Each year the Metro Detroit real estate market picks up in May and runs thru July. There are more buyers in the Metro Detroit real estate market during that time. What happens is that there are more buyers, more activity, more competition for Detroit homes and Metro Detroit real estate. Homes usually get a little higher sold price during this period. Homes that have sat for monthes sometimes get snatched up quicker.
Just because homes have sat for months in this Southeastern Michigan buyers market does not mean that they will last forever during our spring rush. I am not saying that it will be a mad rush for homes, but I am saying that a home that has sat on the market for a year may disappear in a matter of days. Just simply because there are more home buyers looking to make a decision to buy a home in a short period of time. Many people buy during this time because the kids are out of school and they want to find a new home before the new school year starts.
So the bottom line I have to say to you is that you may encounter other buyers bidding on the same home as you. Do not assume that the house will be there next week. Do not assume that you can give that ultimate low ball bid on that Michigan home. There will be still many Detroit foreclosures, Wayne County foreclosures, and Oakland County foreclosures to chose from.
But remember if you have your eye on a certain Michigan Home and truly want to buy it.... don't wait to long because your Michigan Dream Home may be gone. To search over 66,000 Michigan Homes for sale go to my website http://www.russravary.com/ and view them for free at your convenience. We have lots of Michigan relocation information on schools, crime statistics, and city information.
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
Hi Russ,
Good information about the Michigan market (which I had heard was really down). It sounds like you've been doing this a while and realize that there are still plenty of buyers. I have several here in the Central, VA area that are gorgeous homes, but just haven't sold. I am certainly hoping for a fabulous Spring market when many of them do actually SELL. The advertising is killing me! Nadine Blakely, RE/MAX 1st Olympic, Lynchburg, VA
Income and commercial properties are taking a hit too. Both are sitting on the market longer and prices are dropping. Location, rent price, and condition of the apartment building is going to be the key on what type of return that you will be getting.
It is not a simple thing to pick out a building and think you are going to rent it all out and cash flow. You have to run projections on what it is going to cost you to mortgage the building, taxes, and repairs. There is no simple answer to your question. There can be one building in Westland that may be getting great returns will the other buildings are scraping buy. A lot of research goes into buying a large rental building to be successful. Give me a call at 313-310-9855 or email me at info@RussRavary.com to start helping you find a good building.