Sam Mahdi

Rebounding Real Estate Market

01-06-10

A HIGH PERCENTAGE OF THE SALES IN THE MARKET ARE CONVENTIONAL AND INSURED FINANCING. SELLER FINANCING AND CASH SALES ARE A SMALL PERCENTAGE. MARKETING TIME AVERAGES 6-9 MONTHS PER MLS. PROPERTY VALUES HAVE BEEN ON THE DECLINE GENERALLY IN SOUTHEASTERN MICHIGAN.

THE DECLINING SALES MARKET OF HOMES IS DUE TO THE CURRENT ECONOMIC TREND OF SOUTHEASTERN MICHIGAN. IT IS THE APPRAISER'S OPINION THAT THE DECLINING HOME PROPERTY VALUE WILL STABILIZE THAN INCREASE AS HOME INTEREST RATE LOWER OR ECONOMY IN MICHIGAN INCREASES. THERE IS NO WAY TO PREDICT THE FUTURE OF HOME SALES AT THIS TIME.

SALES CONCESSIONS HAVE BECOME COMMON SELLING PRACTICE DUE THE SLOW HOME SALES. HOME LISTING AND SALE PRICES ARE CLOSER OR THE SAME, BECAUSE OF THE SELLER CONCESSIONS. SELLERS ARE OFFERING A SELLER CONCESSION IF BUYERS PAYS FULL IF NOT MORE THAN LISTING PRICE. SELLER CONCESSIONS ARE COMMON IN THE CURRENT SALES MARKET 2 TO 7%.

INTEREST RATE HAVE BECOME STABILIZED RECENTLY , INTEREST ONLY ,100% &115% LOAN TO VALUE MORTGAGES ARE NOT READILY AVAILABLE TO MOST HOME BUYERS. THIS SHOULD REDUCE THE RISK OF FUTURE FORECLOSURES.

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Sam Mahdi

Office: (313) 277-9700

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