Commerce Township, MI Real Estate News

By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Currently there aer 7 Lower Straits Lake homes for sale (Commerce Twp, Michigan). On average these homes have been on the market for 280 days. These Lower Straits Lake homes range from 600 square feet to 7100 square feet. The majority of the homes on the lake are ranches and colonials.  Lower Straits waterfront properties range in age from the 1930's to 2002. Many of the older homes have no basements, but some of the newer ones have a walkout basement.  The homes range from 1 bedroom to 6 bedroom homes, and 1 bath to 3+ Bathrooms.  Some of Lower Straits waterfront properties have no garages and some do. Lower Straits Lake is a 236 acre lake with a maximum depth of 22 feet. The lake is an all sports and private lake. Lower Straits Lake homes are located West of Union Lake Rd, South of Co...
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By Derek Bauer's, www.DoorToDreams.com Door to Dreams Home Selling Team
(Real Estate One)
To Schedule your private showing of this Luxurious Home call The Door To Dreams Home Selling Team at 248-820-7222 or email WeCare@DoorToDreams.com This beautiful custom built home is a MUST SEE! All the fabulous features will have you wanting more** Rare and desirable first floor mater suite with tray ceilings, dual walk-in closets, deluxe private bathroom and a priceless view** Gourmet Kitchen with walk-in pantry, dual ovens, granite, island, stone backsplash, and amazing views**  The two story Great Room with wall of windows facing protected wetlands, will have you wanting to spend most of your time staring at the maginificent view** Granite is custom in all bathrooms of this gorgeous custom built home The first floor offers you, Office/Den, Foramls Dining Room, and a Laundry Room** T...
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By Norm Werner, Helping the first time and every time
(Real Estate One)
Commerce Township, like so many others in this area saw the roller coaster ride during the early part of the year, at least so far as inventory was concerned. Median home values of homes that had sold continued on its downward path unabated. The Commerce market was actually better than many around it in terms of average home sale values vs SEV (State Equilized Values), which is supposed to represent 1/2 of the assessed value. In a perfect world one could multiply the SEV times 2.0 and that should end up being the market price. We all know that we are not in a perfect world. The actual average multiplier so far this year is 1.638, which means that homes are really selling for about 82% of what the assessor says they are worth. That's how far behind the market the assessors are in this ar...
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By Norm Werner, Helping the first time and every time
(Real Estate One)
The best way to get an answer to that question is to go to the one place where you can find the data and charts and other information about the local Commerce Township, Michigan market - the www.themilfordteam.com web site. If you go to the Real Estate Statistics Page there is a whole slew of choices for charts and data and reports for Milford and the surrounding area. On the Charts Page you'll get a view of a couple of important statistics - the median sold prices in the market and the inventory level, as well as the Average Days on Market statistic. The charts on that page are updated in real time when you access them, so you'll see the latest data on the markets that I chart. Further down the page is what I call the Market Velocity Report. It's really the County Market Reports from t...
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By Lorena McMullen, Serving SE Michigan
(3DX Real Estate)
The lake front property spring market in Commerce Township, Michigan has begun!  Currently there are 31 active lake front listings for sale.  List prices range from $169,000 to $2,200,000. There have been 11 recorded sales of lake front homes in Commerce Township over the past 3 months (12/01/2009) show an average sale price of $269,582.The lowest sale price was $54,900 for a 576 square foot home on Bass Lake, and the highest sale price was $448,500 for a 3,255 square foot home on Fox Lake.    Commerce Township, Michigan, is referred to as "The Lakes Area" due to the many inland lakes located here.  Some of the lakes located in Commerce Township are: Commerce Lake, Upper and Lower Proud Lake, Woodland Lake, Carroll Lake, Mud Lake, Fox Lake, Moss Lake, Union Lake, Round Lake, Glenwood La...
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By Lorena McMullen, Serving SE Michigan
(3DX Real Estate)
Zillow Home Value IndexYou need the latest version of the Macromedia Flash Player.Download the free Flash Player now!More Michigan Home Values The real estate market data for the State of Michigan per the sales data found on Zillow, reflects a continuation of declining values. The state average home value is now at $98,400. This reflects an -8.5% drop over the previous year. While home prices have declined across the state, there is good news! The declining market has created a great time to purchase a new home or to move up, trade for a similiar home, or pay down for current homeowners. Often times, home sellers look at their current homes value, and look at what the property was worth back in 2005/2006 before our market dropped. They look at the price difference as a "loss" - There is...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
 Of course no two home purchases are alike but here is a general home buying time line.  It doesn't matter whether it is a Plymouth condo or a Commerce Twp lake front home.  The key to the whole purchase process is to jump and get your part done as quickly as possible.  Drop what you are doing and get it done.  Then you will probably wait and wait.  But that is why you rush around and get your part done. If you delay getting your part done then the whole process is delayed.   The other party will add to the delay because there is "no rush".      ACTION TIMELINE Offer is submitted to listing agent   Counter offer/ acceptance of offer Sometimes you hear back from the seller in hours, other times it is days.  Patience is the key here.  But you want  to respond back quickly if you want the ...
