Rochester Michigan Housing Burst.
As most people know, Michigan is dead in regards to the housing market. The bubble burst, lotsa houses for sale, prices dropping, and few buyers due to layoffs and population decline.
Rochester Michigan seems worse off than the rest. Over 1300 homes for sale just in Rochester Hills, most are 30-40% less than they were last year. Right now you can secure a 2200sq Foot 4Bedroom 2Bath house for $189K-220K if you can believe that.
The markets seem to be taking a BEATING throughout Michigan, but some markets are worse than others. Royal Oak is down pretty big, Berkley seems holding fairly steady, Clawson has stabilized, Troy is starting to sag more. Lapeer and areas out that way are dying fast and furiously.
Speaking for my house, it was appraised in Last year for $300,000.00, but I would find it hard to believe if we could get 250K for it on a good day. Our neighbors house started on the market for 200K, and he's down to 188K already with NO offers, and only 2-3 lookers a week.
I think prudent advice is that if you aren't forced to sell, it might be best to hold off, and perhaps wait for up to 5 years before selling or your appreciation will be liquidated.
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