Everybody is in limbo

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