Currently the median price for a home in the Sterling Heights MI real estate listings is $187,000. Right now the prices for homes in the Sterling Heights Michigan real estate classifieds range from $54,500 for a 2 bedroom condo to $499,900 for a brick colonial on a premium wooded lot with creek access.
If you are interested in buying Sterling Heights MI real estate, but have past credit issues or little established credit, you may think you can’t own a home because a lender won’t give you a mortgage loan.
However, you would be mistaken because home ownership can still be attained with a little knowledge.
If you already own Sterling Heights Michigan real estate, but need to sell your home quickly, because of a job transfer, to avoid foreclosure or for other reasons, you also have options you may not be aware of.
Here we have accumulated some information about Sterling Heights MI real estate and describe strategies that troubled sellers or hopeful buyers may want to consider.
Facts & Figures
Located in Macomb County, figures collected during the 2000 census showed it to be the fourth largest city in Michigan in terms of population which was 124,471, at that time. The city covers an area of 36.7 square miles, just north of Warren and less than 40 minutes northeast of downtown Detroit.
The city was incorporated in 1968. Prior to that time it had been known as Sterling Township, the word “Heights” was added to avoid being confused with a small village in Arenac County named Sterling. In 2006, Money magazine listed it as one of the best small cities to live in.
Currently there are over 600 homes in the Sterling Heights MI real estate listings, so if you would like to live in one of the best small cities in the country, you should have no problem finding something that appeals to you. If you need more reasons to look for a home in the Sterling Heights Michigan real estate market, read on.
Safety & Economy
Among cities with populations greater than 100,000, Sterling Heights is the 16th safest city in the nation and the safest in Michigan, according to Morgan Quitno Press. The safety of the city is due to a well staffed hard working police department and an active community watch network.
American City Business Journals lists it as one of the least economically stressed cities in the United States. According to the Journal, only one large city in Michigan and six others in the country are “less stressed”. Economic diversity and major industrial firms, such as Daimler Chrysler, Visteon and General Dynamics lend to the economic well being of the city and attract buyers to the Sterling Heights MI real estate market.
Sterling Heights has been ranked by Ladies Home Journal as the second best Michigan city and the 16th best city in the country for working women. The average income for women is quite a bit higher than in many other cities. In 2000, the median income for a family was over $70,000, which is much higher than most Michigan cities. The city was given an A+ and a high ranking among the most “Family Friendly” suburban cities by DC’s Population Connection, a nonprofit organization.
Shopping, dining and other retail businesses complete the Sterling Heights Michigan real estate picture. Lakeside Mall, with over 180 stores is one of the largest malls in the Metro Detroit area. In all, over 3500 businesses are located within the city limits.
Buying & Selling
With everything that the Sterling Heights MI real estate market has to offer, you might think that selling would be easy. But, currently there are nearly 400 properties classified as foreclosures in the MLS listings for the Sterling Heights Michigan real estate market. The MLS listings are a nationwide database of available properties.
Foreclosures are properties that have reverted to the lender for non-payment. In many cases real estate companies buy these properties at auction and then try to sell them. City and county governments may also take possession of properties for non-payment of taxes. Until recently, this was a problem in other Michigan cities, because after the property reverted to the city, they were unable to “do” anything with them.
If you want to won Sterling Heights real estate but have bruised credit and can’t get a bank loan then your main option is to find a seller willing to work on terms. What kind of terms? Well the best are what is called a lease option (also known as a “rent-to-own”) or to buy on land contract.
A rent to own is an effective option because as long as you have a job and are bringing in consistent income and stay within your financial bounds, there are sellers who will work on these terms and let you purchase their home. This will give you time to repair your credit so that you can get a bank loan while you are living in the home and then cash the seller out of the home and buy it.