Brighton Optimist Free Fishing Derby For Kids, June 11, 2011

The Brighton Optimist Club has been around for 34 years. For the last 25 years, they've conducted a free fishing derby for the area youth, aged 16 and under. It started with some Optimists, some kids and some worms. From its humble beginning with about 30 participants, it's grown to a 300-400 kid event.

The entire event is free and includes souvenir photo mock fishing licenses, bait, age group trophies, door prizes, entertainment and food. The really little ones get to try their luck at the L'il Angler booth where a clip on the end of a fishing line is dropped over a partition and they 'catch' a goodie bag full of things. The Optimists even have a large display tank where some fish swim for a few hours during the event. Big ones, little ones that are especially well colored, even the occasional turtle might find its way into the tank. They are all released at the end.

There are even some loaner rod and reels outfits available, a casting contest, and some new outside activities, too. The Howell Conference and Nature Center will be there with some raptors, Kensington Metropark's Nature Center will be on site, as will Heavner Canoe and a visit by the Brighton Area Fire Department. A block or so away, the Brighton Farmer's market will be in high gear, too.

This year the club has commissioned a children-themed work of art that ties into the Fishing Derby, and have donated it to the City of Brighton. It's been named "It's A Keeper" and it will be a year round outdoor display at the millpond, near the Imagination Station playground (which might not have been created without the Optimists' efforts). It will be installed before this year's event, but the official dedication will take place around awards time, 11:00-11:30 AM. The artist is local, Mike Monroe, and he will be present as well as City dignitaries. It should be a great day.

Average Down Payments Reported; Rents Are Increasing

The National Association of Realtors (NAR) recently released a number of economic reports. One summarized the average down payments provided by home buyers for different parts of the country. (We’re in the East South Central, along with WI, IL, IN and OH.) Our area works out to be in the 5% zone (lowest in the country), but the figures vary greatly and the national average is 8% down payment. Middle Atlantic States (NY, PA, NJ) led the crowd with an average 12% down payment amount.

I know from working with local lenders that even the ‘affordable’ housing purchase programs are now requiring some form of down payment or increasing the percentage needed to purchase. 100% financing may be on the way out, and that is probably a good thing.

Another recent report highlights the fact that nationwide rents are increasing. The report does not specify amounts, but merely indicates that monthly rentals are getting more expensive. With the foreclosures that are still occurring, this is not a surprise. Those folks will have a short term reality of renting for the most part.

Livingston County Market Report - Through April 2011

In reviewing the year to date (YTD) stats through April 2009-2011, we are facing lower prices, shrinking inventory and quicker sales.  First the raw data.

Listings went from 2,269 (YTD) in 2009, to 2,012 in 2010, and now for 2011 we're at 1,647. That means this year's listings are down 18% from last year and own over 27% from year 2009.

Sales (YTD) were at 599 in 2009, jumped to 771 (a 28+% increase) in 2010, but we're at 679 for 2011. That represents an almost 12% decrease for 2011 vs. the 2010 data. The fact that we're seeing more sales in 2011 than in 2009, even though there are fewer listings could be interpreted to mean that there are more properly priced distressed listings on the market, or it may signal a pent up demand on the part of buyers.

Personally, I believe that motivated buyers who have seen enough properties are deciding to not play games with extensive offer-counter offer-counter counter offer situations because they've been beaten by other incoming multiple offers before they get get a house under contract.  Also, in the under $80,000 range the investors are coming in with (mostly) very realistic cash offers. Their money is making pennies in other investments and the time to buy is now, especiall with a fairly robust rental market.

Our Multi List System (MLS) report says that residential units available (again, YTD) have declined from 2283 in 2009 to 1387 in 2011. That's a 39% difference.  At the same time the Days on Market (DOM) went from 141.5 in 2009 to 119.8 in 2011, a 15% decline.  So an almost 40% decline in units available with a 15% shortening of the time on the market means that a lot of buyers are getting beat out before they ever decide to write an offer. With new construction a shadow of its former self, buyers in large part HAVE TO go with existing homes.

If you're a buyer that is not yet committed to working with a Realtor, feel free to call me for a short confidential interview and evaluation of the housing market dynamics and homes in your price range. Unless you have a lot of questions, we should be able to meet and go through that data in less than 35 minutes.

New Listing - 10390 Nine Mile, Whitmore Lake MI 48189

Sold "as is", seller will not make any repairs. Not financeable in current condition. This bank owned home is 1104 sq ft, 2 bedrooms, 1 bath, and on a crawl space. Private gravel roads, access to Whitmore Lake via community lake lot. HOA dues are $200/year. Investor offers cannot be submitted until May 23rd.  $49,000.