Merry Christmas everyone...
As you can see, I've figured out You Tube... watch out. I just wanted to say thanks for another great year, and have a Merry Christmas and a Happy holiday season. I hope 2008 is a healthy happy prosperous one for you all.
Make sure you check out the Detroit News article from November in a blog below.
Jessy, Louie & Anthony should be making it around town sometime over the holidays will post new pics of their family next month... Lauren and Isabella came home the week before Thanksgiving and spent time with us... what a great time that was. (pics attached to prove it)
See you next month
Dave
Tuesday, December 4, 2007
Wednesday, November 7, 2007
Detroit news article 11/5/2007. Front page of the business section
Career Makeover
New path paved in real estate. Tired of corporate downsizing and budget cuts, Troy man is doing well in a tough market. Brian J. O'Connor / The Detroit News
Every career has its ups and downs, but when the "downs" consistently outnumber the "ups," it's time for a change.
That's what Dave Henderson decided in 2004. The 46-year-old Troy man had had his fill of downs, between corporate cutbacks, budget slashing and employee downsizings.
"After a while, you just get tired of having to play the corporate chess game," Henderson says. Now a real estate agent in Troy, Henderson is making his own way in a tough business, but says he's doing well.
"The first year was getting my feet wet, and the next two years I easily surpassed what I made in my last job," Henderson says.
• Where he came from: Henderson started in an automotive training program during high school, then landed a job at a Kmart automotive center. He started doing oil changes and tires in 1978, but by the early 1980s was in charge of the service center in Cheboygan. He then moved back from the north and took a job with Ziebart International Corp.
"When my son was born, we wanted to get out of northern Michigan and get back close to family," Henderson says.
His work at Ziebart included training and quality control for the auto rust-proofing company, before he moved up to handling franchise sales, including finding locations and working with commercial real estate deals.
• What changed: When a headhunter came calling in 1995, Henderson moved to Matco Tools to oversee franchise sales for the Great Lakes region.
After about a year, though, he fell victim to a corporate restructuring. The company eliminated an entire level of management -- including Henderson. To replace his job, the firm helped him open his own franchise.
"It's a business where it's a lot of stress," Henderson says. "I needed to get out of there. I sold the franchise and Ziebart hired me back."
• Moment of truth: Back at Ziebart, though, Henderson found another round of cuts and downsizings.
"I lasted as long as I could, but they realigned things and made me a regional director," Henderson says. "It was going to put my butt on the road forever and that's when I thought, 'I have to get out of here. I've already paid those dues.' "
Henderson turned to real estate. His franchise experience had given him a lot exposure to real estate sales, and he and his wife had bought and sold several homes of their own.
"It was right up my alley," Henderson says. "It was kind of a natural. I thought, 'I can do this.' "
• Stumbling blocks: He started the courses and pre-licensing work he needed while keeping his job. An uncle, who had 32 years in real estate, helped him line up a position with Century 21 Town & Country. After more training, Henderson went to work part time in 2003, before leaving to sell homes full time in January 2004.
"I realized quickly that if you're going to make the real estate jump it's not a part-time gig," he says.
Another adjustment was the independent nature of being a real estate salesman.
"There's the lack of somebody over you telling you what to do," Henderson says. "It takes quite a bit of motivation to get in the morning when there's nobody barking at me."
• Words of wisdom: In a sales business such as real estate, good relationships are a key, Henderson notes.
"You rely on past customers, friends and relatives to start your business. Referrals are everything," he says. "I went through my memory with golf leagues and hockey rosters to find names that I could tap to kick-start the business."
Henderson also uses every piece of technology he can to keep in touch and help customers, from checking online listings with a PDA to sending regular e-mails and posting his own Web log.
The best part of the job is the interaction with people at important moments in their lives, Henderson adds.
"I like people," he says. "I'm interested in getting to know them. Buying or selling a house is an exciting chapter in the lives, and to be involved in it is exciting, too."
That's what Dave Henderson decided in 2004. The 46-year-old Troy man had had his fill of downs, between corporate cutbacks, budget slashing and employee downsizings.
"After a while, you just get tired of having to play the corporate chess game," Henderson says. Now a real estate agent in Troy, Henderson is making his own way in a tough business, but says he's doing well.
"The first year was getting my feet wet, and the next two years I easily surpassed what I made in my last job," Henderson says.
• Where he came from: Henderson started in an automotive training program during high school, then landed a job at a Kmart automotive center. He started doing oil changes and tires in 1978, but by the early 1980s was in charge of the service center in Cheboygan. He then moved back from the north and took a job with Ziebart International Corp.