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By Norm Werner, Helping the first time and every time
(Real Estate One)
Commerce Township is one of the two markets in the areas that I track that had a turn around in the trend line of Median Home Prices - turning upward in early January, 2010, and still tracking in that direction as of today. The inventory line for home in the Commerce Township area is still trending downward and that's a good thing, since it helps to stabilize home prices. This may mean that Commerce Township has worked off its overhang of foreclosed homes and is now returning to a more normal market. In February, as of last Sunday, there had been 14 sales and 74% of them were foreclosures. There had been 36 sales so far in 2010 at a median sale price of $185,500 and with a Days on Market average of 153 days. There were 246 homes on the market as of last Sunday at a median listed price o...
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By Lorena McMullen, Serving SE Michigan
(3DX Real Estate)
Today while I was out driving taking photographs of a new listing, I took the opportunity to take a few photographs of the beautiful, freshly fallen snow.     Side-Streets were covered in snow.                  A pretty view of the snowfall.                     A view looking down at Proud Lake in Commerce Township.                   The Mighty Huron River in Commerce Twp.                    A Beautifull, Snow Covered Street in Commerce Twp, MI                    Snowfall & Winter Grasses in Commerce Twp, MI                     Children Sledding in Commerce Twp, MI
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
This winters Metro Detroit real estate market is going to be a little different than last year.  Here is what I see happening this winter. Last year you could snap up Metro Detroit foreclosures really cheap.  It wasn't unusual to be able to pick up a decent Metro Detroit home at a bargain price.  This year I believe foreclosure homes prices will be higher than last year.  We will see more Metro Detroit foreclosures hitting the market than we had over the summer.  Because of Governor Granholm and President Obama's moratoriums on foreclosures there were quite a few Metro Detroit foreclosures that got spared for a few months.  Now they will start hitting the market starting in December. Some bigger homes will start going into foreclosure.  People who had good credit, good jobs have held on...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
 In the last 6 months there have been 220 Commerce Township homesthat have sold. Out of the 220 homes that have sold 182 have been priced under $260,000.  Like most of the Metro Detroit real estate market it is the lower price range that is selling.  The upper end homes are sitting on the market longer. Of the 220 Commerce Township homes that have sold in the last 6 months it has taken an average of 120 days to sell. Commerce Township Home Price Statistics Legend Range Name Price Range Number of Listings Days on Market           10000 to 60000 39 91   60001 to 110000 41 81   110001 to 160000 41 102   160001 to 210000 29 98   210001 to 260000 32 240   260001 to 310000 17 80   310001 to 360000 5 155   360001 to 410000 8 163   410001 to 460000 1 106   460001 to 510000 6 104   510001 to 560...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
If you want to still grab the first time home buyer tax credit in Michigan you don't have time for a short sale.  Short sales usually take any where from 2 to 6 months to complete here in the Metro Detroit real estate market. Unfortunately we only have 30 days to get a signed purchase agreement.  Sure we can get the purchase agreement signed by the the seller.  They will sign anything to get out from under the money they owe the bank.  But the bank is going to take at least 2 months to ok the sale.  And that's the minimum amount of time.  It could take six months. So if you want the $8000 first time home buyer tax credit don't get involved with a short sale right now.  If you are looking for a home right away give me a call or email me and I'll try to help you out. Russ Ravary your Metr...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
This week in the metro Detroit real estate market has been tough on my clients and I.  Really it was yesterday that was so bad.  We got three rejections in one day.  We had put offers in one a 1300 square foot Redford ranch foreclosure a 2600 square foot Farmington Hills colonial foreclosure and a 1500 square foot Canton ranch foreclosure On all three properties we bid at full price or over full price with concessions to net out at full price.  All three clients were at the top of the price range they could bid at.  Every one of these Metro Detroit foreclosures sold for more than list price. I knew the foreclosureswould sell for more.  They were nice homes that were underpriced.  The 2600 square foot Farmington home was underpriced by $100,000.  The Canton ranch was about $40,000 under ...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
