currently having difficulty selling a piece of Wayne County real estate, you should know that a number of potential buyers are often overlooked.
For years, economists advised county officials that diversification, attracting different industries and different jobs, and revitalization of the downtown Detroit area were absolute necessities. Finally, things are improving.
In June 2006, the Wayne County Land Bank was formed to redevelop the properties that had reverted to the county, which will, not only improve the neighborhoods and the property values in the area, but also create more construction jobs. The unemployment rate, while still high, has dropped significantly in Detroit.
Those who were previously unemployed will be struggling with credit issues and looking for a place to live. One of the best options for property owners and buyers alike is a lease option agreement.
Experienced real estate investors like us in Michigan help structure these beneficial lease options for both sellers and buyers. If you want to buy Wayne County real estate home, but because of past credit issues are ineligible for traditional financing, we can help.
If you have bruised credit, you should know that it is possible to repair your credit score, in less time than you think. If you have a small down payment and can afford to pay rent, you can actually own a home instead.
Using a lease option agreement, which is a simple contract between the buyer and the seller, with terms satisfactory to both, a portion of your monthly rent will go towards the eventual purchase of your home. In other words, your money will start working for you to build your future, rather than just pay the landlord.
As new businesses and better jobs move into Wayne County real estate prices will continue to rise and so will the number of real estate transactions.
Wayne County, MI is just one place to look for your new home. Our lease options can help you sell your home, or buy one.
Dan Ho is a real estate investor in Michigan. Visit real estate transactions Wayne County MI to sell or buy a Michigan home with the assistance of experienced real estate investors.
http://www.buy-sell-michigan-real-estate.com is the definitive resource online for motivated home sellers and buyers in the state of Michigan.