What is going on in Michigan real estate market? Right now we are seeing a small jump in sales and showing activity. I would guess that home prices in Metro Detroit have fallen about 20% off there highs several years ago.
Today they announce it was the biggest drop in home sales in many years. Falling home prices is not just here in metro Detroit. It is also across the nation.
The reasons are over supply of homes, the tightening of mortgage requirements, the lack of buyers that can get homes, the abundance of foreclosed homes.
If you do not have to sell don't! If you do not have to sell don't!! But if you are thinking of moving and want to wait until the market comes back. Then you must realize it is going to take 2-3 years for a major upswing. Many economists are predicting 2010 before prices stabilize and start to move up.
If want to retire, move closer to your children, make a life style change then you need to do it. Don't wait to have the prices come back. It is not going to happen in the next three years. Live your life. Make your decision to move, unless you can not afford to take a loss. Don't wait to recoup a gain you may not get for 5 or more years from now.
If you are thinking of selling go to http://www.checkmyhousesvalue.com/ or go to my website http://www.russravary.com/ for great seller tips
May life treat you and your family well
Russ Ravary
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