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Are foreclosures the only good “deal” in Macomb County? Not by a long shot..

September 13th, 2009 · No Comments · first time home buyers, macomb county mi real estate market, tips for home buyers, Up to $8000 1st time home buyers tax credit

“I only want to see foreclosures”

I had an interesting conversation with a caller yesterday the other day and  thought I would share it with all of you.  I’m hoping that by sharing it and putting it out to the public that other potential home buyers will see it, and understand the very real aspect of how this type of strategy can backfire on the home buying consumer.

For the past 3 years or so the Metro Detroit area has been swamped with foreclosed upon homes hitting our real estate market.  ( This trend has somewhat trickled in the last few months, mainly due to the new 90 day “let’s work it out” mandate from the Michigan government to home owners & lenders.)

Because of the supply (overabundance) and demand (waning demand due to economic conditions) the market not only tipped to the buyers advantage side, it fell completely over on it’s side.

What happened to other home owners who wanted to sell their homes during all of this? They had to price their homes competitively in order to be successful at selling their homes.

In the last year I have not sold one bank owned (foreclosure) home.  All of the homes that have sold to buyer clients have been homes that were owned by the sellers, and not in distress.   They sold because they were well maintained and more  imporantly, were priced to sell with the competition of the foreclosures in mind.

Mr. or Ms. Macomb County MI home buyer: If you “want to see only foreclosures” you will quite possibly missing out on some of the best deals there are out there right now.   Privately owned home owners are pricing their homes to compete with the foreclosures.

Consider this case on point: Ms. Buyer purchased a condo in Chesterfield Township for $107,000 in June of this year.  The condo sold new in 2003 for $187,000.  It was in wonderful condition and needed nothing to be able to move in to it.    It was not a bank owned home. If she had limited herself to only viewing foreclosures she would have missed out on this fabulous condo at an unbelievable price.

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