"When my son was born, we wanted to get out of northern Michigan and get back close to family," Henderson says.
His work at Ziebart included training and quality control for the auto rust-proofing company, before he moved up to handling franchise sales, including finding locations and working with commercial real estate deals.
• What changed: When a headhunter came calling in 1995, Henderson moved to Matco Tools to oversee franchise sales for the Great Lakes region.
After about a year, though, he fell victim to a corporate restructuring. The company eliminated an entire level of management -- including Henderson. To replace his job, the firm helped him open his own franchise.
"It's a business where it's a lot of stress," Henderson says. "I needed to get out of there. I sold the franchise and Ziebart hired me back."
• Moment of truth: Back at Ziebart, though, Henderson found another round of cuts and downsizings.
"I lasted as long as I could, but they realigned things and made me a regional director," Henderson says. "It was going to put my butt on the road forever and that's when I thought, 'I have to get out of here. I've already paid those dues.' "
Henderson turned to real estate. His franchise experience had given him a lot exposure to real estate sales, and he and his wife had bought and sold several homes of their own.
"It was right up my alley," Henderson says. "It was kind of a natural. I thought, 'I can do this.' "
• Stumbling blocks: He started the courses and pre-licensing work he needed while keeping his job. An uncle, who had 32 years in real estate, helped him line up a position with Century 21 Town & Country. After more training, Henderson went to work part time in 2003, before leaving to sell homes full time in January 2004.
"I realized quickly that if you're going to make the real estate jump it's not a part-time gig," he says.
Another adjustment was the independent nature of being a real estate salesman.
"There's the lack of somebody over you telling you what to do," Henderson says. "It takes quite a bit of motivation to get in the morning when there's nobody barking at me."
• Words of wisdom: In a sales business such as real estate, good relationships are a key, Henderson notes.
"You rely on past customers, friends and relatives to start your business. Referrals are everything," he says. "I went through my memory with golf leagues and hockey rosters to find names that I could tap to kick-start the business."
Henderson also uses every piece of technology he can to keep in touch and help customers, from checking online listings with a PDA to sending regular e-mails and posting his own Web log.
The best part of the job is the interaction with people at important moments in their lives, Henderson adds.
"I like people," he says. "I'm interested in getting to know them. Buying or selling a house is an exciting chapter in the lives, and to be involved in it is exciting, too."
Thursday, November 1, 2007
Happy November... Thanksgiving is on it's way
Hey all,
It's hard to believe another month has slipped by us. We are just 45 shopping days until Christmas. Naturally shopping days mean something much different than they did in the 60's with most stores staying open 24/7 these days.
Thanksgiving is my favorite of all holidays. Not exactly sure why, I'm not a huge Lions fan, I don't particularly like turkey, and I despise cranberry sauce. I think I enjoy it simply because of the name and time of the year. Fall is full of pleasant weather, relief from the heat, great colors and smells in the air. Thanksgiving says it all. It's a great time of year to reflect on the previous 12 months and be thankful for all the great relationships we have nurtured throughout the year, and the blessings that we (as Americans) often take for granted.
I've posted a seperate blog below regarding sub prime lending. I didn't want to neglect my responsibilities as a Realtor, but since the article was so long, I didn't want to make a blog so long that you'd all be sleeping by the end.
Last week, Jessy showed up with her new puppy. His name is Louie, and in an effort to endear me to him, she immediately started telling me about my new "granddog". We spent last weekend shopping for Louie and getting to know him. he's a Westie, and a pretty nice puppy (see pic below right). I just hope when she brings us news (after grad school and after the wedding) that she has a new grand "thing" for us... she won't name it Louie :0).
Kelly & I are anxiously waiting for Lauren and Isabella to show up on Nov. 11. Looking at the pictures Lauren is so good about sending us, she has grown up too much since we saw her last in May. Plenty of spoilage is going to happen this month... (sorry louie :0))
The bikes are under wraps for now. You never know when that random 70 degree November day will hit, and we'll need to spank the throttle a few times though.
Kelly has me on a very firm work out and diet regimen these days. Still feeling sore from a day at the gym two days ago. I was able to snag a couple snickers bars out of the candy bowl last night... not telling her where I hid them though.
As always, thanks for all your referrals. I appreciate the good words and confidence you place in my business. Your family and friends, are my family and friends.
Dave (& Kelly)
It's hard to believe another month has slipped by us. We are just 45 shopping days until Christmas. Naturally shopping days mean something much different than they did in the 60's with most stores staying open 24/7 these days.
