Market Update - Livingston County

Well, we've followed up a couple of 'old style' winters (co-o-old, snowy) with an old style summer - really hot and humid. My flowers are being watered and tended to a bit more than usual, with decent results. The tomatoes are just loving this weather, though.

On the Real Estate front, there's still a good amount of buyer activity, even though the federal tax credit for buyers is pretty much over. Sellers are being realistic about prices (in general) and know that properties are selling at a lower price.

Mortgage rates are very attractive but lending criteria has tightened to make things a bit more challenging. There's still an acceptable amount of inventory available (8 month supply of homes), but not as much as there was a year ago. Those of us that work a fair amount of foreclosures are hearing from banks that they expect a release of inventory at any time - but we've been hearing that for quite a while now.

Property values are still dropping nominally but that alone is an improvement. If you're a buyer, this is still a great time to make it happen. Sellers - I don't expect to see any big upward movement in prices for at least 3-5 years, so if you need to move, do it now while lending is attractive for the buyers and while you can make a good deal on the buying end of your move.

There are more commercial vacancies, just look at any strip mall as you're driving by. There's very little new commercial construction, except for prime locations with pre-lease agreements.

The Holidays Are Closing In!

After a summer of spring-like weather, here we are starting to feel like Fall. And looking like it, too. I couldn't help but to compare the sky one day last week with the appearance of winter snow clouds.

Quite striking. And of course, the fire bushes are turning bright red, maples transitioning into their fall palette and flocks of birds flying towards the south. Even the squirrels seem to have picked up their activity level lately. I hope that's not a harbinger of a hard winter. As much as I like all four seasons, last winter was a harsh kick in the behind after many years of being mild.

The season also brings to mind the coming holidays. My office, Preview Properties, always supports the Livingston County Association of Realtors (LCAR) spring food drive, Fill The Gazebo, for Gleaners Community Food Bank. Recently the barrels appeared again in the office and it reminded me that this is a time of year when people on a tight budget have extra bills. Heating and more electicity needs are usually at the top of the list and sometimes they don't have money to buy enough food.

At the local grocery this week, I noticed canned goods on sale for $0.39 each. I bought a case each of corn and green beans, and a couple of other sale items to drop off in the Gleaners collection bin. I urge you, too, to think about those struggling families and make a similar effort. It won't cost much, and your donation will go far.

If you're local to my area, feel free to drop off donations at our office at 130 W. Grand River, Brighton 48116, or at the Gleaners Community Food Bank on Sterling Drive, off Dorr Rd just south of Grand River Ave.