We measure inventory in terms of "months of supply". Example: If there are 100 units available and an average of 10 units are sold each month (for the last year), that's 100/10=10 month supply. For those of us in the industry, a 6 month supply of homes (or condos) is considered a balanced market. Less than a 6 month supply is a seller's market, longer than 6 months is a buyer's market. Of course, that's a very general guideline, but it works most of the time.
Here's some information that was discussed at my company's sales meeting yesterday. From calendar year 2009 to calendar year 2010, the inventory of detached single family residences (SFR) in Livingston County (MI) dropped by 17.5%, from 8.0 to 6.6 months of supply. Likewise, the condo supply dropped from 7.9 to 5.8, or by 26.5%.
In Oakland County, the SFR went from 7.0 to 5.8, or a 17.1% drop while condos went from a 9.4 month supply to 5.6 months - a whopping 40.4% drop in inventory!
Washtenaw also saw drops, although more modest. For SFRs it was from 7.4 in 2009 to 6.9 in 2010, a 6.6% reduction. Condos went from 9.1 to 6.1 months supply, or a 24.2% reduction.
Now we know that 2010 was still a big year for foreclosures and that not as many foreclosures came on the market for resale. Banks seem to be hanging on to some of the inventory, keeping them off the market. But I don't think that accounts for all of these figures.
We have historically low interest rates (although they are creeping back up), low purchase prices, lower inventory, and judging by our collective calls and inquiries there is strong buyer demand.
My personal experience is that when a property gets to the 'right' price it will create a multiple offer situation. I've recently been in situations where one of my listings had 6 competing offers, another 4. As a buyer's agent, I've been there, too. My feeling is that the housing market is starting to rebound, although we're certainly not in the clear yet. 'Rebound' is in terms of the number of sales, not sales prices, which remain pretty low. What do you think about the real estate market or the economy in general?
Wednesday, January 19, 2011
Monday, January 17, 2011
Camel Race - February 5,2011
They're at it again! The Brighton Optimist Club is sponsoring its 3rd Camel Race at Crystal Gardens Banquet Center in Howell, on February 5th, 2011. A different kind of Millionaire Party licensed under the Charitable Gaming Division of the State of Michigan (License #M55856), this event will keep you talking for weeks.
Camels that have been adopted by businesses and decorated uniquely, race 6 at a time in 8 different heats. Wagering is pari-mutuel syle, and there are door prizes, 50/50 raffles and giveaways between the race heats. There is also voting for the best decorated camel. $30 admission gets you dinner, drink tickets for either draft beer or house wine, and an evening of fun. Doors open at 6pm and festivities conclude at 11pm. Proceeds are used to support the Brighton Optimist Club's youth and community service activities.
Doors open at 6pm and festivities conclude around 11pm. Tickets can be purchased online via a secure system at the event web site, http://www.bigcamelrace.com/. For more info, email info@BigCamelRace.com.
Doors open at 6pm and festivities conclude around 11pm. Tickets can be purchased online via a secure system at the event web site, http://www.bigcamelrace.com/. For more info, email info@BigCamelRace.com.
Friday, January 07, 2011
Great Fun & Community Support!
The Brighton Optimist Club has awarded tens of thousands of dollars in its 33 year history. They do great things for the community and especially for its youth. This event is a major fundraiser that helps them continue their grat work.
The Brighton Optimist Club is presenting their 3rd Camel Race on February 5, 2011 at Crystal Gardens, in Howell, MI. Doors open at 6pm, dinner at 6:30pm, and festivities immediately after dinner.
What kind of festivities? Well, as part of your $30 admission, you get the dinner and drink tickets for both draft beer and house wines. Cash bar is available for other drinks. There will be 50/50 raffles, door prizes and betting on the camels. There will be opportunities for losing bettors to win 'consolation prizes' between the race heats, too. Early bird? Not worry, this even is usually over around 11pm.
You will get caught up in the betting and racing action. Tickets can be purchased online at the Camel Race web site, or the Brighton Optimist web site, or feel free to drop me an email.
License #M55856 issued through the State of Michigan Charitable Gaming Division. Proceeds go to the general fund of the Optimist Foundation of Livingston County, a 501 c3 organization.
The Brighton Optimist Club is presenting their 3rd Camel Race on February 5, 2011 at Crystal Gardens, in Howell, MI. Doors open at 6pm, dinner at 6:30pm, and festivities immediately after dinner.
What kind of festivities? Well, as part of your $30 admission, you get the dinner and drink tickets for both draft beer and house wines. Cash bar is available for other drinks. There will be 50/50 raffles, door prizes and betting on the camels. There will be opportunities for losing bettors to win 'consolation prizes' between the race heats, too. Early bird? Not worry, this even is usually over around 11pm.
You will get caught up in the betting and racing action. Tickets can be purchased online at the Camel Race web site, or the Brighton Optimist web site, or feel free to drop me an email.
License #M55856 issued through the State of Michigan Charitable Gaming Division. Proceeds go to the general fund of the Optimist Foundation of Livingston County, a 501 c3 organization.
