These can be very trying times in Real Estate - as well as the world. The activity in Huntington Woods has slowed down a bit - and prices are dropping, however sales are still happening and people are moving. We all knew there had to be a correction in the market - prices were way out of line and lenders and appraisers were going crazy with values and loans. There is naturally a bright side to everything, we just have to see it differently. In the last 60 days 8 houses went pending and 12 houses closed. The average days on the market were 221. The average house that is currently listed is listed at $156/sq ft and the average home sold for $134/sq ft. This is very telling. When houses are priced right for this market THEY WILL SELL! As well as selling - homes are leasing, 5 in the last 60 days.
There are options available for Sellers and Buyers. Lenders are allowing Sellers to Short Sale their homes. When you owe more than your house is worth many Lenders are forgiving the loans and give a Deed in Lieu of Foreclosure. The Mortgage Forgiveness Debt Relief Act of 2007, in many cases will allow the difference to be a non-taxable item for your principal residence. Freddie Mac and Fannie Mae have raised limits to $417,000 and 95% of current market value for both refinancing and new loans, with certain stipulations. There are choices and options to do what needs to be done. John Adams Mortgage is loaning money everyday and helping people get into new homes. Give me a call 248.229.6021 and I can arrange a meeting with extremely competent and efficient loan officers.
Huntington Woods is the community of choice to those that live here and continue to move within. It is seen as a wonderful, classic neighborhood, with a sense of community like no other to those living here and moving here. The sidewalks, golf course, recreation center, pool, library, art gallery, clubs, schools, and the list just goes on and on. It is wonderful to remain thrilled to live and play here. edee