Here is the latest Livonia real estate, Plymouth, and Northville real estate update. Right now the Detroit area home market is tightening up. Homes are not sitting on the market very long unless they are:
~ Overpriced
~ In Poor condition
~ Have a bad location
Basically you can overcome a homes poor condition or the bad location if you lower the price enough. So if a piece of Livonia real estate hasn't been updated, or is on a busy road.... it will sell if the price comes down. Eventually a home buyer will think it is a good value for the price, that's when it will sell. So no matter what the condition or the location it will sell!
I know a lot of people don't like President Obama's spending programs, but first time home buyer homebuyer tax credit has slowed the downward spiral of Metro Detroit home prices. In fact in some areas prices took a slight upturn from August to October. Which we really needed here in Detroit.
The market has flip-flopped in the past year. I don't know how it is across the country, but we have fewer Metro Detroit foreclosures on sale right now. A year ago in many cities across the Detroit suburbs, homes were sitting on the market over 12 months. Now they are on the market an average of 3-4 months.
It's not unusual for home buyers to have to bid against 4 or 5 other buyers. I have seen homes go for as high as 50% over list price. We don't have the excess inventory of homes. Investors have stepped in. They are buying some of the damaged homes, fixing them up, and re-selling them.
Sure in some of the borderline areas homes are taking a little longer to sell. People don't want to buy in some of those cities, but they want Livonia real estate. They want Northville real estate. They want Plymouth MI real estate.
That is what is happening with Livonia real estate and much of the metro Detroit suburb real estate market.
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