Detroit Real Estate

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. 

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Plymouth Subdivision information

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Plymouth MI - Official Website

Official Website of Plymouth Township, Michigan (MI)

Information courtesy of RealComp II Ltd 

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?

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

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

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.

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.

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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 

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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. 

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