Detroit Real Estate

Here is a quick update about Canton condos and Canton real estate in Wayne County Michigan.  Can you believe that some Canton condos sold for as little as $22 a square foot.  You couldn"t even build a condo for that. 

Yes many Canton Condos are bargains.  All the Canton condominiums above have sold in the last six months. In the last year 239 condos have sold in Canton Twp, MI.  Right now there are 154 condos for sale.  They have been on the market an average of 181 days.

 Search Canton MI foreclosures and Canton real estate MI

                                    Russ Ravary your Canton real estate agent

_______________________________________________________

My thought of the day:

When you find peace within yourself, you become the kind of person who can live at peace with others."

 Here's what is happening in the Northville real estate market in the last ninety days.  The market has changed since the beginning of the year.  It was a buyers market during the winter but it has change a little bit.  Homes are not staying on the market as long.  If you notice the average time on the market is only  4 monthes right now. 

If you look at the table below you will notice that the over $800,000 Northville real estate market is dead.  Only one home in that price range has sold.  It is quiet.  I would say the over $800,000 price range is a buyers market right now.  Whether the sellers are willing to negotiate is another matter. 

If you notice there are not many homes that have sold lately under $200,000 in Northville.  Only 15 Northville homes have sold in the last 90 days under $200,000.  It's  to imagine that there were 2 homes in Northville that sold for under $100,000.  There are bargains in Northville real estate right now.  I have recently helped a client buy a nice house for under $200,000 and it wasn't a bank foreclosure, it was a corporate relocation property.  There are deals in short sales, estate homes, and relocation homes.

I hope this helps you understand the Northville real estate market right now.  Feel free to call me with any questions or if you want to see some Northville homes.

Russ Ravary your Metro Detroit real estate

Search Northville foreclosures and Northville homes for sale and get the latest Northville listings emailed to you weekly or daily

Sold information courtesy of RealComp II Ltd

 Livonia foreclosured homes that have sold in the last 2 months

There were were 65 Livonia foreclosed homes that sold but believe it or not there were over 20 off them that sold for over list price.  But there are others that sold cheaper. Currently there are 58 Livonia foreclosed homes for sale ranging in price from $27,500 all the way up to $260,000 for a Livonia home on 5 acres.

What is unbelieveable is that there is 13 Livonia foreclosed homes under $50,000.  It is hard to believe that.  A few years back you couldn't find Livonia real estate for less that $125,000.   Hard to imagine home prices have fallen that far, but they have.    You can buy a house under $50,000 and you can live cheaper than you can rent.  Plus you can get a tax deduction.  It is a great time to buy if you can get approved for a mortgage and have a stable job. 

Russ Ravary your Metro Detroit Realtor selling Livonia real estate, Northville real estate, Wayne County, and Oakland County homes

                           I am also able to help you find a Oakland County waterfront home or  Livingston County getaway

Get the latest home listings emailed to you or just search the latest metro Detroit area home listings

Comp and listing information provided courtesy of Real Comp II Ltd.  Homes shown above have been sold by various Realtors

Wayne and Oakland County real estate market

I continue to be busy selling homes in the metro Detroit real estate market.  In the last week I have had for closings, and 4 new offers put in.  It is tougher to win a bid on low priced Metro Detroit foreclosures if you need a mortgage.  There are cash buyers out there.  We have lost (out bid on highest & best bids) to cash buyers even up to $100,000.  But we are winning them here or there.  It usually takes about three or four bids to win a house.  This is the usual scenario.

That is simply because at first the Metro Detroit home buyer wants to put in a low ball bid on the foreclosures.    I tell them that they are going over list price and I print off the last Metro Detroit foreclosures that have sold.  But they usually don't listen.  So they lose the first one.

Then we go out to look at some more homes.  But another bid in a little higher or at list price.   We lose that one too.  I give them the list of the latest foreclosed homes that have sold in the last 45 days that shows list price and sold price.  The home buyer finally really looks at it and realizes that they have to bid higher than list price on good or decent homes.

Then they are in the ball game.  The next one the bid higher.  Then there is a good to great chance of winning.

This scenario plays out every time I take foreclosure buyers out.  They have heard about the great deals that people are buying.  So they first think they need to low ball the bid.  But finally they realize that these Metro Detroit foreclosures are priced so low that they are great deals even over list price.   

I want to scream sometimes but I know that if I am patient the client will learn the hard way.  They just don't know any better.  They just met me and don't have complete trust in me yet.  But after a while they realize I am right.  I see too many homes in a week and bid with too many clients.  I do know the metro Detroit real estate market fairly well.  But I'll be going out next week with new foreclosures buyers and do the whole scenario all over again.

On the reason why a bank goes with a cash buyer  instead of mortgage buyer is simple.  They know the deal will close and close quicker than a mortgage deal.  Some mortgages fall apart and the banks know that so they would rather have a sure cash deal over a mortgage deal.   A bank will award to the bid to a cash buyer over a person who needs to get a mortgage to buy the home.

It seems I am all over the place.  I have been looking at Northville, Plymouth, and Canton colonials in the $300,000 -$400,000 range.  Then Royal Oak, Clawson, Berkley ranches in the 100 -160,000 range with other clients.  Then I have been looking at Lincoln Park, Taylor, Dearborn Heights foreclosed homes under $20,000.  There were over 50 homes on the list this morning.  It's hard to believe that there are that many Metro Detroit foreclosures under $20,000.  They need work but they are in decent areas and a great value for a cash buyer.

Of course I have about 10 Oakland County lakefront home buyers that are looking for lake homes that are a deal.  It seems that I am looking at houses all over the Metro Detroit area and I am amazed at the bargains.  But one perception or myth I am still hearing but not seeing is that people are lowballing the house and getting it.  Yes I am seeing up to 10% below list price offers being accepted but I'm not seeing many 20% lowball offers being accepted in the last 30 - 60 days.  The metro Detroit real estate market has heated up a little.  Many times you have to bid over list price on the inexpensive foreclosed homes in the under $80,000 price range to win them.  (We have lost bids even when we bid $12,000 over the list price of $72,000 on a Livonia ranch.  We lost a Taylor home by $4500 on a $13,000 list price.)  They are over bidding significantly sometimes to win the bid.  The homes were both still great deals at the price the other people one them at.

Russ Ravary your Metro Detroit real estate agent    

Search Metro Detroit foreclosures   

 Here is a quick look at the Wayne County real estate market in March and April of this year.  In April Wayne County home sales in units were down 56% and down 18% in price from April 2008.

In March unit homes sales were only down 27% from March 2008 and sales prices were off 11% from the year before.

Wayne County Condomiums sales were very similar.

Wayne County Condos unit sales were down 47% from April 2008 to April 2009.  Wayne County Condo prices were down 20% in the same period from April to April.

In March of 2009 condo sales units actually went up 5% from the year before. But condo sales prices dropped 25% from the same period. 

Search Wayne County Condos and homes for sale..... get the latest foreclosure listing emailed directly to you.

Russ Ravary your Metro Detroit Realtor

Comp and sales information courtesy of Realcomp II LTD.