Wednesday, December 29, 2010
Chemung Hills Golf Club & Banquet Center Sold
Oceola Township (Livingston County, Michigan) approved the purchase of this facility at a meeting on December 27, 2010. The $750,000 price tag includes all equipment and the liquor license.
The facility will be operated by an outside organization but ownership will be retained by the Township and no tax dollars are expected to be used for operations.
This puts to rest the periodically turbulent proposals by investment groups to transform the 150+ acre parcel into either a residential development, or more recently, an RV park.
After a long history as a private club, Chemung Hills could no longer operate profitably in that form. It became a public golf course while it searched for possible buyers.
In 2003, two Farmington Hills developers wanted to convert it to a 300 unit residential project where home prices would start at $300,000. The lack of sewer service made that plan problematic. A 600+ site RV campground proposal came about in 2008, but again, zoning and infrastructure issues prevented it from occuring.
In the fall of 2009, the facility went into receivership and was
operated by Osprey Recreational Properties while a purchaser was sought.
This is a wonderful recreational facility and a great small to mid-size banquet facility, too. Beautiful setting, desirable amenities and good food have always been the standard here.
Oceola Township now has a great facility that should be self-supporting and will insure that we keep a great local golf course
and banquet center open.
The facility will be operated by an outside organization but ownership will be retained by the Township and no tax dollars are expected to be used for operations.
This puts to rest the periodically turbulent proposals by investment groups to transform the 150+ acre parcel into either a residential development, or more recently, an RV park.
After a long history as a private club, Chemung Hills could no longer operate profitably in that form. It became a public golf course while it searched for possible buyers.
In 2003, two Farmington Hills developers wanted to convert it to a 300 unit residential project where home prices would start at $300,000. The lack of sewer service made that plan problematic. A 600+ site RV campground proposal came about in 2008, but again, zoning and infrastructure issues prevented it from occuring.
In the fall of 2009, the facility went into receivership and was
operated by Osprey Recreational Properties while a purchaser was sought.
This is a wonderful recreational facility and a great small to mid-size banquet facility, too. Beautiful setting, desirable amenities and good food have always been the standard here.
Oceola Township now has a great facility that should be self-supporting and will insure that we keep a great local golf course
and banquet center open.
Friday, December 03, 2010
Great News For Buyers!
Legislation supported by the Michigan Association of Realtors (MAR) to allow foreclosed properties to keep their principal residence exemption has passed the House & Senate. This important legislation is expected to be signed into law by Governor Granholm within days.
The high number of foreclosed properties on the market lose their homestead exemption and cost buyers, often new homeowners on a tight budge, a lot of extra money in property taxes. This means they can qualify for lower overall mortgage amounts, and since these buyers often have tax escrows, an have a lower monthly payment, too.
For full details, read the entire legislation at http://legislature.mi.gov/doc.aspx?2009-SB-0077
The high number of foreclosed properties on the market lose their homestead exemption and cost buyers, often new homeowners on a tight budge, a lot of extra money in property taxes. This means they can qualify for lower overall mortgage amounts, and since these buyers often have tax escrows, an have a lower monthly payment, too.
For full details, read the entire legislation at http://legislature.mi.gov/doc.aspx?2009-SB-0077
Wednesday, November 24, 2010
Shadow Inventory Going Up
A November 22, 2010 report from CoreLogic states that pending supply (shadow inventory) of homes is up more than 10% (2.1 million vs. 1.9 million units) from a year ago. So what, exactly, is ‘shadow inventory’ and what does it mean to us?
Shadow inventory has a couple of parts. The first part is lender foreclosed upon properties that are not yet on the market. We know that the rate of foreclosures is unfortunately ‘robust’, but we’re not seeing those properties hit the market. Hence the term ‘pending supply’. The other part is an estimate based on seriously delinquent home loans. In this case that means homes that haven’t been foreclosed upon, but are 90 days or more in arrears. The likelihood of many of them reaching foreclosure is high.
The bad news for Michigan is that we have one of the highest levels of ‘distressed months supply’, or a high ratio of properties that are 90 days or more delinquent to the supply of total housing inventory, homes that are listed and available to consumers.
If lenders let these ‘pending supply’ properties onto the market in a short time frame, the fear is that housing prices will plummet even further and faster than what we are currently experiencing. That is not good for them or for the economy in general.
It is possible that some of the seriously delinquent homes will be sold as ‘short sales’, and it’s also possible that some home owners will find other ways to avoid foreclosure, but the trend is disturbing. For buyers, this reinforces that it is a good time to buy, especially with the record or near-record low interest rates. Sellers that do not have a strong reason for selling may want to hunker down and try to ride this out, but all industry expectations are that we’re in for a long, bumpy ride to get back appreciating home values.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government.
