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.
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.
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?