The NW Michigan Real Estate Market - Thanksgiving Update

By
Real Estate Agent with Coldwell Banker Schmidt Realtors

So you watch the news?! If you do, you have been seeing the doom and gloom suggested by the media. It doesn't matter if its CNN, MSNBC, or FOX NEWS... all the same fear on each broadcast. I have found a break from the doom and gloom by paying more attention to my local news. The overall picture is that the sky is falling in MI real estate and now... the American auto industry is going to collapse?! My local news runs lead stories about how much snow we got and how the city is planning for growth and development. This is the approach that we need to take in the housing game. Deal with one day and one deal at a time.Stay positive!

We have had a challenging year for real estate in MI. The big cities of Detroit, Lansing, Flint, Pontiac, Southfield, and Grand Rapids have been hit hard. I happen to be in one of the 2 top markets in the state... a good-sized resort town, turned small city called Traverse City. We still have people coming to town because of our beaches, reasonable snow fall, woods, wine industry, and most importantly, Great Lakes. The other top market is Ann Arbor, home to the University of Michigan. Yes, we have jobs. Yes, we have foreclosures. Yes, we have homes on the market. And, yes... we are selling homes at a good rate. We do not however have homes that can be purchased at 25 cents on the dollar like some of the more urban and metropolitan areas of our state. I would encourage 2nd home buyers, first time home buyers, and investors alike to continue to look to Traverse City. The market has had more activity since the end of July as it did for most of the prior 6 months. If you are looking for a $5000 home to put some deadbeat renters in and have to deal with crime, vandalism, and market uncertainty... look to the metro/urban areas mentioned above. If you want wholesale pricing on prime waterfront, a historic Victorian close to a quaint town, or estate-sized recreational land... we have a home for you here in Traverse City. Contact me today to get started!

Consumers and Professionals can contact me at any time and I am happy to chat about the current market conditions in MI or your hometown!

www.markhagan.com

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Topic:
Real Estate Market Trends
Location:
Michigan
Groups:
Michigan Real Estate
Tags:
michigan real estate
traverse city real estate
investment
foreclosure

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Rainer
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Brian Belcher
Charlotte Realtor
RE/MAX Metro Realty

Hey, great post. Thanks for the information about your area.

November 25, 2008 10:06 PM
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November 26, 2008 01:12 PM
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MARK HAGAN

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