I believe the Metro Detroit Real estate marketis very similar to most of the country. I believe we here in Michigan went into the real estate bubble first. I don't know if we will emerge first.
Homes across the country are losing value. I have read stories of 40% in some areas and 20% in others. It is the same way in the Metro Detroit real estate market. There are some cities like Northville and Novi, Michigan that have lost as little as 20% in some subdivisions. Then there are towns like Canton Michigan,and Brownstown that have lost 30 - 40% of the homes value in certain subdivisions. The city of Detroit homes have gotten hammered. You can buy homes very cheap in the City of Detroit. Many of them need work. I recently helped a client buy a 1000 square foot brick home in Detroit for $2900. It needed a roof, some drywall work, some painting, and carpeting. But for $2,900 it was a solid house.
I have read that California home sales are up. Metro Detroit sales are up too. People are buying the cheaply priced foreclosures. Homeowners are having a tough time selling because they can't or won't go to those rock bottom foreclosure prices. I don't blame them but you have to lower your price in this Metro Detroit real estate market if you truly want to sell. Some Michigan home sellers can't lower their price that low. They will lose money. So they are stuck.
For more on the Michigan real estate market visit my websites www.RussRavary.com or www.DetroitMichiganRealEstateHomes.com You can search over 60,000 MICHIGAN homes for sale free at you convenience day or night!
HAVE A GREAT DAY RUSS RAVARY
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My Month of December quote:
~ Mark Twain”
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.
