There is no way to sugar coat what is going on with the real estate market and home prices in general in the Detroit Metro area.  This update is specific to the Commerce Township Real Estate market.  The number of homes sold in Commerce Township, so far in 2008 (29 homes sold) have fallen 31% compared to 2007 (42 homes sold) this same time.  In 2007 the highest price home sold through February was $600,000 and in 2008 the highest price home sold in Commerce Township was $421,600.

Whats worse is the condo or townhouse market in Commerce Township.  Homes prices have been hit hard, but not as hard as the condominium real estate market.  The average condo sold in 2007 for $115 per square foot compared to $90 per square foot in 2008.  Thats a decrease of 22%.  In 2007 11 condos sold through February and so far this year only 4 condos have sold in all of Commerce Township.

As bad as the market is, it only makes sense to sell now if you are thinking about selling, because when the market turns around, it will turn around for you in your new home also.  It's really a matter of where do you want to wait when the market does turn around.  You are simply moving equity from one house to another.  You could wait until the market turns around and you can get another 10%-20% for your home, but then I assure you, you will pay another 10%-20% for the new home. Did you really come out ahead?  Why not wait for the market to turn around where you really want to be.

It's a war out there to get a home sold in this market, and if you're in the market to sell your home you should call a Commerce Township Real Estate Agent that is still having success even in this market.  Year to date in 2008 I have sold 14 homes through February 29, 2008.  The average Realtor sells 7 homes in a year.  If we all practiced the same marketing stratagies, wouldn't we all get the same results?  You can start searching for homes in the Commerce Township Real Estate market by visiting my website.

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