Thanksgiving is my favorite of all holidays. Not exactly sure why, I'm not a huge Lions fan, I don't particularly like turkey, and I despise cranberry sauce. I think I enjoy it simply because of the name and time of the year. Fall is full of pleasant weather, relief from the heat, great colors and smells in the air. Thanksgiving says it all. It's a great time of year to reflect on the previous 12 months and be thankful for all the great relationships we have nurtured throughout the year, and the blessings that we (as Americans) often take for granted.
I've posted a seperate blog below regarding sub prime lending. I didn't want to neglect my responsibilities as a Realtor, but since the article was so long, I didn't want to make a blog so long that you'd all be sleeping by the end.
Last week, Jessy showed up with her new puppy. His name is Louie, and in an effort to endear me to him, she immediately started telling me about my new "granddog". We spent last weekend shopping for Louie and getting to know him. he's a Westie, and a pretty nice puppy (see pic below right). I just hope when she brings us news (after grad school and after the wedding) that she has a new grand "thing" for us... she won't name it Louie :0).
Kelly & I are anxiously waiting for Lauren and Isabella to show up on Nov. 11. Looking at the pictures Lauren is so good about sending us, she has grown up too much since we saw her last in May. Plenty of spoilage is going to happen this month... (sorry louie :0))
The bikes are under wraps for now. You never know when that random 70 degree November day will hit, and we'll need to spank the throttle a few times though.
Kelly has me on a very firm work out and diet regimen these days. Still feeling sore from a day at the gym two days ago. I was able to snag a couple snickers bars out of the candy bowl last night... not telling her where I hid them though.
As always, thanks for all your referrals. I appreciate the good words and confidence you place in my business. Your family and friends, are my family and friends.
Dave (& Kelly)
Non Conforming / Sub Prime mortgage lingo cleared up
These days you can't turn on the t.v. without hearing the words real estate bubble burst, sub prime loans coming to roost, non-conforming loans ... yada yada yada.
I thought I'd take a minute and at least inform about what the mortgage terms mean, and try to explain why the news insists on making the topic the front of your daily conversation.
A non conforming loan is one that does not conform to Federal National Mortgage Association (FNMA) guidelines because the amount is too high or because FNMA underwriting or other criteria are not met.
An example of these are jumbo mortgages, or loans that were given with second mortgages that allowed the borrower to buy a home with -0- down. They are also referred to as sub-prime. Those who have a financial situation that is complicated or unusual (small business owners with "unvarifiable or low stated income") and don't qualify for conventional lending may find that a non conforming mortgage loan is the preferred option.
Conventional lending is fairly safe for the bank and the consumer because the amounts are reasonable and can be paid back (on paper). However, non-conforming loans are much riskier for the lender not only because of the larger amounts of money lent, but because the borrower may share far less information. With less risk, there are better interest rates; therefore, with a non conforming mortgage loan, the interest rates may be much higher, as the lenders see the chance of foreclosure to be more likely. Borrowers have to be smart and decide what is more important: privacy or saving money on interest.
Hopefully that is clear as mud now, but why all the hype lately? After 9/11 mortgages were being issued and re-financing was being done at a record clip. It was not uncommon to see a mortgage and a home equity loan given to a family that was 10 - 20 % more than the appraised value of a home.
Naturally, the extra 20% loaned out on a mortgage did nothing to increase market values. Since the re-fi boom, we have seen literally 10's of thousands of jobs leave the Detroit area, K-mart, Ford, Chrysler, Delphi and a host of other corporate cutbacks and bankruptcies being the major contributors.
A great majority of those formerly employed families either left the state or filed bankruptcy resulting in either mortgage foreclosure and/or an overwhelming quantity of homes thrust into the market for sale with very few potential buyers to clean up the mess.
The resulting buyers market has forced a downturn in housing values over the past 3 years... those same homes that were financed for 20% over value are now worth in most cases at least 20% less than they were 3 years ago.
This is making the financial world rumble lately regarding sub prime loans coming due. Many balloon mortgages, interest only loans or other non conforming scenarios will either need to be refinanced this year or next or owners will be paying huge mortgage costs that they cannot afford in our already over taxed region.
Re-fi's may be difficult considering a home of lesser value than 3 years prior not being able to gain a favorable enough appraisal to warrant a new mortgage with better rates... a real catch 22.
Hopefully none of you are in that situation. If you are, feel free to call me anytime to have a confidential discussion about potential repairs. I've got plenty of contacts in the mortgage and finance arena that can give sound advice and assistance.