The full report can be found at:
http://www.corelogic.com/uploadedFiles/Pages/About_Us/News/CoreLogic%20Shadow%20Inventory%2011-22%20FINAL.pdf
Shadow inventory has a couple of parts. The first part is lender foreclosed upon properties that are not yet on the market. We know that the rate of foreclosures is unfortunately ‘robust’, but we’re not seeing those properties hit the market. Hence the term ‘pending supply’. The other part is an estimate based on seriously delinquent home loans. In this case that means homes that haven’t been foreclosed upon, but are 90 days or more in arrears. The likelihood of many of them reaching foreclosure is high.
The bad news for Michigan is that we have one of the highest levels of ‘distressed months supply’, or a high ratio of properties that are 90 days or more delinquent to the supply of total housing inventory, homes that are listed and available to consumers.
If lenders let these ‘pending supply’ properties onto the market in a short time frame, the fear is that housing prices will plummet even further and faster than what we are currently experiencing. That is not good for them or for the economy in general.
It is possible that some of the seriously delinquent homes will be sold as ‘short sales’, and it’s also possible that some home owners will find other ways to avoid foreclosure, but the trend is disturbing. For buyers, this reinforces that it is a good time to buy, especially with the record or near-record low interest rates. Sellers that do not have a strong reason for selling may want to hunker down and try to ride this out, but all industry expectations are that we’re in for a long, bumpy ride to get back appreciating home values.
CoreLogic is a leading provider of consumer, financial and property information, analytics and services to business and government.
The full report can be found at:
http://www.corelogic.com/uploadedFiles/Pages/About_Us/News/CoreLogic%20Shadow%20Inventory%2011-22%20FINAL.pdf
Tuesday, July 13, 2010
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.
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.
Friday, June 11, 2010
Real Estate Events - Brighton, Michigan
Yes, Preview Properties is at it again. In June and July 2010, they are offering a series of short real estate seminars geared towards the public. On Wednesday, June 16th, it'll be "What's Your Home Worth?". On Wednesday, June 23rd, "Investing In Real Estate". Tuesday, June 29th's topic will be "Careers In Real Estate".
Wednesday, June 14th will be "Buying A Home", a great one for first-time buyers, or buyers that haven't purchased a home in many years. After all, things do change and you want to be up to speed, don't you? On Wednesday, July 21st, it'll be a repat of "Investing In Real Estate". This one has Realtors, Title Company staff and lenders present to answer all of your questions.
All of the presentations begin at 6pm at our office, 130 W. Grand River Ave., Brighton, MI 48116. For reservations, or more info, call Lisa Bohlen at 810-220-1505 or email lbohlen@previewproperties.com.
Wednesday, June 14th will be "Buying A Home", a great one for first-time buyers, or buyers that haven't purchased a home in many years. After all, things do change and you want to be up to speed, don't you? On Wednesday, July 21st, it'll be a repat of "Investing In Real Estate". This one has Realtors, Title Company staff and lenders present to answer all of your questions.
All of the presentations begin at 6pm at our office, 130 W. Grand River Ave., Brighton, MI 48116. For reservations, or more info, call Lisa Bohlen at 810-220-1505 or email lbohlen@previewproperties.com.
Sunday, April 04, 2010
Preview Properties News
I'm so proud to be affiliated with Preview Properties. They have a standing community service committee and every month we have an in-house benefit for a local not-for-profit group. We've collected over 1800 cell phones for the Cell Phones for Soldiers program, as just one example.
On April 1st, the Red Cross Blood Drive had 27 donors - no foolin'! Even though we have a sizable building, on blood drive days the Red Cross pretty much takes over the building's lobby and conference rooms.
On April 29th, from 5:30-7:30 pm, we're having an Open House and Fundraiser for Gleaners Community Food Bank. There will be appetizers, wine, entertainment and a silent auction. Put this on your calendar and bring your checkbook! This year, one in eight Michigan families will need emergency food assistance. Food collected in Livingston County stays in Livingston County. In fact, we never collect enough to feed our own hungry. Food has to be brought in from other counties to meet our needs.
And don't forget about the Livingston County Association of Realtors' Fill The Gazebo Food Drive on May 1st. Bring non-perishable food items to the Brighton Millpond. There will be people in the center lane collecting food - you won't even have to get out of your car.
On April 1st, the Red Cross Blood Drive had 27 donors - no foolin'! Even though we have a sizable building, on blood drive days the Red Cross pretty much takes over the building's lobby and conference rooms.
On April 29th, from 5:30-7:30 pm, we're having an Open House and Fundraiser for Gleaners Community Food Bank. There will be appetizers, wine, entertainment and a silent auction. Put this on your calendar and bring your checkbook! This year, one in eight Michigan families will need emergency food assistance. Food collected in Livingston County stays in Livingston County. In fact, we never collect enough to feed our own hungry. Food has to be brought in from other counties to meet our needs.
And don't forget about the Livingston County Association of Realtors' Fill The Gazebo Food Drive on May 1st. Bring non-perishable food items to the Brighton Millpond. There will be people in the center lane collecting food - you won't even have to get out of your car.
