Why there are very few houses for sale? and hardly no foreclosure/ bank owned sale in Novi/ Northville? I am looking for house around 325K.

Asked by Trulia1, Novi, MI Mon Nov 7, 2011

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Gordon Johns…, Agent, Plymouth, MI
Fri Nov 25, 2011
The reason you aren't seeing many homes for sale in the Novi / Northville is that home owners are still upside down in their mortgage and don't qualify for (or don't want the hassle) a short sale. These folks have seen the value of their homes drop over the last few years and now the prices appear to be stabilizing and in some areas are beginning to bounce back. If they don't absolutely have to sell, they won't.

There are some homes on the market in the Novi & Northville areas that are worth a look. I have pulled together a link that will show you the homes currently on the market in Novi & Northville. The link will continue to be updated as new homes hit the market so feel free to bookmark it and refer back to it whenever you like. Here's the link: http://idxpro.cisdata.net/AR426627/Search/custom_link/?ss_id…

I hope this helps!
0 votes
Brandon & Le…, Agent, Northville, MI
Sun Nov 20, 2011
There are Actually plenty of listings that come for sale in Northville. The trick is jumping on them - And offering the day that they hit the market. they just sell very, very fast!
Hers is another odd fact, in the 48168 zip of Northville, 11.1% of those homes sold were indeed foreclosures/distressed sales! http://www.northvillehomesearch.com/mimarket/zip/48168/ documents that fact. Those numbers are straight from the MLS.
Again, we just make sure our people here about them first, are the first in and if they like it, we write the offer on the spot. Then - boom! Happy clients who are new Northville residents!!
Hope this helped...
0 votes
Michael Warr…, , Novi, MI
Sun Nov 13, 2011
Hi Trulia1

The Novi/Northville area seems to have stablized. There are definitely a lot less foreclsoures on the market in this area then the end of last year or the beginning of this year. Lately Northville has had one or two foreclosure on the market at a time and they usually sell very fast and with multiple offers. Novi generally has 10 to 12 foreclosures on the market at a time and a good percentage of them are in the lower price ranges. Lately the Northville/Novi area has not been impacted by foreclosures as much as surrounding communities. In the Novi/Northville area there is currently less than a two month supply of houses on the market in the $300-350k and just over a two month supply in the $250-300k. The chart below will show that prices have stabilzed.

2010 2010 2011 2011 2011
NORTHVILLE 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr.
Number of Sales 88 66 57 77 121
Average Sale Price $360,031 $381,652 $354,616 $373,304 $415,613
Median Sale Price $340,500 $365,000 $384,525 $350,465 $401,000

2010 2010 2011 2011 2011
NOVI 3rd Qtr. 4th Qtr. 1st Qtr. 2nd Qtr. 3rd Qtr.
Number of Sales 105 95 87 125 125
Average Sale Price $307,622 $301,107 $295,075 $288,728 $298,114
Median Sale Price $271,000 $258,800 $258,750 $259,900 $270,000


Call or email if you have any questions or need further information or assistance with
your real estate needs.

Sincerely,


Mike Warren, CDPE, SFR
Keller Williams Realty-Northville
734-634-5868
email: mikewarren@kw.com
0 votes
Ron Thomas, Agent, Fresno, CA
Mon Nov 7, 2011
This would be interesting to see what other Agents around the Country say;

A year ago we had 6 to 7 months inventory, and we called it a BUYER's MARKET.

Today we have 3 months supply and we are calling it a BUYER's MARKET!

Good luck and may God bless
0 votes
Cindy Finner…, Agent, Chicago, IL
Mon Nov 7, 2011
That is a good thing, sounds like a very stable area. The bad thing for you is, when a property is available in that area you probably won't be able to negotiate as much as in an area that has an abundance of properties for sale.
0 votes
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