Dave
248-321-0151
I thought I'd take a minute and at least inform about what the mortgage terms mean, and try to explain why the news insists on making the topic the front of your daily conversation.
A non conforming loan is one that does not conform to Federal National Mortgage Association (FNMA) guidelines because the amount is too high or because FNMA underwriting or other criteria are not met.
An example of these are jumbo mortgages, or loans that were given with second mortgages that allowed the borrower to buy a home with -0- down. They are also referred to as sub-prime. Those who have a financial situation that is complicated or unusual (small business owners with "unvarifiable or low stated income") and don't qualify for conventional lending may find that a non conforming mortgage loan is the preferred option.
Conventional lending is fairly safe for the bank and the consumer because the amounts are reasonable and can be paid back (on paper). However, non-conforming loans are much riskier for the lender not only because of the larger amounts of money lent, but because the borrower may share far less information. With less risk, there are better interest rates; therefore, with a non conforming mortgage loan, the interest rates may be much higher, as the lenders see the chance of foreclosure to be more likely. Borrowers have to be smart and decide what is more important: privacy or saving money on interest.
Hopefully that is clear as mud now, but why all the hype lately? After 9/11 mortgages were being issued and re-financing was being done at a record clip. It was not uncommon to see a mortgage and a home equity loan given to a family that was 10 - 20 % more than the appraised value of a home.
Naturally, the extra 20% loaned out on a mortgage did nothing to increase market values. Since the re-fi boom, we have seen literally 10's of thousands of jobs leave the Detroit area, K-mart, Ford, Chrysler, Delphi and a host of other corporate cutbacks and bankruptcies being the major contributors.
A great majority of those formerly employed families either left the state or filed bankruptcy resulting in either mortgage foreclosure and/or an overwhelming quantity of homes thrust into the market for sale with very few potential buyers to clean up the mess.
The resulting buyers market has forced a downturn in housing values over the past 3 years... those same homes that were financed for 20% over value are now worth in most cases at least 20% less than they were 3 years ago.
This is making the financial world rumble lately regarding sub prime loans coming due. Many balloon mortgages, interest only loans or other non conforming scenarios will either need to be refinanced this year or next or owners will be paying huge mortgage costs that they cannot afford in our already over taxed region.
Re-fi's may be difficult considering a home of lesser value than 3 years prior not being able to gain a favorable enough appraisal to warrant a new mortgage with better rates... a real catch 22.
Hopefully none of you are in that situation. If you are, feel free to call me anytime to have a confidential discussion about potential repairs. I've got plenty of contacts in the mortgage and finance arena that can give sound advice and assistance.
Dave
248-321-0151
Monday, October 1, 2007
October, the official end to summer time activities...
Hey all,
Where does the time go? Octobers here, acorns are everywhere, leaves are changing color, and falling... everyones winterizing sprinklers, raking leaves, and generally getting ready for winter.
With a better than normal summer behind us... let's get ready for my favorite two months of the year (Nov./Dec.). More on the reasons why next month.
I have posted below a report from the National Association of Realtors web site regarding the housing market outlook for the next two years... in short, they're forecasting a market recovery in 2008. Back-to-the-historical norm in 2009. I just saved you about three paragraphs of reading time... sorry to have spoiled the ending.
I hope the pro's are right, because they've under forecast the woes for the past two years... hopefully they've underforecast the upturn as well.
Don't forget to hit the link above to view my listings... There are several homes for sale that are really great, with great owners that could use our help finding a buyer in this haystack of a market.
Rates are great with the recent fed slash, and there are a million homes to pick from, so if you're even thinking about buying, and are at all concerned about prices increasing, and take any stock in the NAR report below... you need to call me today to find a home, and beat the rush :0).
Personally...
Kelly & I are well... She started playing hockey again this season. Broken ankle is healed up nicely, and just a little pain & stiffness after a good skate.
Jessy has started heavily into her masters program at Western, and is working in a clinic. She has several patients that she is getting to know, and really enjoys the new phase of her education.
Dave, Lauren & Isabella are great, and the latest word is they have decided to get out of the military. If that holds... Lauren is expected to move home around May '08 with Bella, and Dave will follow around the end of July or early August. I appreciate his desire and ability to serve our country the way he has for the last 6 years, but I'm anxious to have them all home again soon.
They plan on living with us until he lands a job and gets himself acclimated to Michigan again. Not sure where we'll stash all the stuff, but we'll figure it out. Jessy already has announced that she's moving home as well... can't have Bella around without her favorite aunt near by. I knew we should have installed a shower in the basement when we did the bathroom :0).
