I for one am sick and tired of seeing housing values continue to Plummet. Now I may get some backlash for saying this but I feel many of these bank agents are out for no one else but themselves. Daily I am amazed to see what they price homes at. Personally I think it's job security for them. Price a home super low, sell it for even less and then all the neighbors will say the heck with it and foreclose. Oh let me guess, more business for them. If they keep it up we'll be selling homes in Macomb County for less than the price of gas.
Okay, I get it the Macomb County area is hurting because of the big 3. But if someone bought a home 2 years ago for $195,000 and it's sold at the sheriff auction for $162,800 why would you price the home at $120,000. Nope it's not trashed so that's not the reason. Homes like it sold last year at $100 sq ft and they are selling this one for $66 sq ft. The township says the value is $194,400 and is collecting taxes based on that amount. So why not list it higher? Yea yea yea "it's supply and demand". If housing values continue to plummet there will not be a demand for houses. No one will want to buy a home for fear the home will be worthless in a couple months.
At the rate we are going it's going to be 2020 before anyone is able to move again. Now I am not saying I have the answer here but please can someone tell me why the banks, that we bailed out are allowing this to happen? Why are they willing to walk away from so much money. I'll tell you why - because the asset managers the banks hire only use "Certain" real estate agents.
These banks need to "Spread the Wealth" and hire more agents and from different companies, instead of using the same agents over and over. Most of these bank agents are so busy the right hand does not know what the left hand is doing. On top of that they are using secretaries to perform duties that should be performed by licensed real estate agents. By spreading the wealth the banks would receive better marketing and make more money rather than taking huge losses. Just me 2 cents. What do you Think?
I agree they should use more agents, many of the agents listing foreclosure's here are from Lenawee County and Detroit Metro area. They have no clue.
In some cases the banks let them list for the appraised value.
I have a listing in Canton, priced 120K below what they paid of 420 in 2006. I kept reducing it 10K per week to get and offer. Finally started getting showings at 299K, and 2 offers.
The appraisal came back at 290K and we have an offer for 270K.
They are thinking of taking that. It is 4200 s.f up and 2000 in finished LL.
What a shame.
WE need these short sales and foreclosure's to go away because it is killing the sellers who can not meet the value of these.
I'd love an answer to your questions. Better yet, I'd really get excited if a representative from Fannie Mae or Freddie Mac jumped in here with an answer.
At this rate of reduction in home values we'll all be paying off our mortgages before we can consider selling.
Been crazy busy for 3 days straight
Missy - I heard one of the banks is replacing 200 agents for bad work because the banks are tired of losing money - yes we need to get back to regular market instead of one ruining more lives
Kris - here here about the mortgages - it is sad and Fannie, Freddie and the govt need to really get a clue - NAR needs to get REALTORS on capital hill to tell them what's really going on