ST. CLAIR SHORES REAL ESTATE MARKET REPORT - JULY 2008

If you would like to know what your St. Clair Shores home is worth in today's market, give me a call to schedule an appointment for a free market analysis (cma). No pressure, no obligation.

The summer selling season continues! I'm happy to report that 63 homes closed in July up from 56 in June. That's a 12% increase from June. There were 54 closings in May and 52 in April.

          ST. CLAIR SHORES MARKET REPORT FOR JULY - HOMES                                                                                                                                                                                                                 

• There were 63 home sales that closed in July
• The average list price was $124,893
• The highest list price was $499,900 & the lowest was $24,900
• The average sale price of those 54 transactions was $116,130
• The average total days on the market was 198
• 49 homes went under contract and are marked pending for the month of July.

 Of those 63 closed transactions, 27 were bank owned, 4 were canal front, 1 was lakefront and 1 was new construction!

Homes are selling in St. Clair Shores!

          ST. CLAIR SHORES MARKET REPORT FOR JULY - CONDOMINIUMS 

• I am happy to report that there were 11 condos that closed in July
• The average list price was $68,309
• The highest list price was $162,900 & the lowest was $19,900
• The average sale price was $63,854
• The average total days on the market was 99
• There were 6 more condos that went pending in July

There were 5 condos priced under $50k driving the codo sale stats down for the month overall.

This current buyers market makes it a great time to purchase a home or condo in St. Clair Shores. As of August 4th, there are currently 687 single family homes for sale ranging in price from as low as $25,000 investor specials to waterfront homes well over $1 million. There are many homes to choose from, no matter what your price range, now is the time to take advantage of this market, prices will not remain this low forever. Interest rates are still low and there are some great FHA loans for those that want to put little or nothing down.

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

PRICES HAVE NOT BEEN THIS LOW IN YEARS, IT IS A GREAT TIME TO BUY A HOUSE!

If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sign up for a free Listingbook account and search 1,000s of homes.

  Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

Are you looking for the best web site to search homes for sale? Sign up for a free Listingbook account. Not only can you search St. Clair Shores homes for sale, but any home in Macomb County, Harper Woods & the Grosse Pointes also!

 

With Listingbook you can:

• set up your own search criteria
• save your searches
• mark your favorites
• find out when a new listing comes on the market                        
• find out when a listing has reduced the asking price
• leave notes on properties with questions or comments for me
• send me a message with questions or comments
• receive morning reports in your email daily

All of my clients who have used this FREE service have loved it. It is a great tool for buyers and helps me as your agent know exactly what you're looking for in a new home. If you're thinking about buying a home and would like a free Listingbook account click here.

Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

Are you considering buying your first home? Are you tired of paying rent and ready to start investing in your own home?

It is a buyers market. I know..... you've heard that over and over on the news. So what does that mean to you? It means that there is a surplus of listings on the market so you have a lot to choose from and the opportunity to take advantage of declining prices. You may be able to buy a home now, that a few years ago would have been out of your price range. These reasons make it a great time to buy a home.

Here are a few tips for you if you're considering buying your first home 

 Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

I actually posted on this last year, but I feel it is worthy to repost, as I work with many first time buyers and this subject always comes up.

You want to purchase your first home. You've already been pre-approved for a mortgage and you're working with a REALTOR. You find the home for you. You are going with an FHA loan and a Zero down gift program. Remember, ZERO down, does not mean ZERO out of pocket. Zero down means, zero down payment, there are other, what I call, out of pocket costs. When working with first time buyers, I've noticed that many are unaware of these prior to me explaining the process.               

Out of Pocket Costs, You Should Be Aware Of:                                                                                                          

• EMD or Earnest Money Deposit - even if you are going with a zero down program, you typically need to put down an earnest money deposit. This is typically done by you writing a check, the check is held in escrow and will be credited to you at your closing. The reason for this money is to show the seller that you are serious about purchasing their home, your putting down this money as a show of good faith. The amount varies depending on the home and market place, it can range from $500 min. to several thousands of dollars, your REALTOR can help advice you as to how much would be an acceptable amt.

•  Private Home Inspection - It is always advisable to get a private home inspection. The inspection is usually done 5 - 7 days after the acceptance of your offer. You will need to pay the inspector at the time of the home inspection. The price usually ranges from $200 to $400, depending on the home and the inspection company.

• 1 Years Home Owners Insurance- Yes, your lender is going to require that you have a 1 years home owners insurance policy paid in advance. This needs to be paid, prior to the closing date. The prices can vary, so I usually recommend that you shop around with a couple differen insurance companys.

