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
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Showing posts with label metro Detroit real estate. Show all posts
Showing posts with label metro Detroit real estate. Show all posts
Friday, January 22, 2010
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.
Monday, April 7, 2008
Fairway Farms Subdivision Livonia Michigan
Livonia Real Estate
Latest Fairway Farms Subdivision Neighborhood Update as of February 7, 2008. There are 4 Livonia homes currently for sale in the sub. The average list price is $227,300 and on the average has been on the market for 199 days.
Price-Address-Bed
$199,900-359 ROYCROFT ST-3
$229,500-156 WESTBROOK ST-4
$234,900-156 LEVAN RD-3
$244,900-153 GOLFVIEW ST-3
IF YOU OR ONE OF YOUR FRIENDS, OR CHILDREN WOULD LIKE TO SEE ONE OF THESE LOVELY LIVONIA HOMES EMAIL ME AT INFO@RUSSRAVARY.COM OR CALL ME ON MY CELL AT 313-310-9855. Here are all the Livonia homes that have sold in Fairway Farms, Livonia, MI in the last year as of 2/7/2008.
Status-Price-Address-Bed-Sold Date
PEND-$194,900-36218 ROYCROFT ST-4-12/19/2007
SOLD-$195,000-36148 LADYWOOD ST-3-7/9/2007
SOLD-$209,000-36116 SHERWOOD ST-4-6/6/2007
SOLD-$252,800-15537 PARKLANE ST-4-5/21/2007
3 Livonia homes have sold in the last year with an average price of $218,933 after being on the market an average of 48 days. Remember when you price your home right it will not sit on the market as long. So if you have to move call me for the latest market analysis of your Wayne County Subdivision or Oakland County subdivision.
If you want other Livonia subdivisions or city of Livonia information go to my website http://www.russravary.com/ You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in!IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COMI hope this neighborhood newsletter helped you! And helps keep you up to date. If you are thinking of selling a home give me a call or email me at info@russravary.com Or if you know somebody that is looking to buy a home I will help them search out a good deal. Have a great day. Russ Ravary
Latest Fairway Farms Subdivision Neighborhood Update as of February 7, 2008. There are 4 Livonia homes currently for sale in the sub. The average list price is $227,300 and on the average has been on the market for 199 days.
Price-Address-Bed
$199,900-359 ROYCROFT ST-3
$229,500-156 WESTBROOK ST-4
$234,900-156 LEVAN RD-3
$244,900-153 GOLFVIEW ST-3
IF YOU OR ONE OF YOUR FRIENDS, OR CHILDREN WOULD LIKE TO SEE ONE OF THESE LOVELY LIVONIA HOMES EMAIL ME AT INFO@RUSSRAVARY.COM OR CALL ME ON MY CELL AT 313-310-9855. Here are all the Livonia homes that have sold in Fairway Farms, Livonia, MI in the last year as of 2/7/2008.
Status-Price-Address-Bed-Sold Date
PEND-$194,900-36218 ROYCROFT ST-4-12/19/2007
SOLD-$195,000-36148 LADYWOOD ST-3-7/9/2007
SOLD-$209,000-36116 SHERWOOD ST-4-6/6/2007
SOLD-$252,800-15537 PARKLANE ST-4-5/21/2007
3 Livonia homes have sold in the last year with an average price of $218,933 after being on the market an average of 48 days. Remember when you price your home right it will not sit on the market as long. So if you have to move call me for the latest market analysis of your Wayne County Subdivision or Oakland County subdivision.
