Ann Arbor Michigan Real Estate: REO & Foreclosure Competition
Here is information from Affinity Appraisal on the Dexter market which is valuable enough to share with you all!
Michigan is one of the five states with the highest foreclosure rates. This presents a great opportunity for buyers who are looking to snap up a nice piece of real estate in the present market.
Even though the Washtenaw County real estate market, where Ann Arbor is located, has historically out performed other areas of the State’s Market Conditions as reflected in the average sales price for the state the statistical area has shown some decline since 2006.
The attached PDF (available by clicking here) shows in graphical form two sets of different data. First, the statewide trend, versus the local MLS trend and secondly, sales price per square foot for the Dexter community.
This graph really shows stability in home prices right now, for purposes of this report (the PDF) a negative adjustment of -0.007% per month will be applies to all sales – which is such a small number, barely measurable.
With home values at fire sales prices there is competition in the choice of inventory available to buyers. “Do I buy a short-sale, REO or Foreclosure property or one listed by a seller who needs to move?” Well. The choice is ultimately yours as the buyer, however even with the great deals available it is important to instruct the right agent who is knowledgeable in the buying process for each different type of property listing.
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May 24th, 2009 at 8:23 AM
[...] legislation lets homeowners delay foreclosure proceedings if, after getting a notice of foreclosure, they meet with a housing counselor and the [...]
June 8th, 2009 at 10:40 PM
[...] of loan documentation being required by lenders and banks taking a long time agreeing details on short sales. Buyers who hang tight and are cautious will end up with the best [...]
July 8th, 2009 at 8:34 AM
[...] that not all agents have the experience to execute this. Be sure to interview the agent carefully. Ann Arbor Short sale experience is irreplaceable. You can look at http://www.AnnArborShortSale.com or call us for a confidential consultation. Listen to [...]
August 2nd, 2009 at 9:53 PM
[...] rules, which would make a big difference to homeowners who are struggling. The plan also binds buyers of the foreclosed property to commit to allowing the former homeowner to remain as a tenant for the rest of a guaranteed [...]
January 31st, 2010 at 12:13 AM
This is some valuable information, I just wrapped up my paper for school and think i may need to bookmark or save this for the second class lol. You may have just made me a regular