Currently the median price for a home in the Romeo MI real estate listings is $229,900. Right now the prices for homes in the Romeo Michigan real estate listings start at $73,500. That’s a two bedroom condo that may not last long.
If you are interested in buying Romeo Michigan real estate, but have past credit issues, and can’t get bank financing, you should know that solutions exist you may not be aware of.
On the other hand, if you already own Romeo MI real estate, but need to sell your home quickly, because of a job transfer, to avoid foreclosure or for other reasons, there are strategies you may not know.
Both of these will be discussed later in this article.
Historic Romeo Michigan Real Estate: A Bit of History
The village was named by the wife of Nathanial Taylor, who helped with the lay out in the early 1800’s. During those years, Romeo Academy and the Romeo branch of the University of Michigan opened. The many examples of 19th century architecture led the state and the federal government to list the village as a historic district in 1970.
Timber originally attracted settlers to the area and many wealthy families resided in the village. Some of their stately mansions survive to this day, often restored by Metro Detroit commuters. Right now, in the Romeo MI real estate classifieds, there is a four bedroom Greek Revival home that was built in or around 1856. The asking price is $599,900.
The downtown district never suffered from fire or other damage and many of the buildings have original tin ceilings dating to the Civil War era. The cornerstone for the Congregational Church, which plays a nightly carillon selection, was laid in 1876. War heroes, pioneers and prominent citizens are buried in the Village Cemetery on West St. Clair Street.
Residents are proud of the historical value of Romeo Michigan real estate and value their original Victorian village, with it’s tree lined streets and brick inlay sidewalks. Looking down Main Street, the view has changed little since 1910, as can be seen from photos donated to the Romeo historical society.
The main changes are that cable cars no longer run through town and antique stores, ice cream shoppes, restaurants and retail businesses now occupy the buildings. Modern upgrades are mostly hidden. You may feel that you have stepped on to the set of “Our Town” as you walk or drive through the one square mile that composes the village.
Facts & Figures
At the last census, nearly 4000 people lived in the two square miles covered by the Romeo MI real estate market. The village is about 32 miles north of Detroit, with portions lying in Bruce and Washington townships. To the east is Armada Township and to the southeast is Ray township.
Romeo is known for the yearly Peach Festival, which is held over Labor Day weekend. The village is noted as being the hometown of Kid Rock, Stoney Burke and Barbara Bourgeau Richards. The village government provides many services to residents including its own water and sewage system. Most of the region receives water and sewage services from the City of Detroit.
Buying & Selling
Currently there are only 40 homes for sale in the Romeo Michigan real estate classifieds, but many more are available in the surrounding communities.
The big secret if you’re a potential buyer is: if you can afford to rent, you can probably afford to buy one of the homes in the Romeo Michigan real estate listings or at least somewhere nearby, even if you have bruised credit.
Interest rates are low, but qualifying is more difficult than it used to be. If you have been denied financing because of past credit issues or little established credit, then you need to buy on terms.
Some of the best terms to buy on are a rent to own basis (also called a lease option) or on a land contract. This means that the homeowner is acting as the bank and giving you seller financing. No bank qualifying upfront means you don’t have to worry about getting the loan right away.
Then, while you are renting the property, you re-establish your credit so that at some point several months down the road you will be able to qualify for bank financing and cash the seller out of the house and become the new rightful owner.
If you already own Romeo MI real estate, but need to sell quickly, your solution is simply the flip side of the buyer coin: you sell your home on terms by offering seller financing. In Michigan there are many people with good jobs and can afford home ownership but because they’ve been banged around by the bad economy, have bumpy credit and can’t get bank financing upfront.
Selling your home via a seller financing strategy opens your home to a much larger pool of buyers than you get by only selling your home to people with bank approvals in hand.