Michigan Home Values then and now

By
Real Estate Agent with National Realty Centers Livonia--Bob Jakowinicz

Michigan Home Values then and now

  I just received a call from a potential home buyer from a sign in a yard.  I did not list this home as it is a shortsale so I referred it to a fellow agent in my office.  This call got me thinking on how much things have changed in some of our local area's in the Detroit Metro area.  Just look at this for example:

Home that I received call on today currently listed at $19,900 (2011)

Same home last sold for $123,000 (2003)

  Looking at this and how things have been for homeowners, real estate agents and all companies in between--we can say things have been beyond tough.  To all the homeowners and businesses in the Detroit Metro area that are still making things work--I applaud you!!!  This market has been very tough and has caused many of us to grow beyond what we ever thought we could. 

Comments (8)

Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

ITS DEPRESSING AT TIMES!  I have potential probate listing coming up that they bought the home for $71K in 1990 (not a typo) and it is comping out between $44K-$59K.  Again, not typos!

Dec 03, 2011 09:07 AM
Rob Thomas
Prestige Homes of The Tri Cities, Inc. CALL....423-341-6954 - Bristol, TN
Bristol TN-VA & Tri Cities Agent, ABR, GRI, e-Pro

Bob ....That's amazing!  I applaud them also ...Have a great day!

Dec 04, 2011 12:32 AM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

The only thing that $19,900 would buy you here in San Diego is a used car.  In many areas our prices have fallen 50% though.

Dec 07, 2011 04:51 AM
Bob Jakowinicz
National Realty Centers Livonia--Bob Jakowinicz - Livonia, MI
Michigan Real Estate Agent-- MI Real Adventures

Hi everyone-- Since this post I have also sold the lowest price home in my adult life.  Home sold for $23,000-- with about $15,000 into it we are looking at a possible $825.00 per mo rental 

Dec 18, 2011 01:38 AM
Renée Donohue~Home Photography
Savvy Home Pix - Allegan, MI
Western Michigan Real Estate Photographer

HOLY COW Bob, that is awesome news!  I sold my lowest price home this past summer at $37K so you have me beat!  The mo rental on that was $650.  You have me beat there too!

Dec 18, 2011 12:35 PM
Jim Frimmer
HomeSmart Realty West - San Diego, CA
Realtor & CDPE, Mission Valley specialist

Hope you had a great Christmas day today. Good luck in making it through the next seven days and getting into the new year!

Dec 25, 2011 02:08 PM
Diane McDermott
Realtor®, GRI, Landis e2 Real Estate, LLC - Charlotte, NC
Charlotte NC Real Estate Market

Bob, that's just an incredible comparison and I imagine it's not the only example

Jan 05, 2012 09:41 AM
1~Judi Barrett
Integrity Real Estate Services 116 SE AVE N, Idabel, OK 74745 - Idabel, OK
BS Ed, Integrity Real Estate Services -IDABEL OK

Bob, that is discouraging! I just clicked on your link and there were over 900 homes available in Detroit for $20K or less...  

Jan 11, 2012 02:23 PM