With the 2024 presidential election approaching, many wonder how political factors will impact the housing market, especially in states like Michigan. Tim Ross, CEO of Ross Mortgage, recently addressed these concerns with Fox 2 Live Detroit.

How are political factors influencing the housing market, particularly in Michigan?

According to Tim, political discussions surrounding housing policy are on the rise. Both candidates are addressing housing issues, which highlights a growing awareness of the housing crisis. “Interest rates are high, affordability is tough, and housing prices are elevated. Additionally, a lack of inventory is making it harder for people to find homes,” says Tim. While political promises may offer solutions, any changes will take time to materialize.

What factors are driving the housing affordability crisis, and what does the future hold?

Mr. Ross identifies three main challenges: high interest rates, elevated home prices, and low inventory. The recent spike in interest rates has kept many buyers from entering the market, and those with low-rate mortgages are hesitant to sell, which reduces inventory. As the election passes and new policies are implemented, Tim is optimistic that market pressures may ease, making homeownership more achievable.

How is Detroit’s housing market faring compared to other regions?

Tim explains that Detroit’s market mirrors national trends with reduced inventory and fewer sales due to higher interest rates. However, Detroit has a unique advantage: an ample stock of affordable homes. As neighborhoods undergo revitalization, he sees Detroit as an “incredible opportunity” for buyers seeking affordable options, with potential for both stability and long-term investment.

What advice do you have for first-time homebuyers in this challenging market?

For first-time buyers, Tim recommends shifting the traditional approach by starting with a lender consultation. “Meet with a lender to understand your options, down payment requirements, and monthly payment expectations,” he advises. This preparation builds confidence, ensuring buyers stay within budget. Additionally, seeking prior approval—which involves verifying income, assets, and credit—can make offers more competitive, particularly in multiple-offer situations.

Celebrating 75 Years of Ross Mortgage

Ross Mortgage is proud to celebrate 75 years of helping Americans achieve homeownership. Tim attributes the company’s success to its commitment to the American dream of homeownership. “Our guiding principle has been to help people own residential real estate. For us, homeownership represents safety, security, and an opportunity for wealth creation,” he explains.

$750 Off for First-Time Buyers

To celebrate their 75th anniversary, Ross Mortgage is offering $750 off mortgage costs for first-time homebuyers who apply by December 31, 2024, with closings through June 2025. This promotion is an opportunity for first-time buyers, including those who haven’t owned a home in the past three years, to save on closing costs.

How to Contact Ross Mortgage

For more information on this anniversary offer and to start your homeownership journey, visit www.rossmortgage.com. The team at Ross Mortgage is ready to help you make your homeownership dreams a reality.