Home Buying in 48202>Question Details

Maj5, Home Buyer in Livonia, MI

Hello, I just wanted to ask about the condo on 16928 Kensington Macomb twp,Mi, it was listed as short sale for $99000 up until a month ago and the

Asked by Maj5, Livonia, MI Sun Mar 28, 2010

price has changed to $124000, what is the deal with that? Thanks in advance for all the helpful answers.

Help the community by answering this question:


It says in the comments that the buyer walked when the short sale was close to finishing approval. This means the bank had done it's appraisals at that point. When the condo was listed, nobody had any idea what the bank would take. My GUESS is that they would not take the 99K, and they countered at a higher price and that is now closer to the current list price. If you are interested in the condo, have your agent call the listing agent and I am sure they tell them what is really going on.
0 votes Thank Flag Link Tue Mar 30, 2010
Maureen Fran…, Real Estate Pro in Birmingham, MI
Hi Maj5,

It's called the law of supply and demand. Consumer home buying (demand) is normally greatest during the spring season, and lowest in the winter season. Also, many home buyers delayed purchasing because they had heard about the expected flood of new foreclosed homes (shadow inventory) expected to hit the market this spring; and the tax credit was extended and expanded until April 30, 2010. So, right now demand is expected to be pretty strong.

But, it now appears that the expected flood of new foreclosed homes might not happen, thus pretty much keeping the available inventory (supply) flat. Historically, sellers would place their homes on the market in spring, thus increasing the supply of available homes. However, many potential sellers are not placing their homes on the market because of depressed values; choosing instead to wait until values return. This only compounds the flat supply situation.

When supply remains flat or goes down, and demand increases, prices tend to increase. And still another more simpler possibility, is that someone bought or controls the home, and is now trying to "flip" it in hopes of making a quick little profit.

Feel free to contact me for additional help.

Reggie (248)721-4830 or Admin@AmazingRealEstate.net
Web Reference: http://www.SaveMoneyToo.com
0 votes Thank Flag Link Tue Mar 30, 2010
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