Yesterday I got a comment on a blog I wrote overa year ago. I don't know whether to laugh at this commenter or feel really sorry for him. He was very critical of the whole blog post and he wanted to correct the "inaccuracies" of my blog. It was about a particular Northville subdivision. When I write about a subdivision I get most of my information about the sub from first hand knowledge or directly from our MLS and public records.
My commenter wanted to argue about the square footage of the homes in the Northville subdivision but I know for a fact that I was right because the square footage of the home that I quoted was right off a listing ticket and I double checked on public records.
But the part I had to laugh or feel bad for him was that he said the certain homes in the sub were worth $700 -$800,000. He said he couldn't believe that a house sold for $325,000 in the sub ( and that was last years prices). It was a Desperate market he said.
I hate to break the news to him but a home in the sub this year sold for $210,000 and the highest price home is the sub only sold for $420,000.
It's not a desperate market....it's reality. The metro Detroit real estate market has been hammered. The worst cities are off 90%, many have homes 66% off their high values. Homes that sold for $140,000 are selling as cheap as $40,000 in some cities. My own sub had a home sell at 55% of the high value. It's bad but homes are selling.
Some people have to sell, some want to move on with life. Couples divorce, people lose their jobs, people die and people retire. Those homes have to be sold. So homes are always going to come on the market and sell at market prices. The prices are not coming back in 3 or 5 years so a person wants to retire to a different area the sellers are accepting what the market prices are and moving on.
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Whick is, of course, an example of the lack of knowledge about the market on the part of the average consumer.
Unless you actually witness some of the things that are happening, it's hard to believe even for some of us who do this on a regular basis. One just has to shake one's head with a mixture of sympathy and disbelief when people claim to know what they don't. Unfortunately, sometimes in today's real estate, the truth is stranger than any fiction we could have conjured up.
What you guys feel down there, we feel up here. So many of our buyers come from the metro Detroit area, those buyers are now few and far between.
Russ you speak the truth and Lola makes a great point, most agents in the country just can not imagine what we face in Michigan. I was taking con-ed in North Carolina yesterday, they whisper the word foreclosure the way my Grandmother whispered "cancer".
The Raleigh market had 141 active foreclosure listings at last check, and they are freaking out.
Great post, are you seeing the decreased values creating foreclosures?
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