If you want other Livonia subdivisions or city of Livonia information go to my website http://www.russravary.com/ You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in!IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COMI hope this neighborhood newsletter helped you! And helps keep you up to date. If you are thinking of selling a home give me a call or email me at info@russravary.com Or if you know somebody that is looking to buy a home I will help them search out a good deal. Have a great day. Russ Ravary
Friday, January 11, 2008
Summerlin Subdivision Neighborhood Update, Novi, Michigan
Lastest Summerlin Subdivision Neighborhood Update, Novi, MI as of January 1, 2008
There are 4 homes currently for sale in the sub. The average list price is $300,850 and on the average has been on the market for 175 days
Price Address Bed
$3,000 45055 COBBLESTONE 3
$312,500 44735 LARKSPUR 4
$412,900 44975 COBBLESTONE 4
$475,000 45055 COBBLESTONE 3
IF YOU OR ONE OF YOUR FRIENDS, OR CHILDREN WOULD LIKE TO SEE ONE OF THESE LOVELY HOMES EMAIL ME AT INFO@RUSSRAVARY.COM OR CALL ME ON MY CELL AT 313-310-9855
Here are all the homes that have sold in Summerlin, Novi, MI in the last year (a little over a year) as of 1/1/2008
Price Address Bed Sold date
$315,000 44758 LARKSPUR 4 8/6/2007
$350,000 45087 TIVERTON 4 5/3/2007
$366,000 44767 LARKSPUR 4 6/26/2007
$371,000 44911 LINDBERGH 4 12/11/2006
4 homes have sold in the last year with an average price of $350,500 after being on the market an average of 123 days.
Remember when you price your home right it will not sit on the market as long. So if you have to move call me for the latest market analysis of your Oakland County subdivision.
If you want other Novi subdivision updates or city of Novi information go to my website http://www.russravary.com/ You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in!
IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COM
I hope this neighborhood newsletter helped you! And helps keep you up to date. If you are thinking of selling give me a call or email me at info@russravary.com Or if you know somebody that is looking to buy I will help them search out a good deal. Have a great day. Russ Ravary
There are 4 homes currently for sale in the sub. The average list price is $300,850 and on the average has been on the market for 175 days
Price Address Bed
$3,000 45055 COBBLESTONE 3
$312,500 44735 LARKSPUR 4
$412,900 44975 COBBLESTONE 4
$475,000 45055 COBBLESTONE 3
IF YOU OR ONE OF YOUR FRIENDS, OR CHILDREN WOULD LIKE TO SEE ONE OF THESE LOVELY HOMES EMAIL ME AT INFO@RUSSRAVARY.COM OR CALL ME ON MY CELL AT 313-310-9855
Here are all the homes that have sold in Summerlin, Novi, MI in the last year (a little over a year) as of 1/1/2008
Price Address Bed Sold date
$315,000 44758 LARKSPUR 4 8/6/2007
$350,000 45087 TIVERTON 4 5/3/2007
$366,000 44767 LARKSPUR 4 6/26/2007
$371,000 44911 LINDBERGH 4 12/11/2006
4 homes have sold in the last year with an average price of $350,500 after being on the market an average of 123 days.
Remember when you price your home right it will not sit on the market as long. So if you have to move call me for the latest market analysis of your Oakland County subdivision.
If you want other Novi subdivision updates or city of Novi information go to my website http://www.russravary.com/ You can get buyers tips, sellers tips, or search Michigan homes for sale for free without giving any personal contact info or logging in!
IF YOU WANT A NEIGHBORHOOD UPDATE FOR YOUR SUBDIVISION EMAIL ME AT INFO@RUSSRAVARY.COM
I hope this neighborhood newsletter helped you! And helps keep you up to date. If you are thinking of selling give me a call or email me at info@russravary.com Or if you know somebody that is looking to buy I will help them search out a good deal. Have a great day. Russ Ravary
Thursday, December 27, 2007
Buying foreclosures
Buying REO or bank owned properties in Detroit I read an article on active rain yesterday from an agent that specialized in bank owned properties. His basic attitude was don't submit a low offer and don't put down why you put in a low offer because of the problems with the house. He stated he knew what was wrong with the house.
