Your house is in a very desireable area of Redford Township. Unfortuanately home values in Redford have been greatly impacted by foreclosure. Approximately 70% of the sales in 2009 were bank owned and from
Jan. to August of this year approx. 60% of the sales were bank owned houses. During the last six months
4 houses in Redford (with Redford Union Schools) over $90,000 have sold, there is one currently pending, So you are in a price range were there is currently not a lot of demand or movement. The house on Delaware for $94,500 is an estate, looks like it may need some up-dating. It is hard to say if the market has reached the bottom and it may be a while until it rebounds. If you have the financial resources, it may be best to cut your losses and sell the house and not have to worry about things in Redford (may want to consult your tax advisor). There is a lot of demand for rentals in the area, but it is always tricky getting good tenanants. You may want to put the house up for sale and rent and see what interest there is. You do not have a easy decision. Call or email if you have any further questions.
Mike Warren, CDPE, SFR
Keller Williams Realty
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