Housing Market outside of Wayne County (Detroit, Ann Arbor: for sale, real estate, foreclosures)

[KayAnn246]

How is the housing prices outsside of Wayne County? I am looking to move from NC to MI at the end of the summer and need to figure the cost of living for housing. My family lives in Wayne County so I am aware of all the bargains you can get in Dearborn, Taylor, Westland, Wayne etc. I do not want to live in Wayne county at all. I am looking to move to Ann Arbor, Canton-Plymouth area or even Bloomfield Hills. I have been on Realtor.com and have found that the housing prices in these areas have not taken a big dive at all. I have even researched foreclosures and short sales. I would like to purchase a 2 story, 2000 sq ft, with garage,0-10 years old. Any ideas? I am looking to purchase within 2 years a least.

[scolls]

Canton and Plymouth are in Wayne county. Why don't you want to live in Wayne county?

[lookup138]

Bloomfield Hills is a very exclusive high end community known for having strict criteria for new residents. The property taxes alone are an eyesore. Recommending a city would depend on where you need to live, as in where you'll be working, going to school, how close or far you would like to live from Detroit. I would say Farmington, Canton, St. Clair Shores, Birmingham, Walled Lake, and Plymouth are all nice areas to look into.

[us66]

Most of Macomb County is nearly as much of a bargain. Some of Oakland County has weathered the housing crash a bit better than others, but there are steals to be had. Southfield is downright cheap housing now, but taxes and insurance aren't cheap. Ann Arbor is a more desirable place and still has higher values, but they've fallen some too, even there.

[MIEng]

Originally Posted by Singlelady10

How is the housing prices outsside of Wayne County? I am looking to move from NC to MI at the end of the summer and need to figure the cost of living for housing. My family lives in Wayne County so I am aware of all the bargains you can get in Dearborn, Taylor, Westland, Wayne etc. I do not want to live in Wayne county at all. I am looking to move to Ann Arbor, Canton-Plymouth area or even Bloomfield Hills. I have been on Realtor.com and have found that the housing prices in these areas have not taken a big dive at all. I have even researched foreclosures and short sales. I would like to purchase a 2 story, 2000 sq ft, with garage,0-10 years old. Any ideas? I am looking to purchase within 2 years a least.

Prices have taken a dive too in those places you mentioned (Ann Arbor, Canton-Plymouth area and Bloomfield Hills). If Bloomfield Hills looks expensive to you now you should have look how prices were back in 2004. You are not going to find the $50,000 4 bed minimansions in the most desirable places, you are going to have to pay waaay more. Schools in Canton-Plymouth and Bloomfield Hills are highly rated and prices are going to reflect that. Also consider that property taxes are high in areas like Bloomfield Hills, Birmingham, Beverly Hills.
If our work did not pull us toward the northern and the eastern suburbs we would have definitely consider Ann Arbor as a place to live. It is a much more stable city with a more stable economy, thanks to the University of Michigan, and is very affordable for the good quality of life it offers.

[Coldjensens]

Wayne County has some very desireable areas. (Grosse Ile, Grosse Pointes, Plymouth, Canton, Livonia, Wyandotte (without kids)).

Everywhere has taken a huge hit on real estate prices. High end houses seem to have taken the biggest hit. Our house appraised for about 35% of its appraised value in 2006. We looked at houses in Grosse Ile that were for sale for $1 million give or take a bit and they are now selling, if at all, for $450,000 - $500,000. If you are looking in that price range, they are bargains. We are talking about 1 acre lots on the water with a dock and a beautiful 3500 s.f. or more home in a place with absolutely execellent schools, low crime, outstanding public services, and lots of amenties and open space. This is true all over the metro area. The market is still flooded with empty homes. Ann Arbor is the only place that has really seen less of a fall and even there, prices are down 20% or so (maybe more, but my collegues from Ann Arbor were complaining about a 20% drop in their home value - I had to laugh).

You need to be looking at selling prices, not asking prices. The property next to us is for sale at almost the same price that we paid in 2006. It is not going to sell for anywhere near that price if it sells. Another house that we looked at (but it was way too expensive for us) was re-listed for $650,000 and sold for something like $425,000. Asking prices are meaningless. Many people cannot bring themselves to accept that their property is now worth half or less than what they perceived it to be worth. Very few listings start off at realistic prices.

[Bhaalspawn]

Where are you going to be working? the Detroit Metropolitan Area covers a lot of ground and you don't want to have a 100 mile round trip commute. Where you're going to be working will play a large role in determining where you want to live, especially in an age of traffic congestion, pot hole-filled roads, and higher gas prices.

Family is a compelling reason to want to relocate, but do you have a job lined up? It's a big issue here. There's a reason why home prices are so low and it's not because people are relocating to Michigan from out-of-state to find work. Instead, people are leaving Michigan for other states.