I hope this post has helped to inform you or refresh your memory on the process of purchasing a home. Those are the 3 costs you need to be aware of between the offer getting accepted and closing. If you're thinking of purchasing your first, second or third home, I'd be happy to assist you, and work for you as a Buyers Agent. If you would like more information on Macomb County Real Estate feel free to contact me.

Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

pictures courtesy of real estate clip art.

What are REO's

Many times I'm asked by clients, what's an REO or what does REO stand for. REO stands for Real Estate Owned.  It is an industry term, for a bank owned foreclosure. An REO has already gone through the foreclosure process, is owned by the bank and back on the market.

Basically REO = Bank Owned Home.                                                     

I'm in and out of REO's all the time showing them to clients of mine. I always tell my clients when I'm showing them bank owned properties, that we never know what we're walking into. I've been in some that were very nice, others that needed some minor tlc and some that are downright disgusting. Some have been vandalized, gutted or major items taken. You just never know until you go and check them out. Many times, people are able to get a pretty good deal, buying them at below market value.

You have to act fast, when you find a good one, many times these bank owned homes end up receiving multiple offers, yes, even in this market.

As of today, July 16th, 2007 there are currently 87 Bank Owned properties on the market in St. Clair Shores, according to my local mls. As I said, these have already gone back to the bank and gone through the foreclosure process.

Click on the link for a FREE list of St. Clair Shores Bank Owned homes or Macomb County Bank Owned homes.

For more information on St. Clair Shores Real Estate call:

 Mike Mitchell - REALTOR ®  586-291-2652 or drop me an email.

 Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

ST. CLAIR SHORES REAL ESTATE MARKET REPORT - JUNE 2008

If you would like to know what your St. Clair Shores home is worth in today's market, give me a call to schedule an appointment for a free market analysis (cma). No pressure, no obligation.

The summer selling season continues! I'm happy to report that 56 homes closed in June slightly up from 54 in May and 52 in April.

             ST. CLAIR SHORES MARKET REPORT FOR JUNE - HOMES                                                                                                                                                                                                                  

• There were 56 home sales that closed in June
• The average list price was $113,254
• The highest list price was $299,900 & the lowest was $29,900
• The average sale price of those 54 transactions was $107,992
• The average total days on the market was 203
• 56 homes went under contract and are marked pending for the month of June.

 Of those 56 closed transactions, 19 were bank owned & there were 3 canal front homes that closed. 

If you've seen my previous monthly market reports, the bank owned homes have made up 50% of the monthly sales, sometimes a little higher. Only 34% of Junes sales were bank owned homes! The average sale price is up just over $1,000 and sales continue to be steady. All of these are signs, however small, of a recovery, in my humble opinion.

          ST. CLAIR SHORES MARKET REPORT FOR JUNE - CONDOMINIUMS 

• I am happy to report that there were 7 condos that closed in June, equal to Mays amount.
• The average list price was $148,086
• The highest list price was $399,900 & the lowest was $56,500
• The average sale price was $136,071
• The average current days on the market was 182
• There were 7 more condos that went pending in June

This current buyers market makes it a great time to purchase a home or condo in St. Clair Shores. As of July 2nd there are currently 672 single family homes for sale ranging in price from as low as $35,000 investor specials to waterfront homes well over $1 million. There are many homes to choose from, no matter what your price range, now is the time to take advantage of this market, prices will not remain this low forever. Interest rates are still low and there are some great FHA loans for those that want to put little or nothing down.

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

PRICES HAVE NOT BEEN THIS LOW IN YEARS, IT IS A GREAT TIME TO BUY A HOUSE!

If you'd like to start looking for homes and take advantage of this buyers market in S.E. Michigan sing up for a free Listingbook account and search 1,000s of homes.

  Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

Information deemed to be reliable but not guaranteed. Information taken from MiRealSource multiple listing service. Above sales were sold by agents and/or brokers. These statistics do not include for sale by owners. Selling prices did not include any sellers concessions.

I've been thinking of blogging about this all week, the subject: Bank Owned homes in Michigan.

As a full time Realtor, I've been in so many bank owned homes, I couldn't even guess to tell you how many. I've listed some for some banks, but mostly have been inside of them, working as a buyers agent.

Do Realtors and even buyers, stop and think, what happened to the families that lived in these homes? Has everyone become so immune to this due to the amount of reo's in recent years. I know, I'm going to hear from some, that's what happens if you don't pay your mortgage, what do you expect.

Foreclosure can happen to good, hard working people for many different reasons. Yes, some is from the sub prime mortgage mess, but I think many in Michigan are from job loss. I personally know people who have lost their homes, and have met many others. There are many reasons: job loss, sub prime mortgages, divorce, illness, or even deaths. Some just had to walk away and leave their house because they couldn't sell it, to relocate to other states for work. Yes, there are some who simply didn't pay their mortgages or didn't care or took advantage of the system. Some brought it all on by themselves, borrowing more than they could afford. But there are also many, that fought and did everything they could to save their home.

