The real estate market data for the State of Michigan per the sales data found on Zillow, reflects a continuation of declining values. The state average home value is now at $98,400.
This reflects an -8.5% drop over the previous year.
While home prices have declined across the state, there is good news! The declining market has created a great time to purchase a new home or to move up, trade for a similiar home, or pay down for current homeowners.
Often times, home sellers look at their current homes value, and look at what the property was worth back in 2005/2006 before our market dropped. They look at the price difference as a "loss" - There is another way to look at our current real estate market for homebuyers and sellers alike!
Examples to show the current market benefits for current homeowners, are:
1.) A seller has a 3 bedroom, 2.5 bath 2,000 square foot home that was "valued" at $250,000 in 2006. The current market value of that home is now around $175,000 which is a 30% drop in "value" or a "loss" of $75,000.
A.) A seller wanting to reduce their payments without reducing their lifestyle, can now purchase a "like" home for $175,000.
B.) A seller moving up in home value of $75,000 can now purchase a 4 bedroom, 2.5 bath home with 2,800 square feet with approximately the same purchase price of $250,000 therfore making up for any "loss" in value with an increase in living space, amentities and lifestye.
C.) A seller could downsize in purchase price and size/amentities by purchasing a new home in a lower price range, reducing their mortgage amount. Many are purchasing a foreclosure and rehabilitating a property at a lower purchase price and reducing their debt.
There are so many great deals and options for home buyers and sellers in our market place today. We are constantly being told "bad news" on the economy, our housing market, health care, taxes and such, we need to step back and look for the many opportunities that have been created!
The real estate market data for Commerce Township, Michigan per the sales data found on Zillow, reflects a continuation of declining values. To date, the 2009 Commerce Township home values shows the average home price of $132,400 while the state average value is $98,400 over the same time period.
The average home values in the surrounding areas are reflected as: Walled Lake $90,700; Wolverine Lake $101,900; and White Lake Township $127,600.
The real estate market in Michigan has created so many opportunities for purchasers and sellers to take advantage of to improve their lifestyle or financial condition - Just take a look at the real estate deals available in Michigan today!
