It's an outstanding buyers market!

By
Real Estate Agent with Keller Williams Realty - Lakeside Market Center

 

 The summer of 2007 may well be remembered as the "Season of the Negative Headlines" for many of us in the real estate industry in Michigan.   Daily we have been bombarded with the words "mortgage meltdown" and "record foreclosures".

It saddens me to realize that the media isn't touting as loud and clearly what a wonderful buyers market Michigan is in, especially Macomb County!

As we head into the fall of 2007 in Michigan I am excited for my first time home buyers and "moving up" home buyers.  There is a plentiful supply of available homes across our state and Macomb County is even more enriched.   Buyers now have the luxury of home hunting without having to make a hurried decision. 

(Remember the days of multiple offers the first day of a home being listed on the multilist?)

Home buyers in Michigan and Macomb County do have a various array of mortgage products available to them. Yes the sub-prime mortgage is no more.  That does not mean that you cannot purchase a home.  Simply because one segment of the mortgage market is undergoing drastic changes does not mean that tried and true mortgage products are not available.  FHA/VA mortgages are still with us and have always been a good choice for a mortgage.  Our local banks and credit unions in Macomb County are doing an outstanding job of mortgage lending to first time home buyers and repeat buyers alike.  Mortgage brokers here in Michigan are updated daily on the products available and are happy to work with you to find a program to suit your needs.  If you would like some detailed information about any of these mortgage programs, please don't hesitate to contact me.  

For those who have been scared away from purchasing a home because of all the negativity, please know that Realtors (tm) across this state are not giving up nor are we giving in to the negativity.  We are a hard working group of individuals who know our market, educate ourselves about the mortgage industry and able to help you achieve your dream of home ownership.

 

 

A partner for your real estate needs.
Serving Metro Detroit home buyers and sellers.
RE/MAX Advantage 1, Inc.
586-840-1876 (direct line)
http://macombhomes.com
kwales@remax.net

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Rainer
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
Diane:  My first "love" is working with buyers.  It is such an enjoyable part of my job that most times it doesn't feel like work at all.  Frankly, I'm darned sick and tired of all the negativity and I hope this post is just the start of the process to combat that and also educate potential buyers in the process.  Thanks for your nice comment and have fun in Lake Norman!
Aug 31, 2007 08:14 AM #4
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Lenn Harley
Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA
Real Estate Broker - Virginia & Maryland

I don't know Kris.  I spoke with an agent yesterday who was with buyers all last weekend and by the time they got home and decided to make an offer, the luxury condo that they wanted was already under contract.

The good homes will always sell.   Find a good one, better GO FOR IT.

Aug 31, 2007 08:15 AM #5
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Missy Caulk
Missy Caulk TEAM - Ann Arbor, MI
Realtor - Ann Arbor Real Estate
Kris, it is a great time to buy in Michigan. Lots of opportunities here. My favorite lender lives in McComb County and she comes to Ann Arbor to meet the clients. She works out of a bank Citizens First so can hold loans in portfolio. Maria Labie. She is fantastic !
Aug 31, 2007 08:15 AM #6
Rainer
339,851
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
Ian and Andrew:  It's a crying shame that the "doomsday" reports get all the headlines (or the celebrity gets pulled over while drunk driving...or..or...) and yet the wonderful things about our area and our country don't make the same splash in the headlines.  I'm tired of it.  I may only be one voice, but added to others and anything is possible.  Thank you gentlemen for your nice (and positive!) comments.
Aug 31, 2007 08:16 AM #7
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Lenn:  What a great sign for your area that homes are still selling quickly!  I agree, priced well and looking sharp will be a fast sell, in any market.   One question I ask my clients if they are "hedging" on a home that they for the most part know is right for them: "How will you feel if someone else purchases this home?"  Usually that will help them decide whether to hurry with an offer, or continue looking.

Missy:  That lender sounds like a true professional and a go-getter!  (Her name sounds familiar, I wonder if I've run across her over the years?) I recently (last Friday) had a closing on a listing of mine in which the buyer used Citizens (their branch in Birmingham MI)  The gal there, Mitzi Meltzer, was outstanding.  I also like that they portfolio their own loans, that is such a plus right now.

