Metro Detroit real estate market update

Here is a quick update on the metro Detroit real estate market on the under $125,000 price range. Right now there is only about 26 days left for Metro Detroit first time home buyers to get the $8000 first time home tax credit. So the Metro Detroit real estate market under $125,000 is red hot. There aren't very many low ball offers going in. If you put one in your probably aren't going to win the house.

First time home buyers are scrambling to find a home before the deadline runs out. So if you aren't a first time home buyer and are looking to buy right now you are most likely going to get involved in the bidding wars.

My clients have lost a home where the house went $21,000 over the list price of $46,000. Sure the house was still a deal at that price but that is still a huge increase over the list price. Most Metro Detroit foreclosures are going at or above the list price.

In fact the few homes we have bid on have all had multiple bids. We have won some and lost some. Even when we have put in some good offers we have lost some. Some of the latest bidding wars we have been in have had

• 11 bidders, won by a cash offer at the last minute
• 6 bidders
• 4 bidders
• 2 bidders
• 7 bidders

So the bottom line is the Metro Detroit real estate market under $125,000 is going strong. There are many multiple offers and many Metro Detroit foreclosures are going at or over list price.

Russ Ravary your Metro Detroit real estate agent

Search Metro Detroit foreclosures and Metro Detroit real estate