Featured Property
Categories
- Current Listings
- Restaurant Opinions
- Seasonal Comments
- Sold Homes
- Market Trends
- Community Events
- Buyer Information
- Seller Information
- Good Real Estate Information
Communities
Archive for the 'Market Trends' Category
Cautious Optimism
January 16th, 2011
As a Realtor who has been in “the real estate business” going on 40 years – I really do think I’ve seen it all.
I’ve survived:
- 18 – 20% interest rates (hint: we did a lot of “seller financing”)
- 3 “recessions” (we still kept the real estate market rolling with new families needing homes, retirees downsizing and families needing a larger home for their new additions – plus lots of relocating jobs both in and out)
- Various Environmental Scares: Asbestos, Toxic Insulation, Radon, Lead Based Paint, nitrates (each has their specific solutions which we have had to work through in the marketplace – clear heads always prevail).
Now our marketplace is faced with moving forward and beyond the era of foreclosures and short sales – even though we must work with those at a reduced number over the next few years to ever get back to a “normal” marketplace. Each hurdle I’ve overcome in the marketplace (see above) gave me new insights into overcoming barriers to sales – be it in the marketplace, the home itself, the financing – really learning what it takes to help buyers get their dream home and the sellers to sell their homes.
I’m looking forward to a very positive 2011 – a new normal that keeps the needs of the buyers and sellers in the forefront of any transaction! Let us know what you see as challenges in this real estate marketplace for 2011 and keep us in mind for any moves you might be making.
3 Cool Things to do on the “Dog Days” of Summer
July 24th, 2010
I don’t really know how the “Dog Days of Summer” came into use in the English Language – but they are defined by a number of sources as the hottest days of summer between the end of July and the start of September – so RIGHT NOW – we are experiencing those Dog Days. Some say they were named after some star constellations and others after very hot animals (specifically dogs) who couldn’t tolerate the heat very well – but wherever they came from – we all know they are HOT!…and when you’re hot, you’re hot, so here are 3 cool things to do during the Dog Days.
1. Go to your local County Fair
I know – you are thinking – how could that be cool?? While walking around looking at the “cool” animals (namely pigs, sheep, cattle, horses, goats (my personal favorite), you can be sipping a “cool” cup of homemade lemonade with a half of lemon still inside…mosey on over to the Midway and take a “cool breeze” ride on the tilt-a-whirl or sip a blueberry snow cone atop the ferris wheel! Cool off at night in the grandstands and watch your favorite country singer or a demolition derby while cooling off with ice cream drumsticks. Check this list for all the County Fairs in Michigan in 2010
2. Go look at some houses
OK – you should only do this if you want to get some “cool” deals on a home and “cool” low interest rates – the Dog Days of 2010 are going to be known for their great values. Traditionally, the real estate market slows down a little bit during the Dog Days – and this year is no exception. Our listings are getting fewer showings and the phones are not ringing as earlier in the year. Many folks are on vacation or just plain too hot to be motivated to look for a home. Check with us and we’re happy to get you in on some great values.
3. Go Jump in the Lake
Wow – this where Michigan, and especially West Michigan, really shines! Did you know Michigan has more than 11,000 inland lakes – this is in addition to our four Great Lakes! That’s a lot of lakes to jump into. Many of these lakes have public access where you can launch your speed boat, waverunner or canoe, and cool off from the heat of summer.
There are cottages galore on these lakes – some for rent – some owned by families for many generations – and even some to buy! Did you know there are more cottages for sale this year than in the past 10 years combined – and the prices are really affordable – so these Dog Days are good waterfront buying times also. Here’s a short list of the cottages for sale just in the Grand Rapids area
Grand Rapids makes USA TODAY on Home Price Increases
May 12th, 2010
Check out the article published this morning in USA Today. We made the Top Ten markets in the US whose prices increased substantially over last year at this time. We fell below the astounding figure of 100.7% gain in median prices – that award went to our fellow Michigan town of Saginaw, Michigan .
Yet – we – the Grand Rapids Real Estate Market – saw a 26% gain in our median prices. Of course 2009 was a water shed year in the Grand Rapids market with low median prices – low sales numbers – there was not much UP in the market except unemployment. 2010 has started out to be a great rebound year.
Our Team has had the best first quarter in many years. I think the buyer tax credits and the positive consumer confidence in conjunction with some pent-up demand has fueled this increase. Our listings are selling even after the Credit is over – and we have a number of new buyers moving into the area with new jobs. The signs of Spring are still in the air!
Check in with us and we’re happy to give you good real estate advice and let us know how you feel about the First Time Buyer Tax Credit – was it a good thing for our marketplace??
Climbing up from the bottom…prices in the “new” normal
March 2nd, 2010
The old adage “Location, Location, Location” has been displaced in this new real estate market to “Price, Location, Price.”
After a few years or so of a market dragging at the bottom of the barrel here in Grand Rapids, MI- we are now seeing some signs of rebirth and life. Open house attendance is really high, showings are ramping up on listings, buyers are coming into the area, sellers are on the phone to agents asking if now would be a good time to put their homes on the market…signs are everywhere that a turnaround is at hand.
The question is…what are we turning around to? What is the “New Normal” that we will be seeing for the time being? Here is what I’m seeing as a Realtor in the marketplace:
- Sellers have been gun-shy about putting their homes on the market unless they absolutely have to sell. Two of my last three closings the sellers had to bring a substantial amount of money to close ($61,000 for one and $28,000 for another). They both were transfered and had jobs in another City so “had to sell.”
Because of all the media hype about what a bad market it is – for a while only sellers who “had to sell” put their homes on the market. It wasn’t until the buyers tax credit hit in conjunction with some positive spring indicators that a seller that wasn’t in trouble even bothered to think about selling.
None of the sellers that I am working with are surprised when I explain about prices in the marketplace – they all know they have gone down. That being said – I believe I am pricing my listings to the market right now – not to some old inflated idea of normal. This is a trend across the board.
Now – in comes a Buyer who is only hearing about foreclosures, short sales, deeply discounted prices and encouraged by some mis-guided ideas are still throwing low-ball offers at a seller who has taken the market into consideration when pricing their home already. Don’t get me wrong – we love to get offers – and sometimes they even get accepted and closed. But I think many buyers have the misconception in this marketplace that all houses are overpriced and no matter where a seller has priced their home – a major low-ball offer is in order.
Suggestion to Buyers: work with your agent to do a CMA on any home you are considering before you make that low offer.
Suggestion to Sellers: price to the market today – your Realtor can help you know where this is.
After all is said and done - the free market system will prevail. A house is still only worth what a buyer is willing to pay and a seller is willing to sell for. We have some artificial market pressures going on now with shortsales and foreclosures – but the New Normal will always balance out to Adam Smith’s Law of Supply and Demand.
