Hi Joe, real estate is very local...here in my area of Michigan (Gladwin and Clare County) real estate has been relatively stable for the last 2 years...we saw an overall slight decrease of approx 5% this last year. If you are trying to determine your homes value I would suggest getting in touch with a local real estate brokerage who is familiar with comparable sales.
Good question but I believe each area is different and should recover differntly also. Areas like Oakland County are basically stable but Wayne County as a whole is still in a deeper recovery so it depends but some places are 30%-38% reduction in home values. Have a Great Day!
Keller Williams Realty
Commerce Market Center
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I am not a resident nor do i have the brokerage experience of some of my colleagues in Michigan. However as a practicing broker from Florida I share the burden and consequences of our housing market demise.
Property values are the result of the abundance of inventory competing for demand.
Demand is established by buyers who are financially capable where the income from employment provides the ability to borrow or have the cash to purchase a home.
Michigan leads in unemployment with little confidence from lenders to support a purchase of an average home for an average buyer. Large inventories of foreclosed properties are deserted and are being demolished.
To estimate the loss of equity and tax revenues to the state is more than a mere projection of numbers that can be defined by value amount. Optimism grows as the state is diligently attracting new revenue resources and creating excellent opportunities for new industries and businesses. The overall future of Michigan can be described as hopeful with abundance of opportunities in real estate development . The realities of failed housing market is however spreading to the rest of the country defined by the same parameters and job looses . States that experienced the highest foreclosures are recovering first. Florida like Michigan are leading in this recovery. The infusion of money from outside international lending sources on bulk sales has greatly decreased the inventory which are resetting values at a steady pace as more and more people return to work and confidence grows. There are pockets of neighborhoods that have faired better than others where values are more stable where the owners have no dire reason to sell due to their financial wisdom of minimum debt or uninterrupted income flow. The lesson learned from owners that maintained fiscal responsibility and having little or no debt they are not experiencing the term underwater or upside down drowning in debt. They are survivors and are experiencing the bets a home can offer is enjoyment. The value of their reasoning is priceless. The positive answer to our economic woes is failure in housing industry got us here and the housing industry will lead us to economic recovery. More and more people are discovering the value of real estate where one can still buy a home with a weak dollar at an affordable price. Real estate is a better hedge against inflation than other commodities like gold, silver. It is a much better time to have your money in a paid home than in a saving account paying rent. With inflation effecting food prices, transportation and most of our goods it is a blessing for those that can still buy a home. Michigan has plenty of affordable homes and if not for the weather and me being a bit a bit younger I would be there buying it with you but than I am doing it right here in Florida where i know the market so much better.
As a Realtor in Livingston County the prices of homes have decreased less here than in any other county in the State of Michigan. In 2007, Livingston County is still the fastest growing county in the State of Michigan. No other county can claim that position. I'm willing to discuss this with you if you have some questions concerning the housing market. Craig
Information goes back to 1988 and is sorted by Multiple Listing Service. In your case, this would be Realcomp.
If you are just interested in the value decrease of your home in Howell, I have information going back to March 2006 available on my computer for 2, 3, or 4 plus bedroom homes in Livingston County. Email me privately through Trulia and I will send you the information. No cost or obligation.
I would say this is definitely specific to each market. It's hard to blanket the whole state with an answer. I've heard big differences even from county to county, so I would suggest talking to an agent in your county or to the register of deeds. I think they keep stats like this too.
Working in the Northern Michigan market, we've seen stability in the lower ranges (under $140K), drops of around 8% in the lower average to higher mid ranges ($140K to $400K) and larger drops of over 10% in homes priced over $400K. Our area, while a bit slower, has not been "hit" as hard in this economy as lower Michigan has.