Redford, MI Real Estate News

By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Some people are way too extreme in their views.  We have gone to far in some of our views.  Can't we coexist?  This week in Detroit this suspect killed two people.  One guy that was killed was an anti-abortion activist.  The activist I guess used graphic displays and the suspect didn't like them. But to kill somebody because you disagree with their views?   Whether you are pro-choice or pro-life it shouldn't be your prerogative to kill somebody else over their views.  Don't you become just as bad as them? We need to co-exist.  The suspect killed two people and guess who was the third person on his list?  Can't guess.  It was a local metro Detroit real estate agent.. I hope I never get somebody so mad at me that they want to kill me. I think the survey that the real estate agent got back...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
It is very easy to sabotage your home negotiation and make the seller not want to do business with you.  It is real easy. BE WISHY WASHY! Before negotiation you need to know what you want out of the negotiations. You need to know when you want to close How much you want to give as earnest money When you want to take possession of the home How much you want to pay for the home What else do you want besides the house (like the pool table) Here is one bad example. List Price & terms          $190,000   possession immediate    Buyer Offers                 $180,000   30 days possession    $8000 in sellers concessions Seller counters              $185,000   30 days possession    $4500 in sellers concessions Buyer counter offers       $185,000   60 days possession    $8000 in sellers concessio...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
What's the best deal in Redford homes for sale are they Redford foreclosures?  If you are looking at Redford Homes for sale it is good to know what they have been selling for.  By knowing the Redford Homes sales prices you can make a solid decision and rest easy that you are not overpaying for a house. In the last 90 days 94 Redford homes with 3 bedrooms, 1 bathroom, basement, and garage between 900 and 1000 square foot have sold.  The average sold price was $42,849.  So you think you should not pay over $37,100 for any Redford home for sale that meets that criteria. But you have to look at the criteria a little deeper.  If you run a search you will find that 65 of those 109 sold homes were Redford foreclosures.  The cheapest Redford foreclosure sold for $9000 and the most expensive was...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
The metro Detroit real estate market is all over the map on what is going on.  I noticed one high end sub (Stonewater subdivision) has some of the highest average list prices it has had in the last year.  First time home buyers are snapping up the houses under $150,000.  They are using that first time home buyer tax credit before it disappears in late November.  Even the homes that are under $250,000 are moving faster. It isn't unusual for low priced foreclosure homes to have multiple offers. I am noticing short sales in the city of Detroit priced as low as $5000.  I wonder how many lenders will actually sell the homes for that price?  I wish I had the time to track about 10 of those cheap City of Detroit short sales to see what will really happen and how many will close.  There a fewer...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
  The Metro Detroit real estate market home values have dropped dramatically.  Homes in Detroit and any city that borders Detroit have lost a lot of value.  I would say many of Detroit's good suburbs have lost 35 -40% of the home value.  The homes in cities that border Detroit, Detroit itself, and other marginal cities have lost 50% or more in home value. You can point out the "rough" cities or "less than prime areas" in Metro Detroit just by looking at the home value drop.  When I say less than prime or rough areas I would say the areas that insurance has higher rates in, where the police are called more often.  The working class neighborhoods.  The areas the perception is where some people think the area is going to get worse instead of better.   These suburban areas outside of Detroi...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Some people are saying now is not the right time to buy real estate in Metro Detroit.  If you have a solid job or think you have a solid job I think now is a great time to buy a home in Southeastern Michigan.  Here are 3 reasons why I think it still is a good time to buy Michigan Mortgage interest rates are still low.  Large inventory of Metro Detroit homes for sale The $8000 first time homebuyer credit Fewer buyers competing for the house you want Home values in many cities are back to 1990 prices.  But right now if you are a home buyer or an investor your time span you should be considering for a home in Metro Detroit is ten years.  You should not be plan on selling this home for at least 7 to 10 years.  This is not a market for short term thinking.  I don't think you should think abo...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
