Weekly Minutes with David

The 2026 spring housing market is arriving with a mix of urgency and opportunity. Whether you're a current homeowner or looking to buy, here is what you need to know to stay ahead this February. The Clock is Ticking: Tax Deadlines & Foreclosure Warnings If you own property in Oakland County, circle February 28, 2026, on your calendar. This is the final day to pay your 2024 property taxes to avoid forfeiture and a significant interest rate hike — specifically a 1.5% monthly increase retroactive to March 2025. For those with deeper delinquencies, the stakes are even higher. The absolute deadline to pay 2023 taxes and avoid foreclosure is March 31, 2026. If you're struggling, the Oakland County Treasurer's Office is holding taxpayer assistance meetings through the end of the month. Pay now to protect your equity. Market Pulse: Rates Steady, Inventory Tight The "rate hike" fears of last year have softened into a period of stability. Current 30-year fixed mortgage rates are hovering around 6.1%, significantly lower than the 7% peaks we saw in 2025. However, "stable" doesn't mean "slow." In cities like Novi, Rochester Hills, and Royal Oak, inventory remains tight. We are already seeing the return of bidding wars, with nearly 30% of homes selling over list price last month. Because homes are moving in an average of 30 days, the luxury of "waiting and seeing" has vanished. The Golden Rule for 2026: Pre-Approval is Critical In a market where multiple offers are the norm, a mortgage pre-approval isn't just a suggestion — it's your ticket to the game. Sellers are prioritizing buyers who can prove their financing is rock-solid. Your Action Plan: Sellers: Ensure your 2024 taxes are cleared by the 28th to ensure a smooth title transfer. Buyers: Lock in your pre-approval today. With rates holding steady and inventory tightening, the early bird truly gets the keys this spring.

Welcome back to the Weekly Minute. I'm David Fogel with BPO Pros. Last week we talked about those critical tax deadlines, but today we're diving into a question I get every single day: David, should I wait for interest rates to drop before I buy? It's a fair question, but today we're going to look at why waiting might actually be costing you more than you think. Let's Talk Numbers: APR vs. Interest Rate We often focus on the interest rate, but as a buyer you need to understand your APR, or Annual Percentage Rate. This includes your interest plus the fees to get the loan. While rates are higher than the golden era of three percent, they are holding in a range that is still historically workable. The trap many buyers fall into is waiting for a one percent drop that may not come for a year. Meanwhile, home prices in Oakland County aren't sitting still. Because inventory remains incredibly low, we are seeing consistent price appreciation. If the home you want goes up twenty thousand dollars in value while you wait for a lower rate, you've effectively wiped out any savings that lower rate would have given you. Royal Oak: A Signal of Market Confidence We see this growth happening right in our backyard. For example, look at the recently approved Royal Oak housing project. This new development near the Woodward Corridor is a huge signal of confidence in our local market. New density like this doesn't just bring new neighbors — it increases the desirability and the long-term value of the entire surrounding area. When developers are betting millions on Royal Oak, it's a sign that now is the time to secure your piece of the community. Your Action Plan: Buyers: Don't just look at the rate — look at the equity. Refinancing later is an option, but buying at today's price is a one-time opportunity. Sellers: You are in a position of power right now. With such low inventory, your home is a rare commodity. However, you still need a perfect presentation to capture those buyers who are being more selective due to higher rates. Stop guessing and start calculating. If you're on the fence, let's sit down for a buyer strategy session. We'll run the real numbers, comparing the cost of waiting versus the benefit of building equity now. I'm David Fogel. Stay local, stay informed, and I'll see you next week for the Weekly Minute.