Tom Crowe's Real Estate Blog | Allen Park, MI | Mortgage, Housing Market, Buy House, Home Buyers, Foreclosures

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Tom Crowe
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    CRS: Certified Residential Specialist
    GRI: Graduate REALTOR® Institute
    25 Years of Experience

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Downriver Homes Real Estate Services

Friday, July 17th, 2009

Every time I list a property for sale I go over my marketing plan with the seller.  The internet is forever evolving with new opportunities to reach out to new people and new clients both buyer and seller.  I recently join Facebook and started adding friends.  This gives me the opportunity to market my properties to a never ending list of people much like a newspaper.  Go to my site at http://www.facebook.com/people/Thomas-Crowe/1032273955 and click on my profile to see how this new and expanding medium works.

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Allen Park Home Pricing

Thursday, July 9th, 2009

Allen Park continues to position itself well as compared to other downriver communities.  Currently Allen Park has 147 houses for sale.  121 of these homes are privately owned homes with an average list price of $108,343.  This is, relatively speaking, is a good ratio of private owned vs. foreclosure and it shows that the foreclosure is not the predominant sale.  Trenton for example is in similar situation with 79 of 89 homes currently listed for sale being privately owned.  This ratio is very important because one of the biggest problems I as a Realtor and you as a home owner have in todays market (once we find a buyer) is the appraisal.  Right now, appraisers, if nothing else is available to use to justify value, are using foreclosed properties without actually viewing the inside of the property to determine the condition.  Hence, not making adjustments for condition.  This issue is being reviewed and questioned by the Michigan Association of Realtors and when I hear a decision I will pass it on to you.

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Allen Park Homes

Thursday, July 2nd, 2009

Everybody is hearing how the foreclosure market is affecting home prices. Below is a breakdown of Allen Park homes that sold in the month of June.

Allen Park homes (all Allen Park homes sold): 21 Homes/Ave Sales Price $66,952.
Allen Park homes (Privately Owned): 10 Homes/Ave Sales Price: $82,100.
MelNap School District: All Allen Park homes sold: 5 Homes/Ave Sales Price $50,800.
MelNap School District: Privately Owned: 3 Homes/Ave Sales Price $58,000.
Allen Park School District: All Allen Park homes sold: 16 Homes/Ave Sales Price $72,000.
Allen Park School District: Privately Owned: 7 Homes/Ave Sales Price $92,429.
No sales in the Southgate School District located in the City of Allen Park.

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Allen Park Homes

Monday, June 29th, 2009

The good news is that Chrysler started production today…let’s hope this is the beginning of a new beginning. Everybody is curious about what foreclosures are doing to our home values. I decided to look at average sales prices in Allen Park for the month of June 2009 and segregate them by private owned vs. non-private owned (foreclosure) and also by school district. Call or respond to this post if you do not live in Allen Park and would like to see the statistics for your city.

June 2009 all sales average price: 21 sales average sales price $66,952.
Private owned properties: 10 sales average sales price of $82,100.

Mel-Nap School District: 5 total sales averaging $50,800.
Private owned: 3 averaging $58,000

Allen Park School District: 16 total sales averaging $72,000.
Private owned: 7 averaging $92,429.

Southgate School District: 0 sales for the month of June.

Another good statistic is that out of 154 homes currently for sale in Allen Park; 127 are privately owned.

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May Closing Statistic’s

Monday, June 22nd, 2009

May was an excellent closing month for homes in the cities of Allen Park, Lincoln Park, Southgate, Riverview, Trenton, Woodhaven and Wyandotte. The sales report shows the following:

City Active Listings Closed Listings/Ave. Sale Price
Allen Park 146 31/$74,653
Lincoln Park 282 76/$23,980
Southgate 135 29/$50,803
Riverview 32 3/$58,667
Trenton 78 20/$64,205
Woodhaven 52 8/$113,355
Wyandotte 174 42/$53,355

The lower prices reflect foreclosure sales and the fact that prices have declined.

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Home Buyers Need To Take Advantage

Monday, March 9th, 2009

Yesterday, March 6, 2009, was the warmest day of the year and must of had everyone thinking of spring.  I did not drive by a golf course, but surely there must have been some people playing.  I did see the Detroit River and most if not all of the ice is gone as it is on our streets, driveways and yards.  There is no guarantee that this weather will last, but it is a sure sign that Spring is not far away and that we are also in a transition toward warmer and better times.

Spring is also the traditional time for the beginning of our home buying and selling market.  Most of our houses are bought and sold between spring and the beginning of the fall school year.  This season presents many opportunities.  Not only for people who are buying their first house, but also for those who have an opportunity to “Buy Up” to that house that before was out of their reach and only a dream.  First time home buyers have a historically first time to take advantage of a refundable tax credit on next years tax return to help them finance the cost of a home purchase and move up sellers have the opportunity to buy their dream home at a lower price and at a lower interest rate.

Spring is a transition time from a long cold winter to fresh air and warmer weather and renewing our housing market is a transition time that is the beginning getting our economy back on track.  No one can predict the bottom and buy their home at the precise exact most advantageous moment so don’t sit on the sidelines and let this opportunity pass.

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