 

Aug 31, 2007 08:21 AM #8
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Richard Iarossi
Coldwell Banker Residential Brokerage - Crofton, MD
Crofton MD Real Estate, Annapolis MD Real Estate
Kris, Journalism is what journalism is.  Good news stories don't sell ads, sensationalism does.  Hardly anyone would tune into a story that says "plane lands safely at airport, all passengers exit in an orderly manner."  Our industry has to continually step up to the plate to offer a more balanced picture.
Aug 31, 2007 08:35 AM #9
Rainer
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
Richard:   Our industry has to continually step up to the plate to offer a more balanced picture. Thank you for this!   As I said before, I'm only one voice but added to other voices we can make a difference and we can overcome all the negativity.
Aug 31, 2007 09:12 AM #10
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Mike Mitchell
Real Living Kee Realty - Saint Clair Shores, MI
REALTOR (R)
Well said Kris, I do think the media is scaring first time buyers, when in fact this is a terrific time to buy a house with so many options, and fha is still available.
Aug 31, 2007 10:57 AM #11
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John smith
SmartRate Mortgage - Tampa, FL

Kris,

Excellent post.  Shows that there is another side to every story.  Customers can make so much more with their purchase than ever before.  It is now just a matter of placing the customer in the right situation.

Aug 31, 2007 11:10 AM #12
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Mike:  I agree!  Isn't it funny, FHA never went anywhere.  It's always been here, just underutilized in my opinion.

Paul:  Helping the buyer client find that wonderful home that is right for them is part of the joy of this industry.  Thank you for your nice comment Paul.

Aug 31, 2007 04:25 PM #13
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Debbie Johnson
REMERICA United Realty - Novi, MI
Novi, MI Real Estate Professional

Wow, Kris! 

That was very well written.  If I weren't a Realtor, I would want to use your services to buy a house.  Why don't you run that in the paper?  Create your own good press.

Sep 02, 2007 06:46 AM #14
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
Deb:  Thanks for the encouraging comment and compliment.  It is very much appreciated!  I had thought about running something like this in our local paper (The Bay Voice) but never got past the "thought about it" processing.  You just gave me the nudge I needed to do that.  Thank you!  (I don't know why I am my own worst enemy sometimes when it comes to promoting "me".  Marketing the sellers home, no problem, love it!  Promoting "me"..I still get shy about that.)
Sep 02, 2007 07:21 AM #15
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Donna Yates Real Estate - serving
ReMax Town and Country - Blue Ridge, GA
North Georgia Metro & Mountains
Kris:  This is an excellent post and needed to be said.  We as Realtors should be shouting this from the "roof" tops of the homes we are trying to sell.  Thank you for showing the flip side to all of the negativity.  There is a true and positive side and you expressed it well.
Sep 02, 2007 03:30 PM #16
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Margaret Rome, Baltimore Maryland
HomeRome Realty - Baltimore, MD
Sell Your Home With Margaret Rome

Kris, Thanks for the positive post. We all need to remember that good stories do NOT sell newspapers or make for impressive headlines.

Just this week, an agent called about one of my new listings. She did not believe it when I said we a lot of interest and 3 showings the first  weekend day. When she called again to set up an appointment...you guessed it...Under contract.

Sep 02, 2007 07:32 PM #17
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Lynda Eisenmann
Preferred Home Brokers - Brea, CA
Broker-Owner,CRS,CDPE,GRI,SRES, Brea,CA, Orange Co

Kris,

Well done, thank you for sharing. I found your post by way of Diane's week in review. Well done and congratulations for the recognition. Keep up the great work.

Sep 02, 2007 09:58 PM #18
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Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI

Donna:  Thank you so much for your kind comments.  As I've stated before, I'm only one voice.  Let's add all our voices together and make a positive change!

Margaret:  What a wonderful positive sign of your market that homes are selling that quickly!  I know they need to be priced well and show "glowing", it sounds like you've done a terrific job :-)

Lynda:   If you hadn't mentioned Dianes comment in her post I never would have known about it. Thank YOU for pointing this out for me and your very nice comment also. 

Sep 03, 2007 07:04 AM #19
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Margaret Rome, Baltimore Maryland
HomeRome Realty - Baltimore, MD
Sell Your Home With Margaret Rome
Kris, That was only one property that sold quickly. I have a lot of listings that have been on the market longer than we would all like. This one was very special, priced below market and in immaculate conditon. What a winning combination.
Sep 03, 2007 07:20 AM #20
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Joan Whitebook
BHG The Masiello Group - Nashua, NH
Consumer Focused Real Estate Services
It is amazing how much the press influences everyone.  It is imporant that all sides of the story are told!  I think the press is often too focused on the negative and not the positive.
Sep 03, 2007 11:43 PM #21
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339,851
Kris Wales
Keller Williams Realty - Lakeside Market Center - Macomb, MI
Real Estate Blog & Homes for Sale search site, Macomb County MI
Joan:  I think alot of us here feel the same way.  I've seen a concerted effort the last week from bloggers wanting to showcase the positive.
Sep 04, 2007 03:39 AM #22
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Dan Tobias
Rodeo Realty - Northridge, CA
Northridge Real Estate Expert
Homes are sitting on the market longer, sellers are willing to deal. I love it. it is a buyers market, and it is still a good market, but the news is making it sound like it is horrible. I love it
Oct 22, 2007 12:50 AM #23
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