The median price for Lansing MI real estate is currently $115,900. The Michigan real estate market has seen some struggles over the last couple of years, so have Michigan residents. If you are suffering from the effects of past credit issues and believe that homeownership is out of your reach, you may be wrong.
Some Interesting Lansing Real Estate History
The history of Lansing MI real estate began with a scam. During the years of 1835 and 1836, a group of residents from Lansing, New York bought parcels of land from a pair of dishonest brothers. They had been told that they were buying plots in the 65 block “Biddle City”, where a church, school and public square were already located. There was, in fact, no city and the land was under water for most of the year.
Most of the group returned to New York when they learned the truth. Those who remained settled a mile north of the non-existent city and established “Lansing Township” named in honor of their home town. This was the beginning of the Metropolitan Lansing MI real estate market.
Eleven years later, Lansing was chosen as the location for the new state capital. Apparently, the New York natives made a good choice for their new settlement. Located along the banks of the Grand River, the initial population grew from about 18 to over three thousand in less than twenty years. In 1859, the village was incorporated as a city.
The original settlement is now Old Town Lansing. Biddle City is now known as REO town. Properties in this area are among the highest priced in the Lansing MI real estate classifieds. Although property values in the area have been negatively affected by Michigan’s struggling economy, it is still considered a good market.
Michigan’s struggling economy has also affected the credit scores of many residents. Auto-industry lay-offs and factory closings left many people unemployed for a time. Currently the unemployment rate is dropping, but credit scores do not always bounce back quickly.
People get the same monthly bills, whether or not they are getting a regular paycheck. Even one or two late payments on a credit card can severely affect your credit score. We understand that bad things sometimes happen to good people. Things that make it difficult to meet every due date, every month. On the other hand, most lenders do not understand, or simply don't care.
The only number that most lenders look at is the credit score. Sometimes people who are perfectly capable of making a monthly payment cannot qualify for even the lowest interest rates. Sometimes, they cannot qualify for a conventional bank loan for a mortgage at all. If you have been turned down for conventional financing, you should know that there are experienced Lansing MI real estate investors that are ready and willing to help. In fact, we can help in most Michigan markets.
The homes for sale in the Lansing MI real estate classifieds range from circa 1900 remodeled loft-style townhouses to modern custom built homes with numerous bedrooms and baths. Prices start as low as $37,500 for the handy-man special and go up to three, four or five hundred thousand.
Finding a rental can be difficult for a family. Most rentals have only one or two bedrooms. Some homeowners are not interested in being landlords. If you can afford a rental in the Lansing MI real estate classifieds, then you can purchase a rent to own a home and stop wasting money on rent.
With a lease option agreement, a portion of your rent will go towards the eventual purchase of a home. These are called rent credits and they build future equity for you when you exercise the option to purchase the home.
There are many properties that qualify for this program and most people qualify, as well, even if they have bruised credit or low credit scores. . . even if they have been turned down for traditional financing.
It is possible to start over. It takes motivation, regular employment and a little savings, but you can overcome that low credit score and you can be a homeowner. Whether you are interested in Lansing MI real estate or in other areas of the state, we may be able to help.
If you are a seller, you should know that many people are having a little trouble selling their homes. Sometimes the time it takes is too much. Most properties have been on the market for at least several months. Older properties in need of repair move even slower. If you need to sell your home quickly, experienced Lansing MI real estate investors like us can help by buying your home for cash or doing terms.
Dan Ho is a real estate investor in Michigan. Visit Lansing MI real estate to get help if you want to buy a rent to own home even with bruised credit or if you need to sell your home.
http://www.buy-sell-michigan-real-estate.com is the definitive resource online for buying and selling properties in Michigan.