Wednesday, January 27, 2010
Haiti Benefit in Brighton, MI
I just got an email with this info:
Family Photos to Benefit Haiti:Saturday (1/30) 10am-4pm at 124 W. Main St. in downtown Brighton (W4Signs across from Rolison Hardware)
For a $20 donation to the Red Cross for Haitian earthquake relief,The Livingston County Photo Group will take your family (or individual) portrait and provide you the full resolution electronic image via web site access.Come and help us support this excellent cause!Contact Nate Warner (PhotosByNate@gmail.com) for more info!
Family Photos to Benefit Haiti:Saturday (1/30) 10am-4pm at 124 W. Main St. in downtown Brighton (W4Signs across from Rolison Hardware)
For a $20 donation to the Red Cross for Haitian earthquake relief,The Livingston County Photo Group will take your family (or individual) portrait and provide you the full resolution electronic image via web site access.Come and help us support this excellent cause!Contact Nate Warner (PhotosByNate@gmail.com) for more info!
Is Tourism Bouncing Back?
This from Comerica's Chief Economist, Dana Johnson:
MICHIGAN TOURISM GATHERS SPEED IN FOURTH QUARTER REPORTS COMERICA BANK
DALLAS/January 27, 2010 – Comerica Bank’s Michigan Tourism Index jumped six points in the fourth quarter of 2009, to a level of 94. The current reading is up seven points from the Index’s cyclical low of 87, and marks the highest Index level since the second quarter of 2008. The Index averaged 90 over the course of 2009, down two points from the 2008 average. Third quarter 2009’s reading was revised from 89 to a level of 88.
"After dipping slightly in the third quarter of 2009, our Index has resumed the upward trend established over the first half of 2009," said Dana Johnson, Chief Economic at Comerica Bank. "Given that the fourth quarter surge in our Index was not broad-based, it is quite possible that the Index will pull back from its current reading in the first quarter of 2010. As trends in personal and business travel continue to improve, the generally upward trend already in place should continue over the course of 2010."
"The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity."
MICHIGAN TOURISM GATHERS SPEED IN FOURTH QUARTER REPORTS COMERICA BANK
DALLAS/January 27, 2010 – Comerica Bank’s Michigan Tourism Index jumped six points in the fourth quarter of 2009, to a level of 94. The current reading is up seven points from the Index’s cyclical low of 87, and marks the highest Index level since the second quarter of 2008. The Index averaged 90 over the course of 2009, down two points from the 2008 average. Third quarter 2009’s reading was revised from 89 to a level of 88.
"After dipping slightly in the third quarter of 2009, our Index has resumed the upward trend established over the first half of 2009," said Dana Johnson, Chief Economic at Comerica Bank. "Given that the fourth quarter surge in our Index was not broad-based, it is quite possible that the Index will pull back from its current reading in the first quarter of 2010. As trends in personal and business travel continue to improve, the generally upward trend already in place should continue over the course of 2010."
"The Michigan Tourism Index is a quarterly summary of six equally weighted, seasonally adjusted travel, lodging and entertainment data series. These series serve as a proxy for statewide tourism activity."
Tuesday, January 26, 2010
Learn About Property Assessments!
Thursday, Jan 28, 2010 - 6pm, Howell HS Auditorium (1200 W. Grand River, Howell).
Understand how assessments are arrived at, legal requirements for assessments, how to appeal your assessment and more. There will be a question and answer period at the end of the presentation.
For more information: http://www.hamburg.mi.us/assessing/pdfs/presentation%20news%20release%201-10.pdf
Understand how assessments are arrived at, legal requirements for assessments, how to appeal your assessment and more. There will be a question and answer period at the end of the presentation.
For more information: http://www.hamburg.mi.us/assessing/pdfs/presentation%20news%20release%201-10.pdf
Tuesday, January 19, 2010
Investing In Real Estate Seminar
Preview Properties is hosting the above seminar on Wednesday, January 20, 2010, at 6pm at our office on Brighton. Curious about investing in Real Estate? This program will give you an opportunity to hear from Real Estate professionals about the pros and cons of this investment strategy.
Preview Properties is located at 130 W. Grand River Ave., Brighton, MI. RSVP to Lisa at 810-220-1505.
Preview Properties is located at 130 W. Grand River Ave., Brighton, MI. RSVP to Lisa at 810-220-1505.
Wednesday, October 21, 2009
"Free Foreclosure Lists"
Wow, every Real Estate office that I pass has a banner, marquee, or sign claiming the above. Just stop on in and pick it up. Since I deal with a large number of foreclosures as a listing agent, I thought I'd share a couple of thoughts.
I get calls every day for foreclosed listings that sold two to four weeks ago. They're definitely not being found online. Are offices not updating these lists or are consumers picking them up and letting them sit for weeks before they act? Hard to say, maybe some of both.
If you are interested in foreclosures, here's a few other thoughts. First, properties under $80,000 go very, very fast. If they're financeable, that is in good enough shape, they're absorbed quickly. In general, a lot of homes under $50,000 cannot be financed because they need too much work. Unless you are getting a rehab loan or a construction loan, you'll need to buy cash.