It is a buyers market in the Metro Detroit Suburbs so banks are having to price Detroit area foreclosures competitively if they want to sell them.  There are lots of home deals out there. Many Michigan foreclosures are in need of repair.  You have to remember that if the former homeowner couldn't pay the mortgage they were not going to put money into the house.  Many times they let it go and sometimes even trashed it.  It is not unusual to have to have the house completely repainted or re-carpeted.  That is why some Metro Detroit foreclosures are priced so cheaply.                Stained Carpeting is not unusual                         Damaged Walls                                                                         Missing electrical and plumbing fixtures are common too!!! Even onc...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Yep the 6 degrees of separation works in the economy too.  All across the nation the Metro Detroit economy is hurting people across the country.  Some people will say no, but I know it is true. I know Real estate agents and mortgage people that have lost thier second homes.  They had to make tough choices.  I know people that had homes in Florida that let them go.  North Carolina, Las Vegas, Texas, and California are places that I know people have given up homes.  I know it is not large numbers but Metro Detroiter's are having to give up their second homes.  Their income levels no longer support a second home.  Then that causes problems in your economy.  Less people are needed to take care of those homes.  Less Michigan people coming to spend money in your economy. Our trips and vacatio...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Here in the outside circle of Metro Detroit suburbs that encompass the City of Detroit we are seeing 1000 square foot bungalows selling for as low as $25,000.  Some of these outside circle cities are Dearborn, Redford, Lincoln Park, Warren, East Pointe, Ferndale, Oak Park, Hazel Park.  It is not uncommon to be able to buy a nice brick ranch home or bungalow for $50,000 to $70,000.  In these same cities you could not buy a home for less than $100,000. You can not buy the land, connect to city sewers, and build the house in this day and age.  How can you build a house for $50,000?  Last week I was in a Detroit foreclosure.  It had new windows, new carpeting and was selling for $8000.  I would bet that the carpeting and windows cost that much.  Let alone the building structure. Many Michig...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I am going through a Michigan home sale with a bad loan officer.  I am having to step back and remind myself of this advice. REMEMBER DON'T STOOP TO THEIR LEVEL.  Stay above the fray. Stay professional no matter how bad the other person is or how little they are doing.  REMEMBER THE WHOLE GOAL IS TO CLOSE THE DEAL AND PROTECT YOUR CLIENT.  Do what you have to do to get the deal closed.  Even if it isn't your job, do it.  I had to call the insurance agent on this deal to tell them the "prospective closing date"  even though the loan is not even close to closing.  The mortgage guy is saying he can't get a clear to close with out having the insurance and he can't give the mortgage clause out yet.  So I gave a date that may have to be changed because the mortgage isn't ready. REMEMBER THE G...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I was searching Redford real estate for a client today and I found that there were 98 homes for sale in Redford Michigan under $50,000.  Sure they may not be in the best of shape or a great home but a few years ago you couldn't hardly find a home in Redford MI for under a $100,000.  In the $50,000 - $100,000 range there are 360 Redford homes for sale .  360  unbelivable!  I just helped a client find a nice 900 square foot brick ranch for $68,000.   That was a pretty good bargain.  It need some paint and some carpeting.  I have seen some completely updated homes that were only $80,000. So when you are shopping for Redford homes for sale you can find some good deals out there.  Metro Detroit homes are selling so if you find one that you like put an offer in on it.  It is not uncommon in t...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Whether you are the brink of foreclosure or thinking o walking away from your house the first thing you should do is call the bank or lender that holds your mortgage or mortgages.  Whether it is a Michigan foreclosures or in another state here is what to do.1.)  CALL YOUR EXISTING LENDER(S) OR BANK (S)   Explain your situation.  Tell them you financially can't afford the payment or the new rate.  See what they can work out.   Tell them you don't want to go into foreclosure. Can they lower the rate?Can they lock in a fixed rate instead of the variable rate?Can the rate be the same as your initial rate that you had when you got the loan?Can they put the past due payments on the back of your loan and not raise the payment?If you can't work out a financial plan with your lender to stay out ...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Yesterday I was looking at a Redford homewith one of my clients.  It was listed at $78,000.  It was a nice Redford Home but it was not updated but it was a brick home.  My home buyer liked it and wanted more information on it.So I went back to the office and pulled public records on the home, I called the listing agent and found out it was an estate home.  I got the sellers disclosures and the lead based paint disclosure.  Then I pulled all the sold homes in the area within a square mile and that have sold in the last six months.In today's metro Detroit real estate market you should only pull the last six months sold homes.  Any further back it is not a good comparable.  The reason for this is that home prices are continuing to fall in the Metro Detroit real estate market.  It doesn't m...
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