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Russ Ravary - Michigan Homes for sale - Michigan Real estate & Mortgage info

Rochester MI one of the bargain home areas in Michigan

Lately I have been showing Rochester and Rochester Hills homes to two different buyers. Rochester is a nice stable community. Located off I-75 or M-59 it is not too far from the City of Detroit.

What I have been noticing is that many colonials have been selling for very reasonable prices. I have looked at so many Rochester Hills homes. If you look at the Rochester Hills homes under $250,000 you will notice that they are selling under a $100,000 a square foot.

Many selling for under $80 a square foot home. Some of these Rochester homes were move in ready. Now that is a deal.

RS
ADDRESS LIST PRICE SALE PRICE DOM SQUARE FOOTAGE SP PER SQFT
3525 W AUBURN RD 36000 32000 20 1916 16.7014
737 DRESSLER LN 90000 90000 5 1336 67.3652
734 KENTUCKY DR 90000 100000 105 1612 62.0347
903 HIGH ST 108900 108900 1 903 120.598
940 HOMESTEAD CT 119900 110000 50 2698 40.7709
1642 DANCER DR 124900 122000 94 1454 83.9064
325 ESSEX DR 174900 131250 190 2442 53.7469
735 LEINSTER RD 164900 138000 162 2013 68.5543
816 HAMPTON CIR 145300 138000 36 2004 68.8622
655 FIELDSTONE DR 169000 145000 79 2334 62.1251
1291 GETTYSBURG CT 170000 149000 32 2316 64.335
803 LION ST 150000 150000 361 2000 75
1280 BARNESWOOD LN 151900 151900 114 2616 58.0657
205 EASTLAWN DR 179900 155000 64 2038 76.0549
2112 CHALET DR 175000 160000 89 2344 68.2593
1836 JASON CIR 159900 162000 162 3100 52.258
1666 MORNINGSIDE LN 159900 162000 9 1676 96.6587
1632 DENNETT LN 170000 165000 56 1686 97.8647
2875 CULBERTSON AVE 174900 165000 36 2140 77.1028
3842 MILDRED AVE 169900 166000 13 1844 90.0216
2180 AVONCREST DR 159900 167500 8 2478 67.5948
1014 POINTE PLACE BLVD 164900 168000 4 2754 61.0021
618 SHELLBOURNE DR 169900 169900 158 2531 67.1276
548 TEN POINT DR 169900 170000 89 2653 64.0784
1049 CLOPTON BRIDGE DR 179900 170000 16 2160 78.7037
791 SHELLEY DR 189500 175000 104 2562 68.306
2530 WORTHAM DR 174900 176000 56 2289 76.8894
6130 SHELDON RD 214000 178500 159 4630 38.5529
535 THORNRIDGE DR 189900 180000 166 2076 86.7052
2465 HILLENDALE DR 187500 180000 87 2165 83.1408
25 WALTONSHIRE CT 179900 180000 4 2498 72.0576
2089 ALSDORF AVE 185000 181000 48 1846 98.0498
2362 LASSITER DR 176000 182100 168 3058 59.5487
1680 DEVONWOOD DR 194900 185000 2 2504 73.8817
712 WHITNEY DR 189900 186000 173 2076 89.5953
1243 BARNESWOOD LN 205000 190000 162 1960 96.9387
578 WYNGATE DR 197500 194500 4 2125 91.5294
1110 E FAIRVIEW LN 219000 195000 499 2500 78
284 SHAGBARK DR 214900 197500 110 2170 91.0138
2146 WAYWARD DR 198000 198000 5 2406 82.2942
820 FIELDSTONE DR 204900 200000 110 2415 82.8157
529 PLUM RIDGE DR 215000 208000 11 2577 80.714
1285 SANDY RIDGE DR 225000 215000 36 2360 91.1016
810 AUGUSTA CT 209000 221000 35 3010 73.4219
1060 HICKORY HILL DR 225000 223000 15 2382 93.6188
430 OAK ST 249999 225000 156 1596 140.9774
3332 FULHAM DR 254900 225000 394 2035 110.5651
313 LAKE FOREST RD 249900 230000 171 2687 85.5973
187 CHALMERS DR 219900 230000 97 3000 76.6666
3112 BAYPOINT DR 239000 230000 110 2371 97.0054
1297 HICKORY HILL DR 250000 233500 127 2360 98.9406
1725 KILBURN RD 259900 235000 1 2908 80.8115
600 LEHIGH RD 228000 237000 12 2428 97.6112
3267 FANTAIL DR 229000 245000 230 2949 83.079
2062 WENTWORTH DR 274900 265000 50 2977 89.0157
2196 CHIPPENHAM CHASE 275000 265000 30 2851 92.9498
1285 CHAFFER DR 299000 271000 61 2873 94.3264
3334 EVERETT DR 291900 274000 25 2500 109.6
3801 EVERETT DR 319900 280000 28 3362 83.2837
379 MYSTIC VLY 299900 284000 35 2667 106.4866
1922 BLUE GRASS DR 325000 310000 38 2978 104.0967
755 LOGGERS CIR 325000 310000 41 3013 102.8874
3035 KENWOOD DR 319000 312500 79 3774 82.8033
1106 KRISTA LN 349900 325000 52 3014 107.8301
3493 BLUE HERON LN 349900 328000 8 3750 87.4666
1734 SKYLINE DR 369000 335000 108 3569 93.8638
1361 TULBERRY CIR 339900 335000 12 3300 101.5151
1935 WATSON CIR 374999 339000 96 3415 99.2679
1840 SUDBURY CT 350000 355000 17 4390 80.8656
1161 TERRA LN 379900 367000 21 2900 126.5517
748 WINDSONG DR 390000 370000 126 3000 123.3333
1902 WESTRIDGE DR 375000 380000 235 4072 93.3202
1447 KENTFIELD DR 419900 390000 68 3195 122.0657
544 SPRINGVIEW DR 399900 400000 6 3789 105.5687
3865 CHERRYWOOD LN 475000 430000 66 4243 101.3433
1388 PEBBLE RIDGE DR 469000 450000 381 4100 109.756
333 FERNDALE AVE 599000 515000 128 3240 158.9506
315 FERNDALE AVE 599900 520000 260 3214 161.7921
795 MAJESTIC 568000 525000 50 4070 128.9926
267 WYNGATE DR 574900 530000 37 3700 143.2432

