Today they revealed that Michigan is still number one in the nation in Unemployment. How does that affect the Metro Detroit real estate market?
It is really quite simple. If you take 10% out of the market because they are unemployed it means there will be more foreclosures coming and less demand. Less demand because unemployed people can't buy houses. Some of these unemployed people are moving back in with family.
They are not buying Livonia real estate or any home in the metro Detroit area. They aren't buying any Oakland County Lake real estate or even a condo. They aren't spending money, they are uncertain about their future.
Less demand then means there are more homes going to be on the market. The longer homes are on the market the lower prices will fall. We need job creation to help rebuild the Metro Detroit economy. Just my thoughts.
Russ Ravary
Search Metro Detroit home listings
Friday, January 22, 2010
Friday, January 8, 2010
Andover Lakes - Plymouth Twp real estate
| LIST PRICE | STREET NAME | SQUARE FOOTAGE | BEDROOMS | BATHS .LAVS | YEAR BUILT |
| $198,800 | SHEFIELD | 2380 | 3 | 2.1 | 1996 |
| $339,900 | WENDOVER LOT 19 | 2819 | 4 | 3.2 | 2009 |
What is interesting that a home that was leased in Andover Lakes only lasted 9 days. And the sold homes in Andover Lakes were on the market an average of 75 days.
| ADDRESS | LIST PRICE | SALE PRICE | DOM | SP PER SQFT | SQUARE FOOTAGE | YEAR BUILT |
| 12338 WENDOVER DR | 2100 Leased | 2100 leased | 9 | 2819 | 2006 | |
| 12588 WENDOVER | 225000 | 227500 | 16 | 113.5796 | 2003 | 1998 |
| 13455 ANDOVER DR | 229900 | 230000 | 169 | 114.0873 | 2016 | 1997 |
| 12464 WENDOVER CT | 250000 | 247000 | 51 | 93.6315 | 2638 | 1998 |
| 50913 RICHARD DR | 299900 | 282500 | 110 | 113.6363 | 2486 | 2004 |
| 12653 WENDOVER CT | 290000 | 290000 | 18 | 110.4761 | 2625 | 1998 |
| 12755 ESSEX CT | 295000 | 292000 | 58 | 108.1481 | 2700 | 2000 |
| 12428 WENDOVER LOT 20 DR | 349900 | 300000 | 76 | 94.4287 | 3177 | 2009 |
| 13039 ANDOVER DR | 325000 | 31 | 2359 | 1996 | ||
| 12357 WENDOVER LOT 27 DR | 349900 | 349900 | 87 | 110.1353 | 3177 | 2008 |
More Plymouth real estate information
Search Plymouth Twp home listings and Plymouth foreclosures
Whether you are looking to buy in Andover Lakes neighborhood or just looking around Plymouth Township neighborhoods here is a quick glimpse of what has sold in the last six months in the Andover lakes subdivision.
What is interesting that a home that was leased in Andover Lakes only lasted 9 days. And the sold homes in Andover Lakes were on the market an average of 75 days.
| ADDRESS | LIST PRICE | SALE PRICE | DOM | SP PER SQFT | SQUARE FOOTAGE | YEAR BUILT |
| 12338 WENDOVER DR | 2100 Leased | 2100 leased | 9 | 2819 | 2006 | |
| 12588 WENDOVER | 225000 | 227500 | 16 | 113.5796 | 2003 | 1998 |
| 13455 ANDOVER DR | 229900 | 230000 | 169 | 114.0873 | 2016 | 1997 |
| 12464 WENDOVER CT | 250000 | 247000 | 51 | 93.6315 | 2638 | 1998 |
| 50913 RICHARD DR | 299900 | 282500 | 110 | 113.6363 | 2486 | 2004 |
| 12653 WENDOVER CT | 290000 | 290000 | 18 | 110.4761 | 2625 | 1998 |
| 12755 ESSEX CT | 295000 | 292000 | 58 | 108.1481 | 2700 | 2000 |
| 12428 WENDOVER LOT 20 DR | 349900 | 300000 | 76 | 94.4287 | 3177 | 2009 |
| 13039 ANDOVER DR | 325000 | 31 | 2359 | 1996 | ||
| 12357 WENDOVER LOT 27 DR | 349900 | 349900 | 87 | 110.1353 | 3177 | 2008 |
More Plymouth real estate information
Search Plymouth Twp home listings and Plymouth foreclosures
Whether you are looking to buy in Andover Lakes neighborhood or just looking around Plymouth Township neighborhoods here is a quick glimpse of what has sold in the last six months in the Andover lakes subdivision.
