Muskegon, MI

In today’s apparent shaky economy there are a lot of rumors in the real estate market advising now isn’t a good time to buy until our economy experiences a turn around. Like many types of advice based on fear, this one could not be less true. Many people are discovering that now is the perfect time to buy or sell real estate, for a variety of reasons.

Home prices are low. Mortgage rates are low. There is a large inventory to choose from. Seller’s are willing to negotiate.

In addition to normal home sales that are typical in any market, today potential buyers may find opportunities to get a good deal in foreclosure properties or in short sales. Short sales require approval from the lender who holds the mortgage on the seller's property, but with declining home values more lenders are open to taking less in a resale price than the home is worth.

Real estate agents can help guide you through the process of finding and purchasing a home.

The number of foreclosures that have occurred in recent years which have depressed home values means that there are many more properties to choose from, and the prices are better than they have been for years. The market, however, has not yet recovered, meaning that there is a possibility that values could decrease more before things pick up if there is another big wave of foreclosures that hit the market.

Still, when things turn around those values will increase, and buyers today will likely be positioning themselves well for when the market returns.

Owning a home is still very much the American dream. For years lenders were not as careful as they needed to be in determining borrowers' ability to repay loans, and we are suffering the results of that now. But as things turn around, and the housing market returns, many opportunities exist for people to find their dream home at a price that hasn't been seen for years.

Courtesy of:

http://www.carrollcountytimes.com/news/opinion/editorials/good-time-now-to-buy-a-home/article_0a90db6e-c1c2-11e0-ab33-001cc4c03286.html

Good Resources:

Pending Sales

http://www.realtor.org/research/research/phsdata

Return on Investment (Prices)

http://www.standardandpoors.com/home/en/us

Return on Investment (Stocks)

http://money.msn.com/

Mortgage Rates

http://www.freddiemac.com/pmms/

NPR

http://m.npr.org/news/Business/137029194

CBS Money Watch

http://moneywatch.bnet.com/economic-news/feature/real-estate-why-the-time-to-buy-is-now/6244377/

JP Morgan

https://mm.jpmorgan.com/stp/t/c.do?i=2312-1F54&u=a_p*d_607595.pdf*h_-2gh4fcf

Macro Markets

http://www.macromarkets.com/real-estate/home-price-survey.asp

HUD’s Donovan

http://politicalticker.blogs.cnn.com/2011/07/03/obamas-housing-chief-nows-the-time-to-buy/

Foreclosure Delays

http://www.washingtonpost.com/business/economy/foreclosure-backlogs-taking-longer-toprocess/2011/06/30/AGuWdksH_graphic.html

So I wish I had a better camera on my cell phone... (oh, hell... I wish I had a better cell phone)... for exactly this type of situation.

I was walking through a property with a pair of buyers (yes, remember those? ... "buy-ers"... say it with me... "buy-ers")... and we came across this prehistoric ice-chest.

I hesitate to call it a refrigerator, (even though that's how it's marked) it was the size of a modern KitchenAid or GEProfile... and my photo doesn't do it justice... the image on the upper right is the label that you see at the top center.

It appears to be the FORD model, manufactured by the Alaska Refrigerator company out of Musekgon Michigan. at the lower right is a copy of an ad from 1910.

According to the internet (and we know the internet is never wrong)... the Alaska Refrigerator Company was in business from 1891 until 1928 when electric refrigerators basically put the icebox company out of business, and they sold to the Coldak company (which eventually morphed into Norge.).

I don't know if this relic is "worth" any money, but it was certainly a topic of conversation for a while with my clients and I. In fact we stood in front of it, and talked about it for way longer than we should have, while we should have been talking about and viewing the run-down, needs-a-ton-of-work house that surrounded the icebox.

I love this business.

(250 -34)

Thass just cold, man!

Listing Real Estate isn't the same as it was several years ago. Many sellers think they should see the same result as it was when a real estate agent put a for sale sign in their front yard.

The number of qualified buyers is much lower. The appraisal values have not stabilized and the rules for home valuation is impacted differently by foreclosures and short sales. It used to be a low priced home, foreclosure or a between friends for a low sale price was a single sale. The single sale didn't have much of an impact.

Now we have seen thousands of homes sold under a distressed condition but given weight as though they are traditional sales.

Internet marketing has changed the face of real estate forever. The information available is nearly immediate, as it is posted to a website.

So Listing Real Estate means selecting the right marketing choice not just the "Real Estate Agent of Choice". Selling real estate is a strategy not a for sale sign in the front yard.

Many sellers and agents grew up with the for sale sign in the front yard and a quick listing inclusion on the local Multiple Listing Service. Those days of simplistic marketing methods are gone and will never return even when the economy and employment comes back so more buyers can qualify for home loans.

The reality of "musical agents", changing the agent because a home didn't sell isn't a strategy. It is the search and hope option.

What I mean is, you see a name of a real estate agent or hear of someone that used an agent in the past that sold a home, so you "Switch" to the new agent. Your home hasn't sold with your current agent, so you search, switch and hope this real estate agent sells your home.

The statistics for our local MLS marketing area shows 50 homes a day being re-listed with different real estate agents. I took the numbers a bit farther and looked at the percentage based on the total number and the real estate listings that changed real estate agents. The number was nearly 70%.

The real issue isn't the agent, economy or fewer buyers. It is having a marketing strategy to maximize buyer exposure. I have a saying their is a buyer for every home. It only takes one...buyer but your property must be exposed to that buyer. Target marketing to the profile of the buyer that would buy the home or property being sold is similar to and FBI profile. You gather information, identify the features and benefits and begin the search to attract buyers that fit the profile with marketing.

Real Estate Listing your home for sale is more than a "For Sale Sign" it is a strategy to attract the maximum number of buyers, selling faster and for more money.

Switching real estate agents may or may not change your outcome if the same strategy is used again. So more than ever, the key to selling, is selecting the right real estate agent with a marketing strategy no just a "For Sale Sign".

For Personal Service, Call: 616-784-2360 Email: GaryWhite@FlexitRealty.com

Thanks for Stopping By. www.GaryLWhite.com

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www.downtownmuskegon.org

I received an offer this weekend on a beautiful home I have listed.

The initial offer was low and the buyers agent and the buyer knew from the beginning the offer would be countered.

Also with the offer was a couple little traps that most agents overlook, from my experience as a broker. The first trap was the interest rate the seller expected to not exceed. In our state the interest rate can be a way of getting out of a purchase agreement. The statement"interest rate not to exceed" can be a escape route. If the agent uses an interest rate below what is available you know what the mind set it going into the contract process.

As soon as you counter the offer the original is gone as with any contract. If you don't counter and accept but the buyer can't get the interest rate specified they can walk without any other reason. I have no idea why these games are being played but don't lose a sale because of a slick underhanded maneuver like this one.

The next trap in this contract was the possession at close. Some states require possession at close unless you write language differently. The problem is if for any reason the financing or loan isn't funded and your clients have moved all their belongings, they just double their costs. Now they either move back in or have two homes. Neither is something I want to have happen to my clients.

What little tricks are you seeing employed on contracts?

Gary L. White, Flexit Realty www.FlexitRealty.com