Unfortunately I think banks are disconnected with how bad some properties are and if that is not included in the offer then they (the bank) have no clue. As the agent said the banks are making a decision strictly on the numbers. It is OK some of the time to make the decision on the numbers. But in Detroit's market the banks are realizing they can't do that. If the bank owned property is in substandard shape then a buyer should be making a low ball offer.
I'm sure I am going to ruffle some feathers here. I know as a real estate agent some agents would rather get and work on an offer that is close to the list price. There is a small percentage of agents that would rather just buy or sell without getting the best possible deal for their client. That small percentage of agents want to just make the sale! Less negotiation, less trouble, quicker money in their pocket. But in the Detroit market the prices are continuing to fall. You are not acting in the best interest of your buyer if you are not putting in a 10 - 15% below list price, if your client is shopping for a deal. It doesn't matter what the comps are now. By summer the price is going to be lower because of the the bank owned properties. The banks have to move the inventory. So they have to lower the price. We do not have enough qualified buyers in Metro Detroit to support the market. But if your client has to have the house, and no other house will do then a low ball offer is not the best tactic. Put in a lower offer that will still clinch the deal and hopefully will be lower than the most recent sold comps.
I have seen sold deals where the bank listed price was $71,000 and sold for the low $40's. Another 2 were listed in the $40's and sold for $5,000. Some banks have sent out emails to the REO's that they were more willing to accept those offers because they had to move the inventory.
The bottom line in Wayne County Real Estate, Livingston County Real Estate, Oakland County Real estate, and Metro Detroit Real Estate is that low offers are being accepted. I agree not all the time and I agree that it would be easier to submit an offer closer to the list price to get the deal done. But as agents we are supposed to be acting in the best interest of our buyers. Sure I can't 100% for sure predict that home prices are going to continue to drop this year in the Metro Detroit market. But I would bet money on it, so if I think that I need to go against common practices and put those low ball offers in.
If you want to Search Michigan Homes for sale or want more information on Metro Detroit real estate go to my website www.russravary.com
Unfortunately I think banks are disconnected with how bad some properties are and if that is not included in the offer then they (the bank) have no clue. As the agent said the banks are making a decision strictly on the numbers. It is OK some of the time to make the decision on the numbers. But in Detroit's market the banks are realizing they can't do that. If the bank owned property is in substandard shape then a buyer should be making a low ball offer.
I'm sure I am going to ruffle some feathers here. I know as a real estate agent some agents would rather get and work on an offer that is close to the list price. There is a small percentage of agents that would rather just buy or sell without getting the best possible deal for their client. That small percentage of agents want to just make the sale! Less negotiation, less trouble, quicker money in their pocket. But in the Detroit market the prices are continuing to fall. You are not acting in the best interest of your buyer if you are not putting in a 10 - 15% below list price, if your client is shopping for a deal. It doesn't matter what the comps are now. By summer the price is going to be lower because of the the bank owned properties. The banks have to move the inventory. So they have to lower the price. We do not have enough qualified buyers in Metro Detroit to support the market. But if your client has to have the house, and no other house will do then a low ball offer is not the best tactic. Put in a lower offer that will still clinch the deal and hopefully will be lower than the most recent sold comps.
I have seen sold deals where the bank listed price was $71,000 and sold for the low $40's. Another 2 were listed in the $40's and sold for $5,000. Some banks have sent out emails to the REO's that they were more willing to accept those offers because they had to move the inventory.
The bottom line in Wayne County Real Estate, Livingston County Real Estate, Oakland County Real estate, and Metro Detroit Real Estate is that low offers are being accepted. I agree not all the time and I agree that it would be easier to submit an offer closer to the list price to get the deal done. But as agents we are supposed to be acting in the best interest of our buyers. Sure I can't 100% for sure predict that home prices are going to continue to drop this year in the Metro Detroit market. But I would bet money on it, so if I think that I need to go against common practices and put those low ball offers in.
