Metro Detroit Homes sales on the rise.  You can see all the statistics for Metro Detroit real estate by clicking on the links to my previous blog.  

What does this mean for Metro Detroit home sellers?  Is the Metro Detroit real estate market coming back?  Are Michigan home prices rising?

The Metro Detroit real estate market is not turning at this moment.  I can count on my hand five different people that I know that are in foreclosure and letting their house go because of different reasons.  What that means is that there are many more foreclosures on the horizon.  I don't believe we have seen the end of foreclosures.

Metro Detroit foreclosures are pushing prices down in this area.  Homeowners are finding it is hard to compete with some of the prices the banks have put on Detroit area foreclosures.  Foreclosures are selling.  I am currently bidding on a foreclosure that 25 people saw it the first week and there were 4 bids on it already. That's how cheap it was.

So the answer to the question are Michigan home prices rising is no way.  I expect to see them fall a little more.  There is demand for these homes when priced right.  There are buyers out there but they are looking for the deals.

So more Michigan home sellers are going to have to lower their price in order to get their home sold if they truly want to sell.  Especially if it has been on the market 3 months or longer.  SO THE BOTTOM LINE IS THAT METRO DETROIT REAL ESTATE IS SELLING WHEN PRICED AT THE CURRENT MARKET.  I KNOW THE PRICES ARE LOW BUT THAT IS WHAT HOMES ARE WORTH NOW.