Michigan Home Prices Fall – Khabor
Six months ago in Michigan, bank mortgage rates were low, but home values were high. Now the price has fallen by 10 and a half percent. Lack of competition among home buyers and bank mortgage rates at 7% were cited as reasons for this.
Meanwhile, even though the bank dividend rate has doubled, buyers are enjoying a 5-10% discount on the sale price of the home. Even if the down payment is high, the price of the house is reduced.
At least 15 buyers were competing for a home four months ago, brokers said. Now 1 or 2 offers are coming to this place.
This information was revealed during the brokers’ and buyers’ Q&A session at the seminar held at the Alshahi Palace Auditorium in Warren City on Saturday, November 19.
Inauguration of Canton Municipal Office and In House Mortgage Company Hosts Seminar on Islamic Financial Planning by Amin Realty. Hundreds of people from various professions including representatives of the public, media workers, business people, brokers, real estate agents, bank loan officers, home buyers and sellers attended.
Many brokers including Amin Realty Founder Soumik Amin, Troy Location Partner Nabeel Saeed, (EGP) Partner Joseph Kasis, Canton Location Partner Jubel Ahmed and Hamtramic Location Partner Masoom Ahmed responded to questions related to the purchase of a house during the seminar.
Masum Ahmed, head of Masum Real Estate Group, said property prices have fallen compared to before. Even three or four months ago, at least 15 buyers were competing to buy a house. 1 or 2 proposals are currently being read here. Now buyers are profiting from buying a home. Also, due to less competition in buying a home, the opportunities for buyers have increased.
Amin Realty is the best known company in the housing sector in the Bangladeshi community. There are 200 agents under this company. The company’s office No. 4 in Guangzhou was officially inaugurated last Saturday. In addition, the internal mortgage company adopted the plan of Islamic financing services.
Company officials said the service would be launched very soon.
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