Foreclosure in 48184>Question Details

Heldmyw, Home Buyer in 48184

I'm watching foreclosures, OCWEN, HUD and the general market in my chosen area(s).

Asked by Heldmyw, 48184 Sun Feb 10, 2008

The trends are striking! Watching houses reduced in price almost weekly, whole neighborhoods selling at 65% of last year's appraisals. Yet OCWEN, and foreclosures listings seem stuck in a dreamland of asking prices from the highs of a year ago. Why is reality so different for these groups? AND what happens if I make an offer that reflects the new conditions? Will it be rejected out of hand?

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Heldmyw, I just searched Wayne County public records for the 33 foreclosures sold in the past 180 days in 48184. The AVERAGE value was 1.78 times 2007 SEV. The highest was 2.69 times SEV.

Of the HUD homes offered through the Multiple Listing Service, the average time on market was only 61 days and sold for an average of 86 percent of original asking price. This is about average for homes sold in southeastern Michigan during the first 9 months of 2007. I haven't taken the time to do the last 3 months yet.

A real estate professional working as your Buyers Agent would be able to give you better information about each specific property of interest.
Web Reference: http://www.mi-living.com
1 vote Thank Flag Link Sun Feb 10, 2008
Just to ask, Are you also looking at the value the homes you're watching on http://Zillow.com http://cyberhomes.com and http://realestateabc.com ? I'd be interested in seeing how you feel they compare.
0 votes Thank Flag Link Mon Feb 11, 2008
Heldmyw, Most home buyers look for long term gains on their home (over renting). With the average home buyer remaining in their home for at least 7 years, in most markets there will be a gain in value. My home has lost more than 10 percent of it's value since 2003. So I can understand your concern. This article may help you with your decision. http://money.cnn.com/2007/12/26/pf/expert/expert.moneymag/in…

I'm not an expert in Wayne MI, but there will be a lower limit for all home sellers. Once those that simply want to sell (not need to sell) get their homes off the market values will stabilize.

Will this happen during an election year? I would hope, but cannot guarantee there will be movement. We'll find out together.
0 votes Thank Flag Link Mon Feb 11, 2008
Tell me, Bob. With the downturn in housing values expected to continue downward for the next 12-18 months at least, why would you say it's a perfect time to buy?
0 votes Thank Flag Link Mon Feb 11, 2008
It'd an incredible market. I have buyers that get immediate updates below. Perfect time to buy!
0 votes Thank Flag Link Mon Feb 11, 2008
Thank you Gary! Your knowledge is most welcome, and your help appreciated sincerely!

My observations only provide an amateur's anecdotal data for the type of home I am interested in.

Example: HUD accepted an offer of $61,000 on a home that was appraised (yes, I know, not AV or SEV) at $114,000 early last year. This particular home is currently offered "retail" at $76,000 (MLS # 27119067).

Do you see why I find myself in a minefield? And this, without even considering what the next year to 18 months will bring!

What say you, oh wise ones? How can a poor (qualified) buyer not get his fanny shot off? Or is it just too superheated for those of us not willing to play craps with our home investment dollars?
0 votes Thank Flag Link Sun Feb 10, 2008
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