If you want to Search Michigan Homes for sale or want more information on Metro Detroit real estate go to my website www.russravary.com
Wednesday, February 28, 2007
With it being a buyers market in Southeastern Michigan it has become tougher on Realtors and For Sale by Owners, (FSBO) trying to sell their houses. If you do not have to sell your home do not put it up for sale. However it is going to take 3-5 years to come back to prices a year or two ago.
The three main reasons a house does or does not sell are location, price, and condition. So if your house is not selling think about this.
Location. Is your house on a main road, or back up to a main road? Can you see a shopping center, industrial buildings, cell tower from your house? Can you hear traffic from your house? Is a School close to your house? Does a lot of traffic come by your house? If you answer yes to any of these questions then location is a problem for you. What that means is that your house will have to be priced better than other comparable homes in your area and it should be nicer than other comparable homes. That is what will make it sell. You can't change those outside factors so you either have to reduce price or improve the house.
Condition. Some of the items that make a home in the "top condition" in Michigan are. Granite or Corian counter tops, updated wood cabinets, updated bathrooms, freshly painted (neutral is a plus), like new carpeting, walkout and finished basements. Do you have any of these? What are you lacking? These homes bring top dollar and move faster! Not many houses are selling in thirty days. If it is selling right away it is priced low to move it.
Price. Right now is Michigan price is the key. There is no way around it. It is not price it right, it is price it lower than your competition. Those are the houses that are selling. If you are not getting traffic then you need to lower your price.
Bottom line in Michigan is that people know it is a buyers market . Whether it is Oakland County, Livingston County, or Wayne County it is the same. They are taking their time to make decisions, because they know the house will be there. They know the price may drop just by waiting a week or a month. If they don't buy your house they will get a deal on the next one.
Buyers Bottom line is that unless you absolutely have to have a house, you should be putting in offers of 10% - 20% less for a house. Negotiation is the key now.
If you are selling your house search your competition on my website http://www.russravary.com/ Search the MLS. Put in number of bedrooms, number of baths, 150 square ft less than your house, and 3 cities around yours including yours. Look at your competition, and your price how do you compare. Thanks and have a great day. Russ Ravary
The three main reasons a house does or does not sell are location, price, and condition. So if your house is not selling think about this.
Location. Is your house on a main road, or back up to a main road? Can you see a shopping center, industrial buildings, cell tower from your house? Can you hear traffic from your house? Is a School close to your house? Does a lot of traffic come by your house? If you answer yes to any of these questions then location is a problem for you. What that means is that your house will have to be priced better than other comparable homes in your area and it should be nicer than other comparable homes. That is what will make it sell. You can't change those outside factors so you either have to reduce price or improve the house.
Condition. Some of the items that make a home in the "top condition" in Michigan are. Granite or Corian counter tops, updated wood cabinets, updated bathrooms, freshly painted (neutral is a plus), like new carpeting, walkout and finished basements. Do you have any of these? What are you lacking? These homes bring top dollar and move faster! Not many houses are selling in thirty days. If it is selling right away it is priced low to move it.
Price. Right now is Michigan price is the key. There is no way around it. It is not price it right, it is price it lower than your competition. Those are the houses that are selling. If you are not getting traffic then you need to lower your price.
Bottom line in Michigan is that people know it is a buyers market . Whether it is Oakland County, Livingston County, or Wayne County it is the same. They are taking their time to make decisions, because they know the house will be there. They know the price may drop just by waiting a week or a month. If they don't buy your house they will get a deal on the next one.
Buyers Bottom line is that unless you absolutely have to have a house, you should be putting in offers of 10% - 20% less for a house. Negotiation is the key now.
If you are selling your house search your competition on my website http://www.russravary.com/ Search the MLS. Put in number of bedrooms, number of baths, 150 square ft less than your house, and 3 cities around yours including yours. Look at your competition, and your price how do you compare. Thanks and have a great day. Russ Ravary
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