Golf season is over, and yours truly with his steady as ever partner Ed Pennington took first place this year in the league... I just hope Ed isn't too tired from carrying me all year. (gratuitous trophy photo below).
The last couple weeks, I've tried my hand at drag racing with the motorcycle... Kellys cousin Jeff took me out to the drag strip to show me the ropes... It's a really fun time, but I'm finding out that there's a lot more involved than just grabbing the throttle and going fast. So far, nothing has broken, and Jessy thinks we're going through our mid life crisis :0)...
I hope you all are well... as always, I appreciate any referrals you bring my way. I treat your family and friends as my family and friends (maybe even better :0))
See you next month.
Dave
248-321-0151
Where does the time go? Octobers here, acorns are everywhere, leaves are changing color, and falling... everyones winterizing sprinklers, raking leaves, and generally getting ready for winter.
With a better than normal summer behind us... let's get ready for my favorite two months of the year (Nov./Dec.). More on the reasons why next month.
I have posted below a report from the National Association of Realtors web site regarding the housing market outlook for the next two years... in short, they're forecasting a market recovery in 2008. Back-to-the-historical norm in 2009. I just saved you about three paragraphs of reading time... sorry to have spoiled the ending.
I hope the pro's are right, because they've under forecast the woes for the past two years... hopefully they've underforecast the upturn as well.
Don't forget to hit the link above to view my listings... There are several homes for sale that are really great, with great owners that could use our help finding a buyer in this haystack of a market.
Rates are great with the recent fed slash, and there are a million homes to pick from, so if you're even thinking about buying, and are at all concerned about prices increasing, and take any stock in the NAR report below... you need to call me today to find a home, and beat the rush :0).
Personally...
Kelly & I are well... She started playing hockey again this season. Broken ankle is healed up nicely, and just a little pain & stiffness after a good skate.
Jessy has started heavily into her masters program at Western, and is working in a clinic. She has several patients that she is getting to know, and really enjoys the new phase of her education.
Dave, Lauren & Isabella are great, and the latest word is they have decided to get out of the military. If that holds... Lauren is expected to move home around May '08 with Bella, and Dave will follow around the end of July or early August. I appreciate his desire and ability to serve our country the way he has for the last 6 years, but I'm anxious to have them all home again soon.
They plan on living with us until he lands a job and gets himself acclimated to Michigan again. Not sure where we'll stash all the stuff, but we'll figure it out. Jessy already has announced that she's moving home as well... can't have Bella around without her favorite aunt near by. I knew we should have installed a shower in the basement when we did the bathroom :0).
Golf season is over, and yours truly with his steady as ever partner Ed Pennington took first place this year in the league... I just hope Ed isn't too tired from carrying me all year. (gratuitous trophy photo below).
The last couple weeks, I've tried my hand at drag racing with the motorcycle... Kellys cousin Jeff took me out to the drag strip to show me the ropes... It's a really fun time, but I'm finding out that there's a lot more involved than just grabbing the throttle and going fast. So far, nothing has broken, and Jessy thinks we're going through our mid life crisis :0)...
I hope you all are well... as always, I appreciate any referrals you bring my way. I treat your family and friends as my family and friends (maybe even better :0))
See you next month.
Dave
248-321-0151
NAR's forecast for the next two years...
Getting Back on Trackby Lawrence Yun, Vice President, NAR Research
U.S. Economic Outlook(300k PDF)Glimmers of hope late this year.
