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While you've been waiting for the housing market to "hit bottom": Information for Macomb County MI home buyers

Macomb County MI real estate housing market

While you've been waiting for the housing market to "hit bottom" a few things have happened:

The number of bank owned homes on the market in our area (Macomb County MI) have fallen drastically. This means that suppy and demand is now on the demand side of the equation. Want to buy a foreclosure? Get in line. There are hundreds if not thousands of buyers looking for foreclosures.
There are multiple offers on the clean, well priced homes. Not only do your odds of purchasing the home that you and your agent found decrease, but odds are you will be paying more for the home than the list price in order to be the winning bidder.
More homes subject to a short sale are now on the market in our area. Have patience if you want to purchase one of these homes. You'll need it. Plan on 60-120 days to hear back about your offer from the mortgage holder. You don't want to make an offer on a home subject to a short sale? I don't blame you. However you should know that this eliminates many of the homes on the market for you to view and consider.
Mortgage program guidelines are even tighter and more stringent than they were 3 or 4 months ago, and I see this continuing to happen while the housing market shifts & turns and until it corrects itself.

If you want to keep waiting for the housing market to "hit bottom" that's ok. Please keep this in mind though:

We cannot predict when the bottom will hit. We can only inform you as to what we are seeing and experiencing now as we are out and about each and every day helping home buyers with the changes that are taking place.

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Posted by Kris Wales - Macomb County MI real estate blog & homes for sale search site on 08/28/2009 09:07 AM

Comments (11)

Real Estate Market in Macomb County MI in the Home Buying Channel

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Originally posted at: Macomb County MI real estate - 1st time home buyers info & advice: While you've been waiting for the housing market to "hit bottom": Information for Macomb County MI home buyers

This post has been included in Michigan Information Macomb County, MI Information

11 Comments on While you've been waiting for the housing market to "hit bottom": Information for Macomb County MI home buyers

AUG

Kris,

AND, the window of opportunity on the $8,000 1st Time Buyer Tax Credit has narrowed greatly.

Kris - so true. Even in this "buyers market" if you do not want to consider a short sale, which several of my past and present buyers do not, due to the time frame, it really does eliminate many of the homes on the market for buyers to look at, and I/we find ourselves waiting/looking for new listings to hit the market. Kind of crazy when you think about it, huh?

Great post, very informative!

~Mike

Kris,

A lot of people trying to "time" the market bottom are going to be disappointed when they can't get the house they want.

Rich

you never know when the bottom has hit, until it is on the way up. By the way, I heard on the radio this AM that Detroit is at 23% unemployment. Had you heard that? Scary, isn't it?

Missy, I heard Detroit is at 28% and the state was at 15%. It is scary.

Mike J: I forgot to put the mantra in there, thank you! We are almost out of time for that wonderful tax credit.

Mike M: I ran a search for a buyer client the other day. Out of 43 possible homes that fit her criteria, 37 were short sales. That left 6 available that would work for the 1st time home buyers tax credit time frame. I was stunned. Only 6 out of 43.

Rich, We're seeing the disappointment now here, are you? There are multiple offers in on almost every home that is clean and priced well. No more lengthy time on the market for those homes.

Missy, I heard the same thing that Mike Mitchell did - 28% unemployment within the city of Detroit. That also doesn't count those who have dropped off the rolls because their unemployment benefits have run out. I suspect it is even higher. It also reported that Macomb County was at 19% unemployment. That is huge.

Chicken little has been screaming the sky is falling for so long. As we progress out of this mess the media has to SHUT UP. We see the signs of change all around us and if we are not at the bottom it is so close the best deals will be memories soon.

SEP

Most pundits here are saying that San Diego real estate hit the bottom during the first quarter of 2009. Home sales have been up for 13 consecutive months, and prices have been up or flat for 7 consecutive months. I expect August to make it 14 and 8.

SEP

Hi Kris, our market is nothing but good news also. The last four months have shown sales up from last year. It's definitely a seller's market again. I can't believe how quickly the pendulum can swing.

SEP

Terry & Bonnie: I think we've all gotten thick skinned to the doomsday reports. I called to set appointments today for 3 condos. They all sold over the Labor Day weekened.

Russel, that is more than encouraging! I hope it continues for your area.

Jenny, I was thinking the same thing - how quickly it all can swing back. We're still in the dumps as far as pricing is concerned, but homes are selling and selling quickly!

SEP

Kris, According to some of the realtors here, sales are starting to pick up. I ♡ that news. Kinda makes you want to ☺. Too bad the lookie loos that are waiting for bottom to hit are now ☹...

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