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Plymouth Michigan real estate market update

Plymouth Michigan real estate market  stays pretty steady because Plymouth  is a such a great place to live!.  With homes located within walking distance of the central  downtown, Kellogg Park, shops, and restaurants The City of Plymouth draws people looking "old time city life".  If you don't like older homes then Plymouth Township offers homes from 1500 square feet to over 4000 square feet with the latest amenities.

Right now there are only 164 Plymouth MI homes for sale.  They range in price from $34,000 up to $2,999,999.  Of those 164 homes 32 are short sales and only 9 Plymouth foreclosures.   The 9 Plymouth foreclosures are priced from $34,000 up to $700,000.  Average time on the market for these 164 Plymouth homes are 262 days.   Which tells me that quite a few of them are over priced because right now homes are selling relatively quickly if they are priced right.  It's not unusual in this 2010 Plymouth real estate market for homes to sell as soon as they are listed (within the first week).   Many sell within the first month if priced right while the other sit and sit.

Here is a table of all the Plymouth homes that sold in the last year by price range. 

 

Price Statistics Legend
Range Name Price Range Number of Listings Days on Market
       
  10,000 to 60,000 15 73
  60,001 to 110,000 44 100
  110,001 to 160,000 63 116
  160,001 to 210,000 78 114
  210,001 to 260,000 52 87
  260,001 to 310,000 42 169
  310,001 to 360,000 26 132
  360,001 to 410,000 20 135
  410,001 to 460,000 18 162
  460,001 to 510,000 7 124
  510,001 to 560,000 0 0
  560,001 to 602,000 2 267
For the 367 listings: For the 367 Sold listings:
Average List Price $229,777.00 Average Sold Price $218,747.00
Median List Price $205,000.00 Median Sold Price $193,000.00
Highest List Price $625,000.00 Highest Sold Price $602,000.00
Lowest List Price $31,900.00 Lowest Sold Price $12,552.00
List Volume $84,328,170.00 Sales Volume $80,280,160.00
Avg. Days On Market 118 Avg. Days On Market 120

 

 Search Plymouth foreclosures and Plymouth home listings 

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Plymouth Subdivision information

Plymouth MI photographs

Plymouth MI - Official Website

Official Website of Plymouth Township, Michigan (MI)

Information courtesy of RealComp II Ltd 



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Posted on Mar 23, 2010 @ 8:11 am by russ.ravary - View Profile
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The Decay of Detroit

I was down helping two different clients buy a home for themselves in Detroit.  Sadly Detroit has so many financial problems and this housing crisis is only adding to Detroit's problems.  With the crime and poor schools thousands of Detroit's residents have fled the city.  It will be interesting to see home many people actually live in the city after the 2010 census.

After showing houses yesterday I was dismayed to see how many empty homes, how many homes that have been destroyed by fire and theft.  Without good home values nobody will be willing to invest in the homes and have to put $20,000 into a home that will only be worth $10,000.  That is the problem Detroit is facing.

But the next problem Detroit is facing is the hundreds of vacant abandoned homes.  Homes that won't bring in tax revenue.  Homes that now have become a liability for the City of Detroit.  How will the city ever pay for the removal of all those destroyed homes.  Who can afford it?

Detroit real estate 

                          Detroit investment properties

Homes that have become trash dumps.  Here is one filled with old tires.

Detroit foreclosures

Here is a whole row of homes that have been stripped of the bricks.  Other homes are just boarded up unable to be rented.

Detroit real estate                  

                                                 Detroit foreclosed homes

Detroit real estate investments

This neighborhood I was in, was a neighborhood a good friend had grown up in.  Here is his house.  It is still in good shape.  But there were over 20 homes in 2 blocks were vacant, burnt, or destroyed.

Detroit homes for sale  



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Posted on Mar 22, 2010 @ 11:02 pm by russ.ravary - View Profile
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The reason why there are so few Metro Detroit foreclosures right now

The reasons there are so few Metro Detroit foreclosures in Michigan are because:

1.) Banks are trying to work out solutions with current Metro Detroit home owners and renters.  I have heard stories of renters being able to continue renting the foreclosed property for up to a year later.  So instead of being sold as a foreclosure the renters are getting a chance to buy them or a few home owners are being able to work it out. 

