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Foreclosures in Macomb County MI now priced well

November 23rd, 2008 · No Comments · macomb county MI, macomb county mi real estate market, tips for home buyers

One of the things I’ve noticed over the last 90 days or so while showing homes in our area is that the foreclosure (bank owned) homes are priced now with selling in mind. A year or so ago the banks overpriced the homes.  I believe they were setting their prices at what they were owed, or the value on tax assessors websites.

When they did that (overpriced the homes) the homes sat on the market.  The banks were slow to lower the price of the homes, and when they did it was usually in small increments.

Now, thankfully, the banks and asset managers are pricing the homes to sell.  In fact, it is not at all unusual for the foreclosed upon homes to be priced so competitively that they receive multiple offers within days for the homes.

Another nice surprise recently: Because the bank owned homes are selling so quickly they are normally in better condition.  I am seeing much less damage inside the homes because they are not vacant for a year or more.

If you are considering purchasing a bank owned home in Macomb County please feel free to contact me and I’ll be happy to send along to you a list of the homes that are available.

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