 When you are an Oakland County first time home buyer how do you pick the right houses to see.  Do you make your judgement to see the house on the pictures alone?  Some foreclosures have only one picture, some agents are lousy picture takers.  So don't make your decision to see the house on the pictures alone. Equally important is to read the description and the agents remarks.  Many times that will tell you the highlights about the house. For example if they talk about the outside of the house and say very little about the inside then I would bet that the inside needs work or updating.  But if the lot means a lot to you then you should check out this house. If they say the house needs tender loving care (TLC), loving touches, original owner, or needs updating it means it needs work and...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Doing a short sale is very tough. Depending on who you talk to they say that over 50% of short sales never close.  So before you write an offer on a short sale house you should have answers to these questions. Has the seller sent the bank the paperwork they require to start the short sale? Has the seller or the agent talked to the bank to see if they qualify to do a short sale? Is there a second mortgage? Is the seller a hardship case? Is the home in foreclosure? or the seller behind in payments? If the home is in foreclosure has the sheriff sale taken place? How long before the redemption period is up? Has the listing agent ever done a short sale? Will you continue to market the property after we put our offer in? Are we the first offer? Will you only work the first offer or will you b...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Recently I read an article from Money about 5 ways you could be taken by Metro Detroit real estate agents, mortgage lenders, and Metro Detroit home inspectors.  They actually didn't single out Metro Detroit but were saying nationwide. What Money basically said is that there is a conflict of interest of a real estate agent referring a home inspector.  I do agree with them in some ways and other ways I don't.  Money said that we as Realtors "prep" the home inspector what to say.  Basically the article synopsis (in my opinion) was that real estate agents were crooked, and just want the deal to close no matter what. I take objection to that.  Of course we want the house deal to close.  After all that is what our clients want, that's why they put an offer in on the house.  They want to buy t...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I know some Metro Detroit home inspectors that are both good and bad.  They is good at what they do but sometimes they doesn't know what they are talking about. Take today for an example.  The house was in Commerce Township.  The client had a home inspection done and the Metro Detroit home inspector said there was termite damage.  The Metro Detroit first time home buyer really loved the house so they got Terminex in to check it out. The Terminex inspector wanted to know what the home inspector was talking about.  The terminex guy pulled on his overalls and crawled through the crawl space.  He double checked the area that the home inspector said had termites and said the house was clean.  Now the home inspector saw the area from a distance and never crawled into the area.  He assumed it ...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
A few weeks ago one of my first time home buyers put an offer in on a Commerce Twp home.  It wasn't a Commerce Twp foreclosure.  We looked at all the comparables for the home and my clients made a good decision on offer price. But the problem was that the Commerce Township home sellers were chasing the market down.  They were always over priced for the Commerce Twp lakefront homes for sale marketand they still are a little.  My buyers offer was a reasonable offer.   But now the Commerce Twp home sellers were digging their feet in the sand.  They have put a list of $215,000 out there ( price has been changed to protect the identity of the seller).. We were $5000 apart when we stopped negotiating.  If you call it negotiating.  My Commerce Twp lakefront home buyerskept coming up in price a...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
Oakland County Lakefront homes for sale MI  I had a client call me the other day about his lake home.  He lives on a beautiful all sports lake in Oakland County MI.  He wants to sell his 3500 square foot home because his computer business is doing poorly because of Michigan's economy.     The problem is that he needs to net about $600,000 to pay off his mortgages.  But the problem is going to be the appraisal.  Banks have tightened up the appraisal process.  With so few Oakland County Lake homes selling some banks are not going to allow comparables from other lake properties located 10 miles away.                                                                  So even if we find a home buyer for his lake front home I don't believe we could get his house to appraise for six hundred thou...
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By Russ Ravary ~ Metro Detroit Realtor call (248) 310-6239, Michigan homes for sale ~ yesmyrealtor@gmail.com
(Real Estate One)
I don't know about you but I am afraid to open my retirement account statements.  I had a client tell me today that his accounts were down 35%.  He was a General Motors employee.   I guess we will alll be working until we are 80 to make up for the latest losses.  As a self-employed person I actually did put away money for retirement.  I did the right thing.  Do you think I qualify for a governement bailout?  I could stand to get back on track for retirement.  Should I call George Bush to push the bill through?  How are you doing with your retirement?   I can see me now with my walker saying isn't this a great house!  Or I am going to be fighting 12 other guys to say hi to people at Wal Mart.  I can see it now.  All of us old guys will be lined up  12 across.  "Hey its my turn you old fa...
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