2.) Some banks have merged with other banks.  Bank of America has gobbled up Countrywide.  Wells Fargo has swallowed up other banks.  But in this merger mania has come confusion.  I personally know somebody that has a Countrywide loan that has not been foreclosed on after 2 years.  He has lived in the house for 2 years free!  Some banks I think don't have a clue where the properties paperwork is at.  Which trust holds it.  So if they can't figure out the title work they are not putting it on the market. 

3.) Many Metro Detroit foreclosure properties have come to the market slowly because of Jennifer Granholm's moratorium on foreclosures, and Fannie Mae's moratorium on foreclosures.  It basically gave many foreclosures another 6 months of being in limbo. 

4.)  There I believe is a slowing in the number of Metro Detroit Michigan foreclosures. 

It wasn't unusual for most Metro Detroit Michigan suburbs to have 10 -20 foreclosures.  Now some cities have less than 5.  So don't sit back and wait for just foreclosures.  Look at everything in your price range.  Sometimes the Metro Detroit short sales are good deals if you have the patience.


Search Metro Detroit foreclosures and home listings 

 



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Posted on Mar 20, 2010 @ 8:45 pm by russ.ravary - View Profile
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Canton Township homes for lease - Canton Township rental homes

Thinking of just renting a home in Canton Township, here are the latest list of Canton Township Homes for lease as 3/13/2010.  There are no Canton Township rental homes listed under a thousand dollars.  There are a few deals on the list.  How about a 3100 square foot house for only $1950 a month!  Many of the homes that are nice and reasonably priced are not on the market more than a couple of weeks, so don't wait on putting in an offer if the home is a good deal.  The dogs or overpriced ones of course sit forever. 

Canton Township Michigan is a great town to live in.  Ford Road is the main shopping area that is convenient where ever you live in Canton Township.  Then the easy access to I-275 expressway makes traveling around Detroit easy.  Feel free to email me to have the latest Canton Township homes for lease (Canton Township rental homes) sent to you weekly or call me with any questions about the homes below.  My cell is 313-310-9855 or email is yesmyrealtor@gmail.com 

LIST PRICE STREET NAME SQUARE FOOTAGE BEDROOMS BATHS.LAVS YEAR BUILT
1375 PRESTBURY RD 1314 3 2 1986
1400 FLEET 1449 3 1.1 1972
1450 SHELDON 1577 4 3 1978
1500 HILLSBORO 1826 4 1.1 1972
1600 WOODMONT E 1765 3 2.1 1991
1650 BURGUNDY 2259 4 2.1 1978
1650 BURGUNDY 2298 4 2.1 1976
1650 METALINE 2210 4 2.3 1991
1700 RIVER MEADOW 2339 4 2.1 1997
1700 PARKLAWN 2246 4 2.1 1994
1750 SHERWOOD 2600 4 2.1 1998
1750 WOODS 2180 3 2.1 1997
1795 HENDRIE 2925 4 2.1 2001
1900 POND 2583 4 2.1 1999
1950 AMANDA CT 2337 3 2.1 1999
1950 LABANA 3100 4 3.1 1999
2000 ADRIANA 2569 4 2.1 2003
2000 BUNKERHILL 1814 4 2.1 1973

 

__________________________________________________________



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Posted on Mar 13, 2010 @ 12:45 pm by russ.ravary - View Profile
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After the first time homebuyer tax credit

What will happen after the first time home buyer tax credit expires?  I don't think anybody knows.  I myself think it has been one of the Democrats best success stories.  I think if you ask any real estate professional you will hear that the tax credit did bring a large number of buyers into the market.  The tax credit created demand.  And I believe the demand in the Metro Detroit housing market was enough to temporarily stabilize the home values.

Before the first time home buyer tax credit we were on a major slide of home prices.  The tax credit brought investors and first time home buyers into the market.  In the last year it was not unusual to see multiple bids and homes going over list price.  All due to first time home buyers and the tax credit.  Sure the higher priced homes were not affected but the homes under $250,000 range was.

Investors also jumped into the market.  They could buy and then fix up homes to flip to first time home buyers.  That also helped the market.

As for what will happen I honestly don't know.  I do think demand is already dropping off.  We are exhausting the first time home buyer pool.  Now we are getting bad credit people applying.  There are less qualified buyers out there right now.  So hopefully home values won't drop after the first time home buyers leave the market because the credit expired. 

Search Metro Detroit homes for sale  



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Posted on Mar 06, 2010 @ 7:30 am by russ.ravary - View Profile
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Russ Ravary
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Plymouth, MI 48170


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