Are you handy? If you are, the above example is OK. If you're not, what good is buying a $20,000 house if you have to hire out all of the work to make it habitable? You might as well spend more on a home that can be financed and perhaps needs only re-decorating. Will you live there yourself or rent it out? Maybe it's a home for an older child. All are OK, but know your strengths and plan accordingly.
Of course, I am biased as a Real Estate Professional, but unless you have done a lot of buying and selling on your own, I strongly recommend that you work with an agent of your choice. They will help you refine your plan, get you listings that are appropriate and guide you through the buying process.
Remember, you have to know what you can handle in terms of repairs and expenses. If you're looking at the low end of the price range, you have to be prepared to act quickly or lose out to another buyer. I am amazed at the number of people buying under $50,000 homes for cash. Your best bet for a successful purchse is to work with a real estate agent that knows bank owned property procedures.
I get calls every day for foreclosed listings that sold two to four weeks ago. They're definitely not being found online. Are offices not updating these lists or are consumers picking them up and letting them sit for weeks before they act? Hard to say, maybe some of both.
If you are interested in foreclosures, here's a few other thoughts. First, properties under $80,000 go very, very fast. If they're financeable, that is in good enough shape, they're absorbed quickly. In general, a lot of homes under $50,000 cannot be financed because they need too much work. Unless you are getting a rehab loan or a construction loan, you'll need to buy cash.
Are you handy? If you are, the above example is OK. If you're not, what good is buying a $20,000 house if you have to hire out all of the work to make it habitable? You might as well spend more on a home that can be financed and perhaps needs only re-decorating. Will you live there yourself or rent it out? Maybe it's a home for an older child. All are OK, but know your strengths and plan accordingly.
Of course, I am biased as a Real Estate Professional, but unless you have done a lot of buying and selling on your own, I strongly recommend that you work with an agent of your choice. They will help you refine your plan, get you listings that are appropriate and guide you through the buying process.
Remember, you have to know what you can handle in terms of repairs and expenses. If you're looking at the low end of the price range, you have to be prepared to act quickly or lose out to another buyer. I am amazed at the number of people buying under $50,000 homes for cash. Your best bet for a successful purchse is to work with a real estate agent that knows bank owned property procedures.
Tuesday, October 13, 2009
Investing in Foreclosed Properties and Homebuying Seminar
Preview Properties is presenting this session at 6pm on Wednesday, October 21st at the office, 130 W. Grand River, Brighton 48116. For reservations or more information, please contact Lisa Bohlen at 810-220-1505 or at lbohlen@previewproperties.com
Friday, October 09, 2009
Thoughts On Livingston County Real Estate
1. It's getting harder to get deals closed. I've had three deals this year where the buyer's bank folded within 5 days of closing. That means they have to get approved by another lender which is usually not a problem. But two of these three were also using the Dept of Agriculture's Rural Development Program. It's a great option for buyers that qualify based on income. 100% financing, no PMI - what a deal! But it's so popular in my area that the backlog to process has grown.
Banks usually give you a 45 day window to close on a foreclosed property. I've had to get extensions because of Rural Development processing delays. Most of the time that means a $100/day charge to the buyers and one deal fell apart because of that extra cost (20 days x $100/day=$2,000 more).
If you're near to closing, you're likely at 30 days already. If your lender shuts its doors (or the precursor of not taking any more mortgage applications) and you have to switch, it's a real challenge. You find out who the good loan reps are when you get into this kind of situation.
2. Prices are still dropping. Let's face it. Buyers rule. It doesn't matter what the appraisal says a house is worth. You have to price a home well enough to get a lot of buyers through it. When it gets to the right price you get a good offer, or even multiple offers. Some buyers are unrealistic in their (lowball) assessment of value, but those that are tired of looking at homes that need a ton of work will pay a higher price for an updated, well-maintained home. It may still not be at the full appraised value, but it's usually not unrealistically low. A well-motivated seller will make it happen in most cases.
3. Sales numbers are still pretty robust although the average and median prices are dipping due to the high number of foreclosed homes on the market. I've sold quite a few properties under $80,000 this year. many were not in horrible shape and were bought by parents for their young adult children. The plan is usually that the child will rent the home. If they decide to buy on their own in the future, the can work with the parent to buy that home or go out in search of a larger place on their own. The parent still has the property to generate rental income.
Banks usually give you a 45 day window to close on a foreclosed property. I've had to get extensions because of Rural Development processing delays. Most of the time that means a $100/day charge to the buyers and one deal fell apart because of that extra cost (20 days x $100/day=$2,000 more).
If you're near to closing, you're likely at 30 days already. If your lender shuts its doors (or the precursor of not taking any more mortgage applications) and you have to switch, it's a real challenge. You find out who the good loan reps are when you get into this kind of situation.
2. Prices are still dropping. Let's face it. Buyers rule. It doesn't matter what the appraisal says a house is worth. You have to price a home well enough to get a lot of buyers through it. When it gets to the right price you get a good offer, or even multiple offers. Some buyers are unrealistic in their (lowball) assessment of value, but those that are tired of looking at homes that need a ton of work will pay a higher price for an updated, well-maintained home. It may still not be at the full appraised value, but it's usually not unrealistically low. A well-motivated seller will make it happen in most cases.
