Detroit Real Estate

I get a lot of questions via email..  This one was from a out of state realtor. 

Hello,

I am a Realtor in Colorado and I am trying to find more information for my Grandfather. He owns several homes in the Detroit area and he is having some bad luck trying to get rid of them. I refered him to a Coldwell Banker agent to try and help him out but he is reluctant to talk with other Realtors. (he is 90 years old and has been in real estate in Detroit for 60 years.)  Colorado.

Here is my reply

  Selling Michigan property is very tough.  If your grandfather is 90 years old it is probably hard for him to comprehend that his Metro Detroit houses are worth so little.  They may be worth far less than what he paid for them 20 years ago.  Hard for any person any age to comprehend let alone a senior.  Senior citizens are the toughest to explain todays market to.  In the city of Detroit homes that were selling for 80-90,000 are now selling for 10 - S20,000.   And even those are taking time for them to sell.

Many other cities like Redford and Warren have lost tremendous value too.                                                                      

Here is one snapshot of the City Detroit Home sales

Now remember this is just the city of Detroit.  Detroit suburb homes have lost value and are bargains, but they have not lost the value Detroit homes have.  Most Metro Detroit suburb homes have only lost 30 -40% in value.  Still a big drop but I didn't want you to expect those type of huge bargain in cities such as Canton, Plymouth, Livonia, Novi, or Northville.  The home seller will just laugh at your offer.

If your grandfather needs help selling his metro Detroit homes give me a call at (313) 310-9855 on my cell.   

My funny quote about life is:

It may be that your sole purpose in life

 is simply to serve as a warning to others

                                        anonymous

Photos, Comps. and Listing Information Courtesy of Realcomp II Ltd.