Colleen Hood

Ann Arbor Real Estate Market - Getting Back to Basics seems to be what is making the difference.

Do you stick to a routine and just do what is comfortable? Well, probably if it works, right? Well, the past few years have been such an unprecedented, unpredictable time that there hasn't been that one thing that seemed to get the job done. Having to mix it up a bit and try new things has been key for me. I had to get back to the basics.

When the Ann Arbor Real Estate Market was on fire so was my phone. I had the calls coming in non-stop. Then when things started to turn, I had to pick the phone up and make the calls. But it turned out that is just what my sphere of influence needed. I found that past clients, customers, neighbors and even Facebook Friends have questions and concerns about the real estate market and getting a phone call from me was welcomed. By reading the paper or watching the news or scrolling the internet you see doom and gloom. But, some folks are in a prime position to sell a current home and buy a new one, or to buy an investment property. And I had the information they needed to consider options.

Another great thing I started was my blogging. Five years ago, I never would have dreamed I would be a blogger, but, here I am. And, not only do I love it so do the readers, most of the time!

The real estate market is ever-changing and blogging is a great way to update your clients and customers. Everyone has access to the blog at any time!

Open Houses are also becoming popular once again. For Open Houses to work there has to buyers looking and for awhile there it was questionable. Now, I have visitors at every Open House.

So, getting back to the basics has been a welcomed change and I know I am now able to keep my clients and customers up-to-date better than ever.

Are Banks Harming Themselves by Being in The Real Estate Market? Or, more importantly, are they harming the Real Estate Market?

At last week's sales meeting I announced an upcoming listing I have. It is located in an newer subdivision just outside of Ann Arbor. The sub has some homes on the market but not an overabundance. There are a few homes that are either bank owned or short sales. A couple of them even have SOLD signs on them that have been there since Fall but have not closed yet.

One of my colleagues contacted me about my upcoming listing. She has clients looking specifically in that subdivision, however, they are not interested in any bank owned or short-sale situations. Thankfully, mine is neither. It is a real seller who is not in distress - imagine that - remember those days? Anyway, we set up a showing. The buyers like the house and are going to write an offer. The story is that they have an offer in on another house in this subdivision that happens to be a bank owned foreclosure. They have not gotten a response to their offer in 3 months. My listing happens to be the exact same floor plan and priced approximately $33,000.00 more. The buyers know that the Seller will not consider an offer as low as the bank owned property. Ultimately, my listing will get more money on the sale because the Buyers are now paying for time and convenience not having to deal with a bank.

I recently experienced a situation that I was representing a Buyer and we put an offer in on a short-sale listing. We waited and waited and waited, for nothing. After 2 1/2 months of silence, no response from bank, the property came up sold/closed on the MLS for $5,000.00 LESS than what my buyer offered. So, not only did my Buyer not yet buy a property the Bank got $5000.00 less for a property they are already taking a loss on. I don't understand the logic???

Both of these scenarios are really putting a negative spin on the already struggling real estate market. And, those are just two examples. I know around the Ann Arbor area these are all too common situations.

Are the banks harming themselves by being in the real estate market?

Is a Great Service Rating Based on Emotion? I think so. I went to dinner at a very popular sit down restaurant chain last night. We had to wait about 20 minutes for our table. In the bar area the bartender got us our drinks and some bread and our wait pretty comfortable. So far so good. Once we got our table we sat there, without a visit from our waitress or water for at least 10 minutes. Once she got there and took our orders she was flustered and made it very clear she wasn't having a good day. The experience went from bad to worse. So much so that at one point I was debating whether to call the manager over and make a complaint. At this point I was very angry and upset by the service and attitude we were getting from our waitress. Then the food came, half of the orders were warm like they had been sitting out. So, when the the waitress asked how everything was we told her not impressive. We did not want to send the food back to the kitchen or order anything else, at this point we were at this restaurant for about 1 1/2 hours and not even done with our meal yet. So, our waitress told the manager about our food complaint and the manager came over and ended up paying for our entire meal, which was completely unexpected but greatly appreciated. We left a tip for the waitress which was much more than she would have gotten had our meal not been paid for. And, even after that bad experience the end result will allow me to visit that restaurant again. The manager's swift response to my unhappiness made me feel thankful to her for taking care of the situation!

It really is true that customers/clients will remember you by how you make them feel. If a situation causes stress or unhappiness that will effect whether they refer you or use your services again. If you can turn any negative feeling to happiness by the end of the experience you will most likely be rewarded for your efforts. So remember when a deal is going badly do everything in your power to turn it around and make the client happy before you lose them. Your Great Service Rating is one Good Feeling away!

Location is key - Burns Park, still a highly desired area in the Ann Arbor Real Estate market. I held an Open House today at 1241 Olivia, a typical 1920 built house backing the Burns Park Elementary School. The house has just over 1600 square feet and is priced at $296,000.00. Last Sunday there was a large number of visitors and this week was more of the same. All of the visitors talked of the Burns Park area location. Some of those attending the Open House were neighbors who also could not say enough about what a wonderful neighborhood Burns Park is. I had a renter visit the Open House and asked if I had any rental homes available in the Burns Park neighborhood. He is on a three year work assignment and the company's temporary housing is in Burns Park. They are enjoying it so much they want to rent a house of their own in Burns Park for the remainder of the assignment.

The neighborhood is anchored by Burns Park Elementary School which also receives high marks and is highly desired by parents with elementary school age children. The school has a large park that is always filled with sledders or soccer players, basketball players and runners. The three playground areas are a favorite of youngsters. This very family oriented Burns Park neighborhood is in very close proximity to Central Campus, the Med Center and Downtown Ann Arbor. Another reason it is so highly desired.

So, even in times when market conditions are less than perfect buyers are always looking for a good house with a great location. So, always remember - location, location, location.

Positive signs in the real estate market are being seen on this 14th day of the New Year.

I went on a new listing appointment this morning and ran the numbers for a past client. He will be able to sell his home, which was purchased two years ago as a foreclosure, for a $20 - $30,000.00 profit. He is selling in order to move closer to work and should still be able to get a good deal on the buying end.

I also have formed a relationship with a property investor who owns and manages many Ann Arbor rental properties and has done so for the past 20+ years. Students attending the University of Michigan always need a place to live and there are great opportunities for investors. I have exclusive knowledge of and access to many campus properties that are not listed on the Ann Arbor MLS. Since the housing prices have dropped over the past few years, including investment properties, it is an extraordinary time to purchase a campus investment property. A time that may afford you an opportunity you have not had in the past.

I am holding an Open House in Burns Park on Sunday, January 17, 2010. The Open House traffic these past couple weeks has been outstanding which is another positive sign in the Ann Arbor Real Estate Market.

1241 Olivia, backs to Burns Park Elementary School. Open Sunday 1-3. $296,000.00