The Forecast: Charts
Mortgage rates to remain well below 8 percent.The summer has been tough – historically high temperatures in many parts of the country, Midwest floods, and almost everywhere major airline flight delays. Housing didn’t have such a great summer either, with home sales and price appreciation still waiting to recover. The subprime mortgage mess didn’t help either. So everyone wants to know: now that the summer is over, when can we expect the housing sector to get back to normal? There’s actually a sequence of events we should look for that need to happen before housing is back on track, and as each of these occurs, the closer the housing recovery will be. Let’s take a look at them. Mortgage Rates Will Stablize FavorablyDespite the headline news coverage of turmoil in the mortgage market, mortgage rates have actually been falling for borrowers who take out prime conforming loans. Because these borrowers account for the majority of home buyers, affordability conditions for most buyers have improved. FHA loans – the traditional financing vehicle for low-and-moderate income households – have also begun to build market interest and momentum. FHA loans offer very attractive rates nearly comparable to those of conforming loan rates and save homeowners a bundle – about $180,000 in lower interest payments over a 30-year loan cycle compared to high-interest rate subprime loans. A near-certain legislative change that will allow higher FHA loan limits in high cost areas will further free up the mortgage market to offer safer alternative products (i.e., FHA loans) and away from subprime loans. It is important to note, though, that subprime loans may make sense for some home buyers such as young couples with large income potential but little downpayment. But the subprime market share at most should be no more than 5% rather than the 20% market share of recent years.While mortgage rates look good for conforming and FHA loan clients, the same is not true for jumbo loan borrowers. Without the backing of a guarantee by Fannie Mae and Freddie Mac, bond investors are shying away from jumbo loans. As a result, interest rates on these large loans have increased and will significantly hold back home sales in the high cost housing areas like California. The whiplash will be short-term, however. After sorting through the numbers, bond investors will likely conclude that jumbos are quite safe – even without the government guarantees. A million dollar borrower generally has solid credit and pays bills on time. Any temporary legislative change in raising the loan limit well above the current $417,000 or in permitting the GSEs to purchase jumbos loans to include in their portfolios will mitigate the crisis. (The median prices will artificially trend lower during the period of jumbo loan crisis just due to fewer higher priced home sale transactions). Pent-Up Demand Will be UnleashedConsider this – four million net job additions in the past two years during the housing market slump. Yet, home sales have fallen. As home sales fell, people doubled and tripled up because apartment rents increased at their highest pace in five years. These people are waiting to buy a home. Then there are the approximately two million marriages that occur each year. Those newlyweds are waiting to buy a home. About four million babies are born each year – forcing some families to consider trading up from a smaller house or condo to a larger one. Homebuilders Take HeedThe inventory of both new and existing homes is at high levels. Builders have already cut back production and are encouraged to cut back even further. The market needs less inventory additions in a time of transition. Wall Street should and will punish any builders who add to inventory in the current market. Why build only to lose money on the home? With builders cutting back, inventory will fall. Some home owners of vacant homes will also consider the juicier rent growth and take their “empty” home off the market. In addition, many owners are in a no hurry to sell their home that they actually occupy (except perhaps for those in the few areas of the country that are losing jobs), and they may also choose to delay listing their home for sale or de-list it. Unleashing of that pent-up demand for home buying will also eat into inventory. Drawing Down the InventoryThe law of (lower) supply and (higher) demand will then firm up home prices. The media will be forced to report on the price gains. Many potential buyers, with solid financial wherewithal, will regain confidence. The wheels of housing turn faster and faster. The full unleashing of the pent-up demand could mean about two million additional homeowners. Such absorption into the marketplace will bring down the current existing-home inventory of four million units and the new home inventory of one million units to a total of three million homes (new and existing) available for sale. That level of inventory equates to a 5-6 months’ supply – generally considered a balanced market condition. Balanced Gains AheadAs the housing market recovers, potential home buyers (both first-timers and repeat purchasers) will gain more confidence in the housing sector. This, in turn, will drive more demand for homeownership, helping to keep inventory at or slightly below market balance and spur additional increases in home price appreciation. In sum, a closing of the subprime market does not directly mean equally lower home sales. FHA/VA and conforming government-backed loans will pick up a large chunk of the former subprime market. The jumbo loan concerns will be mitigated over time with better market knowledge, and will be assisted by changes in legislation permitting higher loan limits. Pent-up demand is strong. Inventory will move in the right direction. Builders are assisting by holding back production. A market recovery in 2008. Back-to-the-historical norm in 2009.
U.S. Economic Outlook(300k PDF)Glimmers of hope late this year.
