Redford, MI

The metro Detroit real estate market is all over the map on what is going on. I noticed one high end sub (Stonewater subdivision) has some of the highest average list prices it has had in the last year. First time home buyers are snapping up the houses under $150,000. They are using that first time home buyer tax credit before it disappears in late November. Even the homes that are under $250,000 are moving faster.

It isn't unusual for low priced foreclosure homes to have multiple offers.

I am noticing short sales in the city of Detroit priced as low as $5000. I wonder how many lenders will actually sell the homes for that price? I wish I had the time to track about 10 of those cheap City of Detroit short sales to see what will really happen and how many will close. There a fewer number of under $10,000 Detroit foreclosures.

Still lots of Metro Detroit short sales that are falling apart. There are fewer amount of homes and foreclosures currently on the market right now than last year.

With Chrysler and General Motors in the bankruptcy phases the upper end buyers are missing in the market. The confidence in Metro Detroit's economy is shaken so it is hurting the housing market.

This is just my take on the real estate market at this time

Russ Ravary your Wayne and Oakland County Real estate specialist

The Metro Detroit real estate market home values have dropped dramatically. Homes in Detroit and any city that borders Detroit have lost a lot of value. I would say many of Detroit's good suburbs have lost 35 -40% of the home value. The homes in cities that border Detroit, Detroit itself, and other marginal cities have lost 50% or more in home value.

You can point out the "rough" cities or "less than prime areas" in Metro Detroit just by looking at the home value drop. When I say less than prime or rough areas I would say the areas that insurance has higher rates in, where the police are called more often. The working class neighborhoods. The areas the perception is where some people think the area is going to get worse instead of better.

These suburban areas outside of Detroit a few years back you found a few houses for under a $100,000 but 90% of the homes sold for more than a $100,000. Now you can find decent homes for $25,000 and nice brick homes for as little as $50 - $60,000.

And I wouldn't myself call these bad areas. If I was a young guy just starting out I would buy a home there in a heart beat. I bought that way when I was young. And I made out when I sold it. Sure some of them don't have the absolute top notch schools but they have good school systems that will give your child the education they need to get into college or survive in life. The teachers and administrators care.

There are a lot of opportunities to buy homes and have payments less than what people pay for rent. That is what I like. It makes financial sense. Sooner or later these homes will be worth a $100,000 again. Sure it may be 15 years but who cares.

You own the home! You are building equity instead of putting into the landlord's pocket. You are getting a tax deduction. Those are the benefits. And you have the chance of greater appreciation than some other cities.

Whether it is Warren, Oak Park, Dearborn Heights, Wayne, Redford, Livonia, Taylor, Romulus, Lincoln Park, Wyandotte, Redford, East Pointe. There are some great deals in Metro Detroit real estate under $60,000

• under $50,000
• under $40,000

So who cares if it is not a hoity-toity neighborhood. Blue-collar, working class homes in neighborhoods around Metro Detroit are a bargain right now. Feel free to call or email me with any questions.

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Russ Ravary your Metro Detroit Realtor.

Some people are saying now is not the right time to buy real estate in Metro Detroit. If you have a solid job or think you have a solid job I think now is a great time to buy a home in Southeastern Michigan.

Here are 3 reasons why I think it still is a good time to buy

• Michigan Mortgage interest rates are still low.
• Large inventory of Metro Detroit homes for sale
• The $8000 first time homebuyer credit
• Fewer buyers competing for the house you want
• Home values in many cities are back to 1990 prices.

But right now if you are a home buyer or an investor your time span you should be considering for a home in Metro Detroit is ten years. You should not be plan on selling this home for at least 7 to 10 years. This is not a market for short term thinking. I don't think you should think about a five year time span to move. Buy for the long term or don't jump into this real estate market.

It is a good time to buy if you think your job is secure and if you are buying for the long term.

More Wayne County home buying tips

It is a buyers market in the Metro Detroit Suburbs so banks are having to price Detroit area foreclosures competitively if they want to sell them. There are lots of home deals out there.

Many Michigan foreclosures are in need of repair. You have to remember that if the former homeowner couldn't pay the mortgage they were not going to put money into the house. Many times they let it go and sometimes even trashed it. It is not unusual to have to have the house completely repainted or re-carpeted. That is why some Metro Detroit foreclosures are priced so cheaply.

Stained Carpeting is not unusual Damaged Walls

Missing electrical and plumbing fixtures are common too!!!

Even once in a while there is a beautiful foreclosed home at a great price but it most likely will get multiple offers within 2 days of going on the market. Then I would bet that it will sell at list price or higher. The homes that are trashed will sit on the market and you may even be able to pick them up below the list price.

Search Metro Detroit foreclosures- here are the latest list of bargain homes by city

Or if you are tired of missing out on the great Metro Detroit foreclosure deals.... You only find out about them after they are sold. Then sign up for my VIP Metro Detroit foreclosure emails. I will set it up that you can receive daily emails of the latest Metro Detroit foreclosures in your area. Whether you want to buy a Redford Foreclosure or a Northville foreclosurethe latest foreclosures will be in your inbox that day.

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Yep the 6 degrees of separation works in the economy too. All across the nation the Metro Detroit economy is hurting people across the country. Some people will say no, but I know it is true.

I know Real estate agents and mortgage people that have lost thier second homes. They had to make tough choices. I know people that had homes in Florida that let them go. North Carolina, Las Vegas, Texas, and California are places that I know people have given up homes. I know it is not large numbers but Metro Detroiter's are having to give up their second homes. Their income levels no longer support a second home. Then that causes problems in your economy. Less people are needed to take care of those homes. Less Michigan people coming to spend money in your economy.

Our trips and vacations have been cut back. We aren't taking trips to New Orleans, or New York. I even hear that Broadway is hurting. We aren't coming there like we used to see the shows. We aren't spending as much money in Chicago.

Salesmen across the country aren't selling to the car companies like they used to. Whether it is large insurance companies, or finance companies that did the financing or warranty for the auto companies they have been hurt. Even truckers are feeling the pinch. We aren't ordering as much as we used to so not as much is being trucked around the country.

Whether you believe it or not it is like the 6 degrees of separation. What we do here in Detroit does affect you. Not matter what industry you are in, what state you are in our Michigan dollars do count.

Do you miss us yet?