Recovery Talk with bidding wars
impactnow
4/29/2012 12:35:36 AM
I also just read an article in the journal discussing the return of the bidding war largely based on short supply in some areas. It interesting to see that people are still willing to pay more for a home when so many have seen their homes drown in the past few years. Is anybody seeing this happen in their local area. I am seeing fewer houses on the market and those that are aggressively priced sell quickly but no bidding wars like in the old days.
Re: No money, no improvement
impactnow
4/29/2012 12:19:39 AM
Scott I think the comps get dicey in non homogenous neighborhoods, they just aren't as comparable. In my town they are now only considering comps in a 1-2 mile radius rather than the whole town.
We only started talking about Detroit specifically because Broadway said "As in, Detroit is the third world" and some people challenged that.
Re: Appraisals
mInvestor
4/25/2012 12:51:35 PM
Just curious, what is so special about Detroit? Yeah, it's a great city. Then what about Chicago, the city we see the greatest year-over-year delcine?
In my view, most cities will be back on its feet in myabe a long recovery process.
It's amazing to me that the appraisals can be so bad even when they have relatively straightforward comps right in front of them.
Re: No money, no improvement
impactnow
4/25/2012 12:08:03 PM
I agree the appraisal process is a joke, I had my home appraised three times in an 18 month period and the appraisal were all over the board. The process is too subjective it should be more standardized and objective to truly be representative of the market.
Re: Detroit
Home prices continued to decline in February but at a slower pace than in January, according to data released Tuesday by the Standard & Poor's/Case-Shiller Home Price Indices. BUT...five of the 20 metropolitan statistical areas measured by Case-Shiller experienced positive annual returns. These were Denver, Miami, Minneapolis, Phoenix and (drumroll please) Detroit.
Re: Appraisals
AskAsa
4/23/2012 5:19:20 PM
Those who underestimate or undervalue Detroit do so at their own Peril.
That city and its people may get knocked down but are never knocked out.
It may take a while but Detroit will surprise everyone.
Re: Appraisals
driven
4/23/2012 3:17:27 PM
I agree. There are worlds of difference between the inner city of Detroit and the suburban enclaves just a few miles away. I fnd it disheartening that the city has been so abandoned to the suburbs.
Re: Appraisals
AskAsa
4/23/2012 9:37:51 AM
Suburban Detroit, which the Fed economist seemed to be including in his comments, is an area of exceptional wealth. Don't mistake the city of Detroit, which struggles economically, with areas like Grosse Pointe and Oakland County. They are not third worlds -- they are affluent, privileged worlds.
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