The Forecast: Charts
Mortgage rates to remain well below 8 percent.The summer has been tough – historically high temperatures in many parts of the country, Midwest floods, and almost everywhere major airline flight delays. Housing didn’t have such a great summer either, with home sales and price appreciation still waiting to recover. The subprime mortgage mess didn’t help either. So everyone wants to know: now that the summer is over, when can we expect the housing sector to get back to normal? There’s actually a sequence of events we should look for that need to happen before housing is back on track, and as each of these occurs, the closer the housing recovery will be. Let’s take a look at them. Mortgage Rates Will Stablize FavorablyDespite the headline news coverage of turmoil in the mortgage market, mortgage rates have actually been falling for borrowers who take out prime conforming loans. Because these borrowers account for the majority of home buyers, affordability conditions for most buyers have improved. FHA loans – the traditional financing vehicle for low-and-moderate income households – have also begun to build market interest and momentum. FHA loans offer very attractive rates nearly comparable to those of conforming loan rates and save homeowners a bundle – about $180,000 in lower interest payments over a 30-year loan cycle compared to high-interest rate subprime loans. A near-certain legislative change that will allow higher FHA loan limits in high cost areas will further free up the mortgage market to offer safer alternative products (i.e., FHA loans) and away from subprime loans. It is important to note, though, that subprime loans may make sense for some home buyers such as young couples with large income potential but little downpayment. But the subprime market share at most should be no more than 5% rather than the 20% market share of recent years.While mortgage rates look good for conforming and FHA loan clients, the same is not true for jumbo loan borrowers. Without the backing of a guarantee by Fannie Mae and Freddie Mac, bond investors are shying away from jumbo loans. As a result, interest rates on these large loans have increased and will significantly hold back home sales in the high cost housing areas like California. The whiplash will be short-term, however. After sorting through the numbers, bond investors will likely conclude that jumbos are quite safe – even without the government guarantees. A million dollar borrower generally has solid credit and pays bills on time. Any temporary legislative change in raising the loan limit well above the current $417,000 or in permitting the GSEs to purchase jumbos loans to include in their portfolios will mitigate the crisis. (The median prices will artificially trend lower during the period of jumbo loan crisis just due to fewer higher priced home sale transactions). Pent-Up Demand Will be UnleashedConsider this – four million net job additions in the past two years during the housing market slump. Yet, home sales have fallen. As home sales fell, people doubled and tripled up because apartment rents increased at their highest pace in five years. These people are waiting to buy a home. Then there are the approximately two million marriages that occur each year. Those newlyweds are waiting to buy a home. About four million babies are born each year – forcing some families to consider trading up from a smaller house or condo to a larger one. Homebuilders Take HeedThe inventory of both new and existing homes is at high levels. Builders have already cut back production and are encouraged to cut back even further. The market needs less inventory additions in a time of transition. Wall Street should and will punish any builders who add to inventory in the current market. Why build only to lose money on the home? With builders cutting back, inventory will fall. Some home owners of vacant homes will also consider the juicier rent growth and take their “empty” home off the market. In addition, many owners are in a no hurry to sell their home that they actually occupy (except perhaps for those in the few areas of the country that are losing jobs), and they may also choose to delay listing their home for sale or de-list it. Unleashing of that pent-up demand for home buying will also eat into inventory. Drawing Down the InventoryThe law of (lower) supply and (higher) demand will then firm up home prices. The media will be forced to report on the price gains. Many potential buyers, with solid financial wherewithal, will regain confidence. The wheels of housing turn faster and faster. The full unleashing of the pent-up demand could mean about two million additional homeowners. Such absorption into the marketplace will bring down the current existing-home inventory of four million units and the new home inventory of one million units to a total of three million homes (new and existing) available for sale. That level of inventory equates to a 5-6 months’ supply – generally considered a balanced market condition. Balanced Gains AheadAs the housing market recovers, potential home buyers (both first-timers and repeat purchasers) will gain more confidence in the housing sector. This, in turn, will drive more demand for homeownership, helping to keep inventory at or slightly below market balance and spur additional increases in home price appreciation. In sum, a closing of the subprime market does not directly mean equally lower home sales. FHA/VA and conforming government-backed loans will pick up a large chunk of the former subprime market. The jumbo loan concerns will be mitigated over time with better market knowledge, and will be assisted by changes in legislation permitting higher loan limits. Pent-up demand is strong. Inventory will move in the right direction. Builders are assisting by holding back production. A market recovery in 2008. Back-to-the-historical norm in 2009.
Tuesday, September 4, 2007
Fall is in the air...
It's hard to believe the summer has zipped by so fast (again). Kids are heading back to school, school busses will be holding up traffic to work again, almost time to stash the golf bag, think about putting the motorcycle away and the last major holiday until Thanksgiving is in the rear view mirror.
Enough of the depressing news whew. We had a pretty eventful August, with several real estate transactions closing... sales are still sluggish though, but don't despair... I usually maintain a pretty good fall and winter volume, and have written offers on Thanksgiving as well as Christmas eve. Keep the faith, we'll snap out of this soon I'm sure.
I recently joined realtor.com which has always been a pretty significant investment for realtors. It is important to do this in order to gain the best exposure for your listings. I now have the ability to enhance all of my listings with more photos, specific info regarding contacting me personally about your home that I have listed... who's most qualified to talk with buyers than the guy that listed your home? Realtor.com pulls all the info from the Multi Listing system. I pay for both Oakland and Macomb county and place all listings on both services for better exposure. Century 21's main website also hosts our specific listings and links buyers to our Town & Country site as well. Rest assured that you are getting the max on-line exposure for your listing with my service.