3. Sales numbers are still pretty robust although the average and median prices are dipping due to the high number of foreclosed homes on the market. I've sold quite a few properties under $80,000 this year. many were not in horrible shape and were bought by parents for their young adult children. The plan is usually that the child will rent the home. If they decide to buy on their own in the future, the can work with the parent to buy that home or go out in search of a larger place on their own. The parent still has the property to generate rental income.
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.
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.
Thursday, July 30, 2009
Great Deals
Money is tight for a lot of folks. Here are a few great deals that
I've found in the Livingston County area, which mayhelp you stretch
your dollars.(note:prices below are correct at the time of this blog posting-check
for current prices before driving to them.)
Hair cuts/hair care.Brighton School of Cosmetology offers $6 basic hair cuts. Some fancy ladies treatments may be a bit more but are far cheaper than the local styling salon. They also do manicures and pedicures. Students are doing the work under the suprvision of their instructors. Disclaimer: What's left of my hair is definitely 'low maintenance'. I do know other guys that have more challenging styles who think the service and value are definitely here. It's worth a look. Walk-ins only,approximate hours are 10am-3:30 pm. School is closed on weekends, Holidays and days when Brighton District Schools are closed. 10543 Citation Drive, behind the Kensington Ice House, off Grand River just
east of US-23.
Golf.It's hard to beat these two for a driving range. Oak Valley
Entertainment at 10910 Whitmore Lake Rd, Brighton 48116 (just
north of M-36), has $9 large buckets (90 balls). They use higher end
balls which are washed after being retrieved. Tuesdays between 11 am
and 2:30 pm the buckets are half price! Pro shop, instruction, other
promos - see their web site.
Chemung Hills Golf
Course has $6 large buckets and $3 small buckets all of the time.
What a great value! They have Junior Golf lessons some mornings from
9-11am, so the range may be closed at those times - call ahead. Also a
pretty good rate for 9 holes of golf on weekdays, just $15 with a
cart.
Faulkwood Shores Golf
Club has a very nice course and great prices, too. 9 holes
walking is just $12 and they have specials that are even better.
Example - July 2009 9 holes walking price is just $5!!
Movies.MJR" Theatres
Brighton have some great reduced rates. Fri-Sun before noon,
tickets are just $4. Try the $4.50 Twilight shows (4-6pm) if you
can't get there before noon.
Building Supplies/Furnishings.Habitat For Humanity, 7198 Grand River Ave, Brighton
48114,has a home center where they sell surplus building and hardware
items for very affordable prices. Some furniture is also in the
showroom. Tile, wallboard, light fixtures, cabinets, appliances - you
name it. If your budget is tight and you have a remodeling project
planned, it's worth a look. Hours are 9-5 M-F and 9-2 Saturday.
General Entertainment. Brighton Kiwanis have free Sunday evening concerts at the gazebo in downtown Brighton through August 30th. Bring your own chairs. Varied entertainment (musical), local restaurants are open. Enjoy!!!
I've found in the Livingston County area, which mayhelp you stretch
your dollars.(note:prices below are correct at the time of this blog posting-check
for current prices before driving to them.)
Hair cuts/hair care.Brighton School of Cosmetology offers $6 basic hair cuts. Some fancy ladies treatments may be a bit more but are far cheaper than the local styling salon. They also do manicures and pedicures. Students are doing the work under the suprvision of their instructors. Disclaimer: What's left of my hair is definitely 'low maintenance'. I do know other guys that have more challenging styles who think the service and value are definitely here. It's worth a look. Walk-ins only,approximate hours are 10am-3:30 pm. School is closed on weekends, Holidays and days when Brighton District Schools are closed. 10543 Citation Drive, behind the Kensington Ice House, off Grand River just
east of US-23.
Golf.It's hard to beat these two for a driving range. Oak Valley
Entertainment at 10910 Whitmore Lake Rd, Brighton 48116 (just
north of M-36), has $9 large buckets (90 balls). They use higher end
balls which are washed after being retrieved. Tuesdays between 11 am
and 2:30 pm the buckets are half price! Pro shop, instruction, other
promos - see their web site.
Chemung Hills Golf
Course has $6 large buckets and $3 small buckets all of the time.
What a great value! They have Junior Golf lessons some mornings from
9-11am, so the range may be closed at those times - call ahead. Also a
pretty good rate for 9 holes of golf on weekdays, just $15 with a
cart.
Faulkwood Shores Golf
Club has a very nice course and great prices, too. 9 holes
walking is just $12 and they have specials that are even better.
Example - July 2009 9 holes walking price is just $5!!
Movies.MJR" Theatres
Brighton have some great reduced rates. Fri-Sun before noon,
tickets are just $4. Try the $4.50 Twilight shows (4-6pm) if you
can't get there before noon.
