June 18, 2009
Finally, winter is behind us we’re into the beautiful summer months along the west Michigan lakeshore. It’s an interesting world and State we live in….so many things happening, many of which are not good when it comes to the economy and jobs. Its time to take stock in what we have, to count our blessings while looking for solutions to problems that plague us in Michigan .
On virtually a daily basis I get questioned as to the state of the real estate market in our area. To be certain, things are not great and it’s going to take time for things to pick up steam, BUT there are signs of hope. REALTORS in our organization are expressing renewed optimism and are getting busy again. Without exception, REALTORS are saying they’re working harder and longer and keeping transactions together through closing is often a great challenge. Those that are not focused or are waiting to wake up in the morning and have business falling into their laps are doomed to fail. The stark reality is this – there is business to be done and for most this will surely not be a banner year but REALTORS are a tough bunch, a resilient bunch, and the true professionals will make it through these currently trying times and be in a position to reap great rewards when the market swings back into high gear.
Foreclosures and ‘short sales’ have become commonplace. The astute REALTOR has educated themselves in how to deal with these types of transactions. Once the foreclosures and short sale listings are sold, brace yourself for a much different and upbeat market….today it’s clearly a buyers paradise….history tells us it won’t always be that way, that we’ll have to be prepared for the ‘sellers market’. Here in west Michigan , the stock answer I find myself providing is “Units are up, average price is down, and activity is picking up.” That’s it in a nutshell. While some like it and others don’t for a variety of reasons, the federal $8,000 Tax Credit for first home buyers is absolutely accounting for spurred interest in buying a home. Actually, the program is misnamed. It’s not for ‘first home buyers’ exclusively, it’s for anybody that has not owned a home in the past three years. My own daughter is taking advantage of this program in northern Illinois – clearly she’s re-entering the housing market because of this program. There is much to understand about the program and I recommend buyers talk to their REALTOR about it. For REALTORS, if they’re not understanding the program and marketing it, they’re missing a grand opportunity. It’s just too good to pass up!
One thread of commonality I have witnessed during this unusual economic climate is people seem to be on edge. Be they REALTORS or the public, people are edgy, their attitudes often in need of adjustment, they are behaving in strange ways. This, I hope and trust will change over time. The public deserves to be treated with professionalism and respect. REALTORS deserve the same from a sometimes cantankerous public. It’s a two-way street. Have a great summer season, enjoy the region with its many local Fairs, Festivals and events. West Michigan – it’s a great place to call home.
