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Macomb County MI real estate blog

Are condo sales picking up in Macomb County?

March 27th, 2013 · No Comments · Condos in Macomb County MI

The condo segment of our real estate market was hit especially hard during the last few years, more so than the single family residential sales.  A couple of things contributed to the severe decline in market values for condos:

The lack of financing available, combined with higher down payment amounts when you could find a lender to finance you.
HUDs newer guidelines for “approved” condo complexes.

If you tried to sell your condo over the last 5 years then you know exactly what I’m talking about.  Lots of interest from buyers, but unless a buyer had cash or a very hefty down payment, they couldn’t purchase your home.

One of the “bright” spots for condo sellers this year is the fact that investors are still out there in full force, and realize that with climbing real estate prices that they will have to decide to purchase now or will be losing out on some terrific investment potential.  I am currently working with 2 different investors that are interested in purchasing condos that they can hold on to for the long term, and rent out for monthly income.   They are running in to multiple offer situations, much like the buyers for single family homes are running in to the “bidding wars”.

If you have any questions about the current market value of your condo, please don’t hesitate to ask.  I’d be happy to look at the market in your area, no pressure – I promise.

Kris Wales – A Macomb County real estate agent
CONTACT Kris (586) 536-5453
SEARCH Macomb County MI homes & condos for sale

 

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Important copyright information: All photos were taken by Kris Wales. Do not copy and use photos for your own use, whether it be for personal or commercial purpose. All articles were written by Kris Wales. Once again, do not copy and use for your own purposes. Important disclaimer: Views expressed on the blog by the author and commenters do not express the views of Keller Williams Realty. All information contained is deemed to be reliable at the time of posting but not guaranteed.