Ann Arbor Area sellers ask …
- Are we at the bottom of the market yet.
- Are things stabilizing?
- Should I wait until next year to sell my home?
The RealtyTrac U.S. Foreclosure Market Report provides a count of the total number of properties with at least one foreclosure filing entered into the RealtyTrac database during the year 2009 or metropolitan statistical areas with a population of 200,000 or more based on Census bureau estimates. Some foreclosure filings entered into the database during the year may have been recorded in previous years. Data is collected from more than 2,200 counties nationwide, and those counties account for more than 90 percent of the U.S. population.
RealtyTrac’s report incorporates documents filed in all three phases of foreclosure:
Default — Notice of Default (NOD)
Lis Pendens (LIS)
Auction — Notice of Trustee Sale
Notice of Foreclosure Sale (NTS and NFS)
Real Estate Owned, or REO properties (that have been foreclosed on and repurchased by a bank).
If more than one foreclosure document is received for a property during the year, only the most recent filing is counted in the report.
Where is Ann Arbor on the Report?
Number 74 out of 208 Metropolitan Area’s.
What does this mean for you the seller?
Sales of foreclosed homes are dominating the market. In Ann Arbor and Saline many if not most homes are selling for over asking price. It is not unusual to get multiple offers on a foreclosed home. The bank will come back and ask the buyers to give “their highest and best.” and then they will make a decision.
Sellers not in foreclosure are competing in many price points on the foreclosures on the market. So you must price your home to SELL Not give it away but price it to SELL.
If you are a buyer, and want to occupy the home, then offer asking price or above. Don’t play games with bank, it is already BELOW market value. Take into consideration what needs to be done to fix it up.
Last week I bid on a home in Ypsilanti Township for a buyer. It had no kitchen, no H2O heater, no furnace, (yes I froze) no bathroom counters, sinks, toilets, showers, some duck work was missing. We bid based on what we thought it would take to fix it habitable and meet the current average price in the neighborhood.
Did we get it?
No it went for 3000.00 over asking price. This was in Ypsilanti Township where their is an abundance of homes in foreclosure.
The good news is that we are declining in our inventory. That will help stabilize the market.