With prices on Northville Michigan FSBO condos starting around $170K and Novi, Michigan FSBO single family homes closing at a half million, first time buyers, with not so perfect credit or little money to put down, may think that home ownership is out of their reach.
Likewise, investors looking at properties listed as “For Sale by Owner” in Northville, Michigan might think there is no money to be made here. But, with a little help, buyers, sellers and investors alike can find the right opportunities for their specific situation to create win/win/wins for all parties concerned.
Novi has grown fairly constantly since the 1950s and is currently considered one of the fastest growing cities in Michigan. Home of the recently renovated multi-million dollar Twelve Oaks Mall and less than thirty miles from Detroit, property values are good. Some of the Novi Michigan FSBO properties are waterfront, which is highly desirable for many people.
Northville is right next door. The people who live in these suburbs, according to the most recent census, are mostly married couples with children and the median family income is between $90 and $100K per year. With nice neighborhoods and good schools, it is not unusual to see a newer Northville Michigan FSBO home in good condition priced in the upper $400s.
On the other hand, it is not unusual to see ads like this, “For sale by owner in Northville, Michigan, price recently reduced, owner must sell quickly.” In January 2007 alone, more than 20 homes in the area came up for auction and even more are in pre-foreclosure status. What’s the problem? For the most part, auto industry layoffs. According to Governor Granholm whether you like her or not, the state has 635% more automotive jobs than any other state in the country.
Experienced investors like us here help facilitate transactions because for every “motivated” seller, there is an equally motivated buyer. Currently state and local governments are working to attract more “economic diversity” to the state, in other words, jobs that do not rely on the automobile industry. The people who get those jobs will be looking for a place to live.
The trick for us as investors is to use our knowledge and experience and bring the buyers and sellers together…helping them “find each other”, so to speak, without a real estate agent. Cutting out the real estate agent means more money in everyone’s pocket, although we can even work with Realtors as well if one happens to be representing you.
Homeowners in trouble should know that there are ways to avoid foreclosures. Buyers, even those with problem credit, should know that they can own their own home, usually on a rent to own basis, thereby creating equity for themselves rather than throwing away money to a landlord.
And sellers should know that if they are having problems selling their homes, and are motivated to work on terms, investors like us can employ various strategies in helping them achieve their goals, such as land contracts, finding a buyer for a lease option, and helping get that buyer financed.
The real tragedy in reading the Northville Michigan FSBO ads as they linger for months on end, is that there are creative yet simple solutions.
Buy-Sell-Michigan-Real-Estate.com can help by bringing buyers, sellers and other investors together.