How is the housing market near you?

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  1. Just curious what the housing market is like where you live? I live in Birmingham, Michigan and am thinking about selling my house. Just curious. :confused1:
     
  2. We recently moved from the Chicago suburbs to NC, so I'll tell you about our selling experience in IL. The housing market there is bad. Homes are on the market much longer than they used to be and selling for less than a year before.

    We had a townhouse on a small lake and planned to do a FSBO at the same price a similar unit sold for the previous year (and theirs wasn't on the lake!). We got a few lookers, no one serious. Got a fantastic realtor and still had to take an offer $25K less than the other place got in 2005. The crazy part of this story is that there are about 8 other units similar to ours that went on the market late winter and they are all still for sale, all with declining asking prices. We are so lucky to have sold, none of the others did (full credit to our wonderful realtor--she found the buyer and sold them on it). But it's pretty bad in the Chicago 'burbs (far northwest).

    It may be completely different where you live. Good luck whatever you decide.
     
  3. I wish that were the case, thanks for sharing your experience. Hopefully you won't have to move again for a long time. The important thing is that you did sell, yea you may not made what you wanted - but it's sold and you have moved on to bigger and better things!! Although, I am sure you must miss shopping on Michigan Ave., out at Old Orchard, Oak Brook, etc... but I am sure where you are in NC that there are tons of great places to shop!
     
  4. Now is NOT a good time to sell! I'm a senior Escrow Officer in So. California. I havent seen business this slow and bad since the 90's. Its no longer a sellers market, its a buyers market. The holiday season is typically slower than the rest of the year anyway, things usually pick up and get back to normal in February. My honest opinion would be to wait till the Spring. If you sell now, you wont get what you want for it.:cursing: ...I just bought a house in North Scottsdale, AZ and we're moving in December, while prices there are low, low, low, my final offer was $40,000.00 LOWER than the sellers original sales price, yet the house appraised at $30,000.00 MORE than what I paid for it. Stunning house, I got a great home (and my payments are way lower than my rent here in Orange County!)...the house was on the market for 2 months, brand new, never lived in...cant wait to leave the OC!
     
  5. Believe me, I know how fortunate we are. Where we are in NC (between Wilmington and Myrtle Beach, but in a small town) is much slower-paced with a lot of unique little shops.

    You know Chicago area shopping pretty well! Those are all great places to go. BTW my husband is originally from Plymouth, MI. Is Birmingham closer in to Detroit? What's the market like in MI?
     
  6. Brimingham is northwest of Detroit and north of Plymouth which is west of Detroit. Both are very nice communities, but the housing market in Michigan isn't doing good at all! I have seen houses on the markets for 8+ months, asking less than what people paid for their homes 3 years ago. It's all hit or miss, there are properties the seem to move while other perfectly fine homes continue to sit - it's so unforutnate. I hope it turns around b/c my husband and I would really like to move. Oh well, thanks for your input. Sounds like you are on the eastern part of NC. Love it down there!! Kingston is where Jamie Presley is from - FUN! FUN! FUN!

    Oh Donna! thanks for your input! You would know being in the financial field. Good luck with your move, you'll love AZ!
     
  7. Best wishes Lyrehc91! I am in Ann Arbor and we are slightly better off than Oakland County, but this is a challenging market. The good news is that there are still buyers out there! The bad news for sellers is that they have a lot of inventory to choose from.

    As an experienced real estate agent in Michigan, my advice is to find a great Realtor. And then follow his or her advice. The most important factor in selling your home is to get the price right the first time. Houses get the most attention their first three weeks on the market. Hopeful pricing is a sure-fire way to lose money. Your home will be on the market longer, and it's likely you'll get less in the end.

    The second most important thing is to stage your home as a product - to make it as much like a model home as possible so that buyers can imagine living in it, with their own things. I regularly work with people who are looking for referrals to excellent agents and home stagers in their area, so feel free to PM me for more specific advice.
     
  8. Coco-nut, thank you for the AWESOME advise. Yea, you certainly don't hear much about Ann Arbor in the news like you do Oakland and Wayne county housing markets! Thanks again!!!!
     
  9. If it's any consolation, Birmingham is doing far better than Grosse Pointe. Following my advice, my mother was able to sell her house in GP with just 15 days on the market, for 98% of the asking price in the fall of last year.

    Since then, values have dropped nearly ten percent in the Pointes. In contrast, Birmingham continues to be attracting newcomers from other suburbs and out of town whereas Grosse Pointe isn't - almost all movement is with Pointers trading up.
     
  10. Real estate has been hot, hot, hot in the Seattle area. The median price of a house in the King County area reached $400,000 last year, an all-time high. While it's still fast-moving, I hear from real estate friends that things are slowly down somewhat and the "we're on the bubble" rumor is still rumbling around.

    Condos are appreciating very rapidly and are great investments in this part of the country.
     
  11. It definitely seems like a buyer's market here in the Twin Cities... one of my friend's has been trying to sell her home in a suburb of Minneapolis, and it's been on the market for over a year now... people have been giving really low offers, unfortunately. Many homes in my parents' neighborhood are also taking much longer to sell, and many are going for lower than what they're worth.

    My sister recently bought a townhome, and she got an awesome deal, because they made a error in the listing... she got it for the price they listed, nearly $40,000 off what it's worth!
     
  12. Siworae - tell your sister she really lucked out!!! Thanks to everyone who has responded it is very interesting to see how the economy differs in various parts of the U.S. With all the stuff in the news, but you don't know what to believe. Thanks!

    Coco-nut...Yea, I heard that about Grosse Pointe too. I have friends there and they wouldn't live anywhere else! It's a EASTside WESTside sort of thing!
     
  13. We recently sold our home (here in Houston, Texas) and are building a new home now. We had our home on the market for 30 days and had a contract in at $10K less than our asking price. Considering the cost of our home we felt that was great! The other homes on our neighborhood have not sold yet though. We have 11 homes in the neighborhood OTM for more than 3 months! UGH I feel bad for them!
     
  14. I've heard that it's a buyer's market right now in general. Not sure about my area. It's been growing.
     
  15. It's still great where I am. I guess my housing investments have done well because I got over my asking price on my last condo. We closed on July 11th so that wasn't too long ago.
     
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