Detroit Real Estate

With the current economic downturn many retirees retirement accounts have been devastated.  Some retirees have lost up to 50% of their value of their retirement funds.    So it is really tough for them to take that their home values have dropped so dramatically.  Many retirees planned on selling their Metro Detroit homes and moving to a warmer area.  Now their moving plans may have to be put on hold because of their losses. 

I have sat down with 3 retirees lately going over the latest Metro Detroit area comparables to determine what they would net out of their house.  What I have told them is they have determine what they really want.  Are they willing to wait or stay here in Metro Detroit suburbs.  I myself think it is going to take 9 years for home prices to come back to their highest levels.

So what am I telling them is do is figure out if they are willing to put their life, their retirement on hold.  Do they want to enjoy their golden years right away?.  I ask them can they afford to take the loss.  Home prices across the country have taken a beating.  So if they have taken a loss on their home value they should make a little bit up on their purchase of a new home.

What each retiree must determine their finances, their future plans, their future budgets.  I can't determine that.  I can only show you what you home is worth. 

What I can tell you is that it is going to take time to sell your Metro Detroit real estate.  And you are going to be insulted by home buyers trying to get a deal.  So before you jump into this buyers market be sure you want to sell and then price your home right.