www.movetomilford.com for the nine local markets that I cover yesterday. I track sales in Milford, Highland, Commerce, White Lake, West Bloomfield and Lyon townships in Oakland County, plus Green Oak, Brighton and Hartland Townships in Livingston County. I chose those Townships because they are where I do the majority of my business.
I had posted a blog last week that has proven to be not true. I stated that all of the Townships that I track had dropped below 50% of distressed sales for the month. Actually, White Lake Commerce and Hartland were back over 50% last week; with White Lake back up to a whopping 79% of all sales being distressed sales for December.
I'm not sure if this is just a case of some of the so-called "shadow inventory" being released in White Lake or what. There has long been a rumor that an inventory of foreclosed, but not yet on the market homes was being held by several of the big banks. The reasons varied, but usually had to do with the banks reacting to the robo-signing law suits and deciding to withhold foreclosed houses until they had a clear line of title and better procedures worked out.
So, at least in those three Townships there is still quite a bit of opportunity to find a distressed property at what is usually a great price. If you stumble upon one that is also in good condition it is a find indeed. Distressed homes - those being sold out of foreclosure or in a short sale - are usually anywhere from 15 - 30% below the average market value.
So go to my web site - www.movetomilford.com - and click on the What have homes in this area sold for? There is data posted there for the entire year and for prior years back to 2007 for most of those Townships. You can find such valuable indicators and the average and median cost per square foot for sold homes and the SEV multiplier. Those two numbers along will allow you to at least get in the right ballpark when trying to determine what the probable market price of a home in those areas might be.