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Foreclosures are down finally, but that means multiple offers on homes for sale in Macomb County MI

April 12th, 2012 · No Comments · macomb county mi real estate market, tips for home buyers, tips for purchasing a foreclosure

The Detroit News has an article this morning about foreclosures and default filings in Macomb County and the Metro Detroit area, and the first thought that came to my mind was:   We’ve been seeing this for months now!

Almost every buyer that I am working with has been running in to this problem:  There are multiple offers on the homes they are interested in.     The reason for this is pretty simple, it’s supply and demand.

The supply:  It’s dwindling.  Clean, well kept homes in our area that are priced well will command multiple offers.  Even the “beat up” foreclosures that are priced well are having investors rush to the bidding on them.    Those investors who aren’t making any money in the stock market are still rushing to the housing market.  A $20,000 cash purchase can easily net them $750-$800 per month in rental income.   Home buyers in the under $50,000 market are competing with the investors, and can expect multiple offers on almost all of the homes on the market.

The demand:    Interest rates are so low for new mortgages that many, if not all, of  the home buyers I worked with have found that their mortgage payments (including taxes and insurance) are much lower than what they are / were paying for rent.   A recent example:  Home buyers that purchased a home in Chesterfield Township that was 2000 square feet and built in 2002 are paying approximately $200 less than the home they were renting cost them.  (A 1000 square foot home in Clinton Township).    They have twice the home for approximately $200 less per month.

In the coming days I’ll be talking with you about how to position yourself for the best possible outcome before you write an offer.  Putting your best foot forward is the key to being the winning purchaser when you’re up against a bidding war!

Kris Wales  – A partner for your real estate needs in Macomb County MI
SEARCH Macomb County & Metro Detroit homes for sale with MLS provided data
Contact Kris 586-536-5453

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