What is interesting that a home that was leased in Andover Lakes only lasted 9 days. And the sold homes in Andover Lakes were on the market an average of 75 days.
| ADDRESS | LIST PRICE | SALE PRICE | DOM | SP PER SQFT | SQUARE FOOTAGE | YEAR BUILT |
| 12338 WENDOVER DR | 2100 Leased | 2100 leased | 9 | 2819 | 2006 | |
| 12588 WENDOVER | 225000 | 227500 | 16 | 113.5796 | 2003 | 1998 |
| 13455 ANDOVER DR | 229900 | 230000 | 169 | 114.0873 | 2016 | 1997 |
| 12464 WENDOVER CT | 250000 | 247000 | 51 | 93.6315 | 2638 | 1998 |
| 50913 RICHARD DR | 299900 | 282500 | 110 | 113.6363 | 2486 | 2004 |
| 12653 WENDOVER CT | 290000 | 290000 | 18 | 110.4761 | 2625 | 1998 |
| 12755 ESSEX CT | 295000 | 292000 | 58 | 108.1481 | 2700 | 2000 |
| 12428 WENDOVER LOT 20 DR | 349900 | 300000 | 76 | 94.4287 | 3177 | 2009 |
| 13039 ANDOVER DR | 325000 | 31 | 2359 | 1996 | ||
| 12357 WENDOVER LOT 27 DR | 349900 | 349900 | 87 | 110.1353 | 3177 | 2008 |
Wednesday, January 6, 2010
explanation of sellers concessions - Redford real estate
So you are you buying a piece of Redford real estate and you need an explanation of sellers concessions mean?
If you are a Redford home buyer and you don't have the enough money to buy a home. Sure you have the 3 1/2% that FHA requires, but you don't have much more. And you can't get more from any family members. So what do you do? You want to buy a Redford home but you don't have the money. Yes you can still buy the home.
The way it is done is by asking for sellers concessions. The explanation of seller's concessions is when the seller pays for your closing costs. On a FHA loan you can get up to 6% of the purchase price to pay for closing costs. So if you are buying a $100,000 Redford home you can get 6% of $100,000. That is $100,000 x .06 = $6000.
But you have to remember when you ask for sellers concessions it is coming out of the seller's bottom line. So if you offer $100,000 on that Redford bungalow the seller is only going to get $94,000 because he is giving you $6000. So take this home buyer tip and use it well. If you know there are multiple bids on a house take into account the sellers concessions you are asking for.
The bottom line is: If you only have the down payment for the house you can buy a home. All you have to do is have your Real estate agent ask for seller's concessions.
I hope this explanation of seller's concessions helped you. If you are a metro Detroit first time home buyer and don't understand a part of the home buying process always feel free to call me on my cell phone (313) 310-9855 or email me yesmyrealtor@gmail.com.
If you are a Redford home buyer and you don't have the enough money to buy a home. Sure you have the 3 1/2% that FHA requires, but you don't have much more. And you can't get more from any family members. So what do you do? You want to buy a Redford home but you don't have the money. Yes you can still buy the home.
The way it is done is by asking for sellers concessions. The explanation of seller's concessions is when the seller pays for your closing costs. On a FHA loan you can get up to 6% of the purchase price to pay for closing costs. So if you are buying a $100,000 Redford home you can get 6% of $100,000. That is $100,000 x .06 = $6000.
But you have to remember when you ask for sellers concessions it is coming out of the seller's bottom line. So if you offer $100,000 on that Redford bungalow the seller is only going to get $94,000 because he is giving you $6000. So take this home buyer tip and use it well. If you know there are multiple bids on a house take into account the sellers concessions you are asking for.
The bottom line is: If you only have the down payment for the house you can buy a home. All you have to do is have your Real estate agent ask for seller's concessions.