I think there still are some bargains in Rochester Hills if you are looking to buy. Information courtesy of RealComp II Ltd.

The latest scam in Metro Detroit real estate

The latest scam in Metro Detroit real estate is homeowners short saleing their house to a relative. It is not supposed to happen. In fact many banks have a form that the buyer signs that they are not related to the seller. But it is happening. I myself have heard of one and have heard of others lately.

The one I know of (or believe I know of) was helped by the real estate agent. He was a friend of theirs. I think the Northville home went for over $500,000 originally. Then the homeowner bought it back for about $300,000. Not bad to shave off $200,000 off your mortgage. The way they are being able to do a Metro Detroit short sale like this is by having a relative with a different last name. Sometimes it is an in-law, sometimes a future wife, or sometimes even a spouse of a relative.

It is fraud if you sign a document that says you are related, and you really are. I know we all want to help our family out but you going to jail to save them money is not the smartest thing to do. Our prisons are full of people that thought they were really smart.

It's not worth going to jail for. Just my thoughts. May you and your family have a great week!

Commerce Township real estate update

In the last 6 months there have been 220 Commerce Township homesthat have sold. Out of the 220 homes that have sold 182 have been priced under $260,000. Like most of the Metro Detroit real estate market it is the lower price range that is selling. The upper end homes are sitting on the market longer.

Of the 220 Commerce Township homes that have sold in the last 6 months it has taken an average of 120 days to sell.

Commerce Township Home Price Statistics Legend
Range Name Price Range Number of Listings Days on Market
10000 to 60000 39 91
60001 to 110000 41 81
110001 to 160000 41 102
160001 to 210000 29 98
210001 to 260000 32 240
260001 to 310000 17 80
310001 to 360000 5 155
360001 to 410000 8 163
410001 to 460000 1 106
460001 to 510000 6 104
510001 to 560000 0 0
560001 to 610000 0 0
610001 to 660000 0 0
660001 to 710000 0 0
710001 to 760000 0 0
760001 to 800000 1 44

For the 220 Commerce Township listings: For the 220 Commerce Township Sold listings:
Average List Price $179,570.00 Average Sold Price $168,277.00
Median List Price $158,900.00 Median Sold Price $146,950.00
Highest List Price $899,999.00 Highest Sold Price $800,000.00
Lowest List Price $14,900.00 Lowest Sold Price $14,000.00
List Volume $39,505,420.00 Sales Volume $37,020,900.00
Avg. Days On Market 117 Avg. Days On Market 118

I hope this gives you a look at what is happening in Commerce Twp real estate market. Info courtesy of Realcomp II Ltd

Three items you will find in a Metro Detroit real estate purchase agreement

"Earnest money deposit" or "good faith deposit" is the amount of money that you put down as a gesture of good faith. You see you have to put down what the call consideration. A legal contract is made up of three things.

  1. Offer -what you put down in the contract and sign
  2. Acceptance - What the seller agrees to and you agree to.
  3. Consideration - something of value. Money, a check. In Metro Detroit real estate it is usually $500, or $1000 or more that the real estate company or title company holds.

If you have any questions about Metro Detroit real estate purchase agreements feel free to call me on my cell (313) 310-9855.

Farmington Hills real estate update

Here is what is happening in the Farmington Hills real estate in the last six months. There have been 418 Farmington Hills homes that have sold in the last six months. Out of 418 Farmington Hills homes 314 of them have been under $210,000.

The average sold price for Farmington Hills homes is $162,873.00 (the last six months) and on the average they took 120 days to sell.

Price Statistics Legend
Range Name Price Range Number of Listings Days on Market
10000 to 110000 121 104
110001 to 210000 193 122
210001 to 310000 85 122
310001 to 410000 13 181
410001 to 510000 1 157
510001 to 610000 3 138
610001 to 710000 1 189
710001 to 810000 0 0
810001 to 910000 0 0
910001 to 1010000 0 0
1010001 to 1100000 1 507

For the 418 listings: For the 418 Sold listings:
Average List Price $171,254.00 Average Sold Price $162,873.00
Median List Price $164,937.50 Median Sold Price $155,500.00
Highest List Price $1,199,000.00 Highest Sold Price $1,100,000.00
Lowest List Price $2,100.00 Lowest Sold Price $12,000.00
List Volume $71,584,260.00 Sales Volume $68,081,070.00
Avg. Days On Market 120 Avg. Days On Market 121

I hope this quick Farmington Hills real estate update gave a glimpse of what is happening in Farmington Hills. Information Courtesy of Real Comp II Ltd.