Farmington Hills Real Estate and Events talk Michigan

Here what I am seeing in the Metro Detroit real estate market.

• Many colonial homes are selling for less than a $100 a square foot in the Metro Detroit area(Canton, Farmington are just some of the cities that it is happening in) 
• Updated, ready to move in homes are selling first and for the most money
• Some great priced foreclosures sell in less than a week and sometimes for more than list price 
• Homes that are not updated or that have external factors or problems will take longer to sell
• Inventory of homes are getting smaller especially homes priced lower than $200,000 
• Home buyers losing out on great priced foreclosures because they lowballed it
• HUD homes taking up to six months to close
• Many Short sales homes never close even though there are good solid offers.
• Homes in Livonia, Westland, Garden City, Redford, Dearborn, Dearborn Heights selling for less than $50,000
• Homes that are liveable in Detroit selling for less than $10,000

My thought are that will see homes selling faster in the spring.  We will see a slight leveling of prices this spring as we will see some buyers fighting over the "nicer homes".  The people that think they can lowball the nice houses that are already priced great will continue to lose out.  

Metro Detroit home prices will not be bottoming out or rising any time soon.  Home sellers that holding out for top dollar will be chasing the market down and losing more money.  One Novi home sellers sad tale.