I hope this explanation of seller's concessions helped you. If you are a metro Detroit first time home buyer and don't understand a part of the home buying process always feel free to call me on my cell phone (313) 310-9855 or email me yesmyrealtor@gmail.com.
Tuesday, January 5, 2010
Farmington Hills real estate
Here is a quick glimpse of what is happening with Farmington Hills real estate and more specifically Farmington Hills Condos. This just shows how many are for sale in the different price ranges and how long they have been on the market. These are the Farmington Hills condos that are currently for sale. You see there are quite a few condos that are priced under $60,000.
This year I have helped quite a few young people get into condos. I had a couple of buyers that bought condos for cash. They are going to live in these condos and have a lower payment than they can rent for. And they own the place.
Some of these condos my clients have bought were very nice. Move in ready, freshly painted. Quiet condo associations. I have helped clients buy stand alone ranch condos for $75 a square a foot that were spacious, newer, move in ready, and in a gated complex. I have seen 2500 square foot condos for under $150,000. There are lots of good condo deals out there..... and still quite a few good home deals.
Farminton Hill Condo Price Statistics
Price Range Number of Listings
0 to 20,000 1 590 days on market
20,001 to 40,000 16 203 days on market
40,001 to 60,000 24 164 days on market
60,001 to 80,000 17 230 days on market
80,001 to 100,000 11 338 days on market
100,001 to 120,000 16 230 days on market
120,001 to 140,000 19 231 days on market
140,001 to 160,000 14 205 days on market
160,001 to 180,000 16 151 days on market
180,001 to 200,000 6 137 days on market
200,001 to 220,000 2 465 days on market
220,001 to 240,000 2 428 days on market
240,001 to 260,000 5 193 days on market
260,001 to 280,000 2 265 days on market
280,001 to 300,000 2 85 days on market
300,001 to 320,000 1 805 days on market
320,001 to 340,000 0 0
340,001 to 360,000 2 146 days on market
360,001 to 380,000 2 140 days on market
380,001 to 390,000 1 974 days on market
For the 159 listings: Average List Price $124,420.00
Median List Price $112,000.00
Highest List Price $390,000.00
Lowest List Price $20,000.00
List Volume $19,782,780.00
Avg. Days On Market 222
If you have any questions or would like to get started looking for your own home give me a call. I will be glad to sit down and go over your goals.
This year I have helped quite a few young people get into condos. I had a couple of buyers that bought condos for cash. They are going to live in these condos and have a lower payment than they can rent for. And they own the place.
Some of these condos my clients have bought were very nice. Move in ready, freshly painted. Quiet condo associations. I have helped clients buy stand alone ranch condos for $75 a square a foot that were spacious, newer, move in ready, and in a gated complex. I have seen 2500 square foot condos for under $150,000. There are lots of good condo deals out there..... and still quite a few good home deals.
Farminton Hill Condo Price Statistics
Price Range Number of Listings
0 to 20,000 1 590 days on market
20,001 to 40,000 16 203 days on market
40,001 to 60,000 24 164 days on market
60,001 to 80,000 17 230 days on market
80,001 to 100,000 11 338 days on market
100,001 to 120,000 16 230 days on market
120,001 to 140,000 19 231 days on market
140,001 to 160,000 14 205 days on market
160,001 to 180,000 16 151 days on market
180,001 to 200,000 6 137 days on market
200,001 to 220,000 2 465 days on market
220,001 to 240,000 2 428 days on market
240,001 to 260,000 5 193 days on market
260,001 to 280,000 2 265 days on market
280,001 to 300,000 2 85 days on market
300,001 to 320,000 1 805 days on market
320,001 to 340,000 0 0
340,001 to 360,000 2 146 days on market
360,001 to 380,000 2 140 days on market
380,001 to 390,000 1 974 days on market
For the 159 listings: Average List Price $124,420.00
Median List Price $112,000.00
Highest List Price $390,000.00
Lowest List Price $20,000.00
List Volume $19,782,780.00
Avg. Days On Market 222
If you have any questions or would like to get started looking for your own home give me a call. I will be glad to sit down and go over your goals.
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