As I said earlier, I've shown so many of these homes- some are trashed, stripped, vandalized others are left in good shape. Some are left with the remnants of the family that got evicted. This past week, I found myself thinking, what happened to the family that lived in this home? I see bedrooms decorated for children, a boys room with sports themes on the walls, a girls room painted in pink with a princess theme going on. Boxes with kids books in them, toys, etc. What happened to these familes? Where did they go? Financial difficulties can be very stressful on families.

I just read a post by Kris Wales - Dear former homeowner - Your letter is still there, on the kitchen counter. that touches on this very subject. If you haven't read it yet, be sure and check it out.

Now don't get me wrong, these houses have to be sold, I know it's not your fault the people lost their homes, and I have and will continue to show and sell them. There are some great deals on some of these bank owned homes.

I guess the point of this post is that sometimes foreclosures happen to good people. It could happen to you, it could happen to me, it could happen to anybody.

Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

UPDATE:  SOLD IN LESS THAN 60 DAYS!

FOR SALE

North Warren, 3 bedroom brick ranch, 1.5 baths plus an additional full ceramic bath in the finished basement with wet bar, rec. room, seperate laundry room & lots of storage space.

Large updated kitchen with eating area and ceramic floors, appliances included.

Beautiful hardwood floors throughout, family room features a beautiful natural fireplace and opens to a professionaly built 3 seasons Florida room with vaulted ceiling, lots of vinyl windows and ceramic floors.

This well maintained home is located in the Warren Woods school district and is also within walking distance to De La Salle Collegiate High School.

For more information on this well maintained home, contact Mike Mitchell - Realtor®   @ 586-291-2652

To view photos and get more info on this home click here: http://mikemitchell.vflyer.com/home/flyer/home/1678509

  Mike Mitchell - Realtor®                                                                    
  GMAC The Kee Group
  Direct: (586)291-2652
  http://www.mmhomesearch.com/

ST. CLAIR SHORES REAL ESTATE MARKET REPORT - May 2008

If you would like to know what your St. Clair Shores home is worth in today's market, give me a call to schedule an appointment for a free market analysis (cma). No pressure, no obligation.

The spring selling season continues! I'm happy to report that 54 homes closed in May slightly up from 52 in April.

 ST. CLAIR SHORES MARKET REPORT FOR MAY - HOMES                                                       

• There were 54 home sales that closed in May                                                            
• The average list price was $112,218
• The highest list price was $280,000 & the lowest was $35,000
• The average sale price of those 54 transactions was $106,832
• The average total days on the market was 227
• 34 homes went under contract and are marked pending for the month of May.

 Of those 54 closed transactions, 28 were bank owned & there were 2 waterfront homes that closed. As I've said in my previous market reports, it is tuff to see some of the bank owned homes selling real cheap and bringing values down, however I am still glad to see them continue to sell. The sooner the inventory goes down, the sooner the market can start to recover. My broker sent out an email earlier this month, and he feels that the market has officially hit bottom, and it should start leveling out and then eventually start to slowly make a recovery. I don't have a crystal ball, but I'm optimistic and have noticed business and sales starting to pick up.

          ST. CLAIR SHORES MARKET REPORT FOR MAY - CONDOMINIUMS 

• I am happy to report that there were 7 condos that closed in May.
• The average list price was $135,243
• The highest list price was $420,000 & the lowest was $44,900
• The average sale price was $121,714
• The average total days on the market was 168
• There were 6 more condos that went pending in May

This current buyers market makes it a great time to purchase a home or condo in St. Clair Shores. As of June 3rd there are currently 684 single family homes for sale ranging in price from as low as $35,000 investor specials to waterfront homes well over $1 million. There are many homes to choose from, no matter what your price range, now is the time to take advantage of this market, prices will not remain this low forever. Interest rates are still low and there are some great FHA loans for those that want to put little or nothing down.

For more info on the St. Clair Shores Real Estate market, contact Mike Mitchell,REALTOR ®

PRICES HAVE NOT BEEN THIS LOW IN YEARS, IT IS A GREAT TIME TO BUY A HOUSE!

  Mike Mitchell - REALTOR ®                                                                 
 GMAC The Kee Group
 Direct: (586)291-2652

 http://www.mmhomesearch.com/

Information deemed to be reliable but not guaranteed. Information taken from MiRealSource multiple listing service. Above sales were sold by agents and/or brokers. These statistics do not include for sale by owners. Selling prices did not include any sellers concessions.