Which brings me to our new lead router system... with all this on-line exposure, and consumer access to all this information, it is critical to be the first realtor to react to on-line inquiries. Lead Router is a new system that Century 21 Town & Country uses that alerts agents about buyers that have inquired on line or via phone about our listings. My phone rings within seconds of a search inquiry, and all I have to do is answer the phone and the customer info is forwarded to me via the phone as well as e-mail. I can call back right then and discuss the info "while it's hot", rather than a few days later when the buyer forgets all about what they were looking for. What an impression that makes from a service standpoint. In my profession, what is there to offer but service with a smile?
If you haven't done so in the past few months of seeing this blog, please click around in the links above. You will see all of my listings, and how they link into realtor.com as well as the Town & Country web sites. There are also a lot of other fascinating sites to link to as well... enjoy, and if you have something you feel could be important info on my site, I'd be happy to check it out and potentially place it in the links section... always looking to improve and help out.
As for the family... Jessy returned from California visiting Dave & Lauren and her very cool niece. She is all moved in to her new apartment and starting her masters in just a few short days. Several trips to Kalamazoo, and bunch of labor later, we have her all set up for the comfort she is accustomed to :0)
Dave & Lauren are well, and we hope to see Lauren & Bella in October as they pop home for a couple days to visit. Dave has one more year in the Army and he's flipping coins about another enlistment, but it seems like he's leaning heavily toward returning home and living with us while he looks for work around here. If anyone knows where they need a great tank mechanic... give me a call :0)
Kelly & I are well... but missing the kids. Can't wait to squeeze Bella again. Bike nights are almost history for the summer. It gets pretty cold at night to ride, and we've been caught in a couple pretty grueling rain storms this month that have added an element of excitement to the sport... But, hockey starts again this week, and she can't be talked into retirement even after breaking her ankle this past spring... here we go again.
Thanks again for your referrals. They are appreciated, and we treat them as our own family and friends.
See you in October
Dave
FYI... this is from an inspector friend of mine at accu-spec (see link above). Don't forget to change your air filter getting ready for Fall.
Breathe easier -- buy a decent air filter for your furnace
By Master Handyman Glenn Haege
The easiest way to improve your home's air quality and arguably your family's health can be found at your local hardware store and won't cost more than $100 a year.
One of the highest rated filters is the True Blue Allergen MERV 11. It's available at ACO for $7.99. A 3M Filtrete Ultra Allergen, also rated at MERV 11, lasts 3 months and costs $22.99. MERV stands for Minimum Efficiency Reporting Value, which is a rating of the effectiveness of air filters in removing contaminants from the air and is dependent on the particle size of the contaminant.
Before your eyes cross, stick with me. I want you to be a more informed consumer.
Three caveats:
1. The best brochure I have read on this subject is 3M's nine-page "Breathe Easier Filtration." I found it is on the Filtera Web site, listed as the 3M Filtration Brochure ( www.filtera-b2b.com/businessfilters/resources.htm) at the very bottom of the page.
2. You can buy filters almost anywhere. to but shop the Web for information. Some of the retail Web sites I recommend are: allergybuyersclub.com, filtermarket .com, filtera-b2b.com, filters-now.com and ushomefilter.com.
3. If you, or anyone in your family, have asthma, allergies or any type of heart or breathing condition, don't rush out and buy anything based on this article. Over the next few weeks, I am going to cover other indoor air quality issues so don't make a buying decision until you have all the information.
The disposable furnace filter is the first line of defense for your family's air quality. If you have natural gas forced-air (most of us do), your furnace is equipped to use a 1- or 2-inch air filter. It can be adapted to use a 4-inch-thick media filter.
Washable furnace filters are also available. They sound like a good idea until you start cleaning them.
One- and 2-inch filters usually have to be replaced monthly. 3M Filtrete and some electrostatic filters have to be replaced every three months. Thick media filters can last one year.
Most filter manufacturers brag about their filter being efficient down to 1 micron in size. Many dangerous pollutants are much smaller and pass right through. Your family would breathe easier with a more effective filter. Tune in next week.
Hope to see you soon
Dave Jones
www.accu-spec-inspections.com
248-393-1250
Enough of the depressing news whew. We had a pretty eventful August, with several real estate transactions closing... sales are still sluggish though, but don't despair... I usually maintain a pretty good fall and winter volume, and have written offers on