OK, here's a review of October's activity and today's current pipeline.
October closed:
3 foreclosure purchases
3 non-arm's length transactions (2 Mothers selling to daughters and 1 son buying from Mother and 4 siblings)
2 refinances
Today's pipeline:
1. Refi (Dearborn)
2. Foreclosure purchase (Redford)
3. Refi (Fenton)
4. Foreclosure purchase (Walled Lake)
5. Non-arm's length purchase (Lincoln Park - daughter from Mother)
6. Refi (Bloomfield Hills)
7. Non-arm's length purchase (Detroit - daughter from Mother)
Anything missing from this picture?
As I got off the phone yet again today after talking with another Realtor about the looming P.A. deadline on one of the foreclosure purchases, I thought to myself - "Where the heck are all of the just plain old SELLERS?" A couple of year's back I remember doing my very FIRST foreclosure purchase. Today - it's almost half of my work.
There's a glut of inventory on the market, every Michigan Realtor will attest to the many listings that they have that aren't moving - and yet I've got to go back to September to find a "traditional" seller-buyer purchase. This month looks to be more of the same.
It was shocking to look at the statistics and how they've added up last month and this month. One of those things that I just didn't appreciate until I stepped back and looked at the numbers.
I'd be interested to know a Realtor's perspective as to why we have so many people who are looking to sell, and yet all I see closing are foreclosure purchases and people buying from family members.
Is it as simple as current mortgage debt causing the pricing to be too high, giving no flexibility for reducing the price - unless there's a foreclosure and then the lender does it?
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