Metro Detroit real estate report

Livonia real estate update and what is going on in the Metro Detroit real estate market.

Right now metro Detroit is in what I would say is a slight stabilization of prices.  A small plateau.   I still think Wayne and Oakland County home prices are going to go down.  Simply because of the economy and people not being able to afford their homes after getting laid off or trying to survive on less hours.  That is why I believe Metro Detroit home prices will continue to go down.  I don't think it will be as drastic as the last 3 years.

There are less foreclosures on the market right now simply because Obama had put a 4 month moratorium on foreclosures in December until April.   I think we will see more Metro Detroit suburb foreclosures in October through December. 

The sad part is that the first time home buyer tax credit will be ending in December when we will see a spike in Metro Detroit foreclosures from what we have now.   So we have fewer foreclosures on the market than we did a year ago but they are much less expensive than last year.

I am seeing more homes in the $50 - $100,000 range.

Michigan Lakefront homes are still maintaing their prices fairly well.  They have not dropped as much as other properties.  But price have dropped.  You can sometimes find waterfront homes for as little as a $100,000.  They are just small cottages but it is lakefront.

The one price range I see more trouble for is the $300,000 and up.  The reason I say this is because:

*  Just because of the economy    *  the first time home buyer tax credit does nothing for that price range.    *  people can not sell their home and move up in the higher price range homes    *  people in the higher income ranges have been able to survive the economy so far.  So have had to dip into their savings to survive.  But at some time if this economy continues to go on some of these people may walk away from their homes too.

 
So many people are tettering on the brink of financial problems and the longer the recession/depression goes on it will affect all income levels.


These are just my thoughts on what is happening in Metro Detroit right now.  I don't care if it Northville real estate, Birmingham real estate, or Dearborn real estate prices have fallen and I don't believe they are going to come back anytime soon.
 
Russ Ravary your Metro Detroit real estate agent serving Wayne, Livingston, and Oakland County