I read this headline yesterday about how badly the Ypsilanti and Ann Arbor markets are hit hard by the number of foreclosures in the area. Ypsilanti alone accounts for over 40% of foreclosures in the area. Homeowners with ties to the auto industry were hit the hardest. Builder such as Pulte and Centex no longer build in the area. Now we are seeing big declines in the market. For example the newer Subdivisions such as Greene Farms in 2004 homes were above $200,00. Now in 2009 homes in the area are down to $114,00. In this market intead of traditional home sales; we are now looking at homes where 7 of 10 homes are either foreclosure or subject to short sale.
What does this mean to our consumers that are thinking of buying? Like always it's great time to purchase. I don't say this as a sales pitch. I say this as it's a good investment. With interest rates being low and with $7,500 being a tax credit and not paying it back. What do have to loose? This is good market for investors and first time homebuyers. Just know there are good realtors in market still servicing clients and giving them the best information available to them.
Some these homes are distressed but there are some that needs only a little attention. Call your Realtor or give me a call for help or questions you may have in regards to buying or selling this market.
Yes we know President Obama is working a stimulus plan; he also mentioned it take a lot of work. In the meantime, you have an investment you like to protect. Talk someone that has the experience and knowledge to help you.
Hope this has been of value to you!
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