MI House buying - price trends for past few years (Grand Ledge: houses, closing)

[Hudder]

We're looking at a house in Michigan priced at a 23% increase in value over what it was purchased at three years ago. From what I am hearing this is way overpriced for what the market has been like.

I've been told the market has done about 7% total over the last 3 years, and that this year houses are selling at losses. Is that accurate? And where can I find information on this?

Thanks!

[randomguymike]

I bought my place in September '05. It is down about 30%. No way any sort of property should be selling for more than it was three years ago. what is likely happenning is they have it priced so they can break even after commissions and after they dumped a bunch of upgrades into it.

I'd look for a different house.

[MonaLisaVito]

I just sold my home in Michigan about three months ago, I had it up for about a year, had to practically give it away, I sold it for six thousand more than i paid for it and that was only because the buyer wanted six thousand at closing for their costs. So I took a loss - plus had to pay a realtor $14,000 commission. It is a buyer's market up there, just make an offer of what you want to pay, everyone is desperate to sell in Michigan, just as I was.

[Hudder]

Ok, this is what I suspected. We were going to offer about 8%, but it looks like it's not even worth that. May as well offer them what they paid for it if most houses are selling at a loss or near it.

[Rapunzll]

Where is this house located? The market is worse in some areas than others.

[Hudder]

It's in eaton county, west of Grand Ledge in the country. No improvements were made to the home.

[MonaLisaVito]

I'm not familiar with that area of Michigan, however, like I said in my earlier post, just make an offer that you are comfortable with, even if it is 10,000 less than what they paid, people are desperate to sell, all they can say is no and counter-offer you, I would offer as low as possible.