Building Supplies/Furnishings.Habitat For Humanity, 7198 Grand River Ave, Brighton
48114,has a home center where they sell surplus building and hardware
items for very affordable prices. Some furniture is also in the
showroom. Tile, wallboard, light fixtures, cabinets, appliances - you
name it. If your budget is tight and you have a remodeling project
planned, it's worth a look. Hours are 9-5 M-F and 9-2 Saturday.
General Entertainment. Brighton Kiwanis have free Sunday evening concerts at the gazebo in downtown Brighton through August 30th. Bring your own chairs. Varied entertainment (musical), local restaurants are open. Enjoy!!!
Monday, June 29, 2009
Livingston County Summer
Plenty to do locally this summer! This weekend's Michigan Balloon Challenge had great weather. I heard people all around Brighton and Howell talking about either being there or planning to visit. Next up is Brighton's Independence Day Parade on the 4th, now being administered by the Sunrise Rotary Club. Many thanks to the Boy Scouts for handling this event for so many years.
A relatively new addition to the parade is the Hungry Duck Run, actually two runs - a 5K (3.1 mile) and a Half Marathon (13.1 miles). The Sunrise Rotary started this a couple of years ago as a fundraiser for Gleaner's Community Food Bank, and it's great to see it be successful. The name 'Hungry Duck' also fits in with the Rotary's duck race at the Brighton Millpond after the parade. Great addition to the Holiday's festivities.
Next up will be the Howell Melonfest, August 14th-16th.
A relatively new addition to the parade is the Hungry Duck Run, actually two runs - a 5K (3.1 mile) and a Half Marathon (13.1 miles). The Sunrise Rotary started this a couple of years ago as a fundraiser for Gleaner's Community Food Bank, and it's great to see it be successful. The name 'Hungry Duck' also fits in with the Rotary's duck race at the Brighton Millpond after the parade. Great addition to the Holiday's festivities.
Next up will be the Howell Melonfest, August 14th-16th.
Monday, February 23, 2009
Dealing With A Computer Failure
In July of 2007 I had to replace a ‘legacy’ laptop. Purchased new in 2001, it served me well. I had indications that it was flaking out and I backed up my data religiously. I didn’t expect another issue like that so soon. The new laptop was great and I was happy.
The laptop that replaced that first one started having issues, too. I found out that there was a recall on it, but the only recourse was to send the entire machine in. Service techs told me it would be “three or four days”, but I know better than that! There was no option for having parts shipped to a local repair shop - my laptop would have to go on the road.
Just then, it started working well again. I thought I had scared it into submission. But I purchased a Seagate FreeAgent Pro backup system just to be sure. It installed easily and did instant backups. If I created or saved a new file, or altered an old one, they were shipped to the backup drive instantly.
I’m so glad that I did that. I had an irreversible failure on the replacement laptop and I just can’t be without a computer for business purposes. So I went out and bought a new one. The retail outlet installed the Office 2007 software that came with the laptop as well as the Norton 360 anti-virus program, and they created the three recovery CD’s for me, too. If you’ve ever created these CD’s you know that it takes a really long time.
So I have a current and complete backup. I can at least see and answer email via my smart phone. Hey, this won’t be horrible, I thought.
I had to purchase Outlook 2007, but the local repair shop I use said that they would install Outlook and transfer my Outlook files for me and I would just have to configure the email settings. No big deal, I thought. While they were doing that, I figured I’d have them take all of my data and picture files over to the new machine, too.
Because of the enormous amount of files and pictures (hi res, of course) that took over a day and a half.
I got the machine back, configured Outlook and started ‘catching up’. Some emails were bouncing back, but not all. The error message indicated that I had a configuration error, but my checks didn’t catch it. Earthlink web support found it quickly and fixed it via ‘remote control’. You give them permission and they connect to your machine via the web and can poke around and change settings. Very cool and very fast.
Then, I discovered that much of my software wouldn’t re-install onto the new machine. The reason? The old system was Vista 32-bit, the new one had Vista 64-bit OS. Great. Even though there is a basic pdf writer on the system, I needed something a bit more robust, so I had to purchase PDF Creator. My Corel Paint Shop 2X (I still had the license key) wouldn’t take the key because it’s a different product (32 vs 64 bit versions). Great.
And I was having trouble finding some of my old software CD’s, too.
At least all of my web based systems worked and I can do about 85% of what I need to do immediately. The upshot is that my laptop failed about 6pm Tuesday night. I spent that evening messing around with it. I went out and got a new laptop Wednesday morning, but couldn’t pick it up until about 4:30 pm because of the setup/install. I went home to install some of what I could, catch up on email, and make an appointment with the local shop for the next (Thursday) morning.
They had the laptop for the Outlook install and data transfer until 7pm (closing time) Friday night. So I lost three full business days and still am not back to where I was with the software.
I also found out that my HP C4100 All-In-One printer/scanner/copier wouldn’t work with Vista 64. Great. Luckily the HP C4400 All-In-One that I had at my office was OK, so I just switched them.
And I thought that I was prepared. Sure, I could jump on a colleague’s machine for a quick venture into my web-based business systems, but it’s not the same when you’re used to working on your own timetable.
After this episode, I thought I’d share some tips for your computer readiness.
First, always, always, always have a good, complete and current backup. Spend the money to do this. If you can’t set it up yourself, pay somebody to do it for you. Make sure that it is working.
Second, don’t be afraid to burn old documents to a CD or DVD for long-term storage, or to move them to an auxiliary (external) drive. If you need to restore your data that will cut down on the time frame involved.
Third, have a central location in which you store your software CD’s, licenses, etc. If you need to setup a new machine you don’t need the distraction of looking for your software, too.
Fourth, when selecting the new machine, understand that there will be other expenses. You may need to buy new software (or at least newer versions). You may need to buy new hardware, like the printer I mentioned above.
Of course, you can try to ‘match’ the operating system. But I believe you have to stay current because technology changes so fast. It makes no sense to me to buy ‘old tech’. I will send in the broken laptop for warranty work and it will go to my wife upon its return, along with the HP C4100 series All-In-One unit. Now I need to get new software to synch with my smart phone and I’m back in business.
The laptop that replaced that first one started having issues, too. I found out that there was a recall on it, but the only recourse was to send the entire machine in. Service techs told me it would be “three or four days”, but I know better than that! There was no option for having parts shipped to a local repair shop - my laptop would have to go on the road.
Just then, it started working well again. I thought I had scared it into submission. But I purchased a Seagate FreeAgent Pro backup system just to be sure. It installed easily and did instant backups. If I created or saved a new file, or altered an old one, they were shipped to the backup drive instantly.
I’m so glad that I did that. I had an irreversible failure on the replacement laptop and I just can’t be without a computer for business purposes. So I went out and bought a new one. The retail outlet installed the Office 2007 software that came with the laptop as well as the Norton 360 anti-virus program, and they created the three recovery CD’s for me, too. If you’ve ever created these CD’s you know that it takes a really long time.
So I have a current and complete backup. I can at least see and answer email via my smart phone. Hey, this won’t be horrible, I thought.
I had to purchase Outlook 2007, but the local repair shop I use said that they would install Outlook and transfer my Outlook files for me and I would just have to configure the email settings. No big deal, I thought. While they were doing that, I figured I’d have them take all of my data and picture files over to the new machine, too.
Because of the enormous amount of files and pictures (hi res, of course) that took over a day and a half.
I got the machine back, configured Outlook and started ‘catching up’. Some emails were bouncing back, but not all. The error message indicated that I had a configuration error, but my checks didn’t catch it. Earthlink web support found it quickly and fixed it via ‘remote control’. You give them permission and they connect to your machine via the web and can poke around and change settings. Very cool and very fast.
Then, I discovered that much of my software wouldn’t re-install onto the new machine. The reason? The old system was Vista 32-bit, the new one had Vista 64-bit OS. Great. Even though there is a basic pdf writer on the system, I needed something a bit more robust, so I had to purchase PDF Creator. My Corel Paint Shop 2X (I still had the license key) wouldn’t take the key because it’s a different product (32 vs 64 bit versions). Great.
And I was having trouble finding some of my old software CD’s, too.
At least all of my web based systems worked and I can do about 85% of what I need to do immediately. The upshot is that my laptop failed about 6pm Tuesday night. I spent that evening messing around with it. I went out and got a new laptop Wednesday morning, but couldn’t pick it up until about 4:30 pm because of the setup/install. I went home to install some of what I could, catch up on email, and make an appointment with the local shop for the next (Thursday) morning.
They had the laptop for the Outlook install and data transfer until 7pm (closing time) Friday night. So I lost three full business days and still am not back to where I was with the software.
I also found out that my HP C4100 All-In-One printer/scanner/copier wouldn’t work with Vista 64. Great. Luckily the HP C4400 All-In-One that I had at my office was OK, so I just switched them.
And I thought that I was prepared. Sure, I could jump on a colleague’s machine for a quick venture into my web-based business systems, but it’s not the same when you’re used to working on your own timetable.
After this episode, I thought I’d share some tips for your computer readiness.
First, always, always, always have a good, complete and current backup. Spend the money to do this. If you can’t set it up yourself, pay somebody to do it for you. Make sure that it is working.
Second, don’t be afraid to burn old documents to a CD or DVD for long-term storage, or to move them to an auxiliary (external) drive. If you need to restore your data that will cut down on the time frame involved.
Third, have a central location in which you store your software CD’s, licenses, etc. If you need to setup a new machine you don’t need the distraction of looking for your software, too.
Fourth, when selecting the new machine, understand that there will be other expenses. You may need to buy new software (or at least newer versions). You may need to buy new hardware, like the printer I mentioned above.
Of course, you can try to ‘match’ the operating system. But I believe you have to stay current because technology changes so fast. It makes no sense to me to buy ‘old tech’. I will send in the broken laptop for warranty work and it will go to my wife upon its return, along with the HP C4100 series All-In-One unit. Now I need to get new software to synch with my smart phone and I’m back in business.
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