West Bloomfield Real Estate Market Report - Oakland, Michigan
West Bloomfield, Michigan - Oakland
| Market Commentary Provided by Debbie Willens If you can qualify, now is an exceptional time to buy a home in West Bloomfield. Low rates with falling home prices makes a home purchase a great value! Call now for more information at 248-705-2795 |
| Report Date | Fall 2009 |
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| Nearest Metro Area | Detroit | ||||
| Buyers’ or Sellers’ Market | More sellers than buyers | ||||
| Average Time on Market | More than 120 days | ||||
| Market Trend | Decreasing | ||||
| Housing Inventory | Good supply - Some Prices | ||||
| Average Home Price | $200,000 - View Graph Trend | ||||
| Best Selling Price Range | $100,000 - $149,000 | ||||
| Worst Selling Price Range | $300,000 - $349,000 | ||||
| Compared to Last Year | Down 20-25% | ||||
| Prices As % of Asking Price | 85-90% | ||||
| Multiple Offers? | Yes | ||||
| Multiple Offers Commentary | The foreclosure and short sales are getting multiple offers and many times the sold price is coming in higher than the asking price. | ||||
| Greatest Activity | First Time Buyers | ||||
| Buyer Activity for the past 90 days in West Bloomfield is | Decreasing | ||||
| Seller Activity for the past 90 days in West Bloomfield is | Increasing | ||||
| Is Financing Available For Qualified Buyers in West Bloomfield? | Yes | ||||
| Existing Home Prices for the past 90 days are | Decreasing | ||||
| What Percentage of the Current Housing Inventory are Foreclosures and/or Short Sales? | More than 50% | ||||
| Housing Hot Spots | If ever the time was ripe for Buyers to get great deals, it is now!!! There is a huge supply of homes on the market in every price range and the foreclosure market is amazing. So if you are a first time buyer, or a seller moving up, now is the right opportunity to buy your dream home in the Metropolitan Detroit area. | ||||
| Reason to Buy/Sell | Lower prices with good selection and competitive interest rates creates a perfect time to buy in West Bloomfield! There are many foreclosures and short sales that are amazing deals for Buyers | ||||
| Average Sold Price | $200,000 - View Graph Trend | ||||
| National Real Estate Market | |||||
| National Summary: National Housing Market Recovery Near? Latest HouseHunt Random Survey Finds Encouraging Signs - First Time Buyers Taking Advantage of $8,000 Tax Credit Like the legendary phoenix which rose renewed from its ashes, the U.S. housing market appears to be on the verge of emerging from the worst real estate market in three years. Several encouraging signs are there. Click here for full article... |
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(NOTE: Because current market conditions can change rapidly in any given marketplace, please check with the exclusive HouseHunt, Inc., real estate agent for this territory before acting on this information.)
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