Last month, the Washtenaw County Clerk released a new report on the number of Sheriff’s Deeds being processed in Washtenaw County. Only 23 Sheriff’s Deeds were recorded for the month of November, continuing the downward trend of declining foreclosures in the Ann Arbor area. It has been the lowest total of any month for the last 8 years. For homeowners and property buyers, this is a positive sign for the housing market’s recovery. Across the nation, real estate agents and homeowners are noticing a clear decline in foreclosures. According to Daily Finance, home foreclosures are on track to end at a 6-year low.
Here’s a look at the decline in recorded Sheriff’s Deeds around Washtenaw County:
What does Declining Home Foreclosures Mean?
Foreclosures tend to have a negative impact on home values around the area. Buyer perception coupled with home neglect usually drops home prices in that particular neighborhood. However, as we’re seeing an decline in home foreclosures, we can safely assume buyer confidence is growing. Home values are on the rise and residents are making new home purchases.
Homeowners will find this a great time to list their property for sale — as values are rising and there’s plenty of buyer activity. Buyers benefit from the decline in foreclosures, because they can trust the value of their home will stay strong for the next few years. The real estate market is making a recovery on all fronts.
To help demonstrate the decline in foreclosures around Michigan, here is compiled data on home foreclosures from RealtyTrac.com:
Buying & Selling Your Home in Washtenaw County
As Michigan continues to see foreclosure activity decline to levels before the housing crash, home buyers and sellers in Washtenaw County can feel confident that their home investment will bring a return value. If you have any questions about the recent foreclosure news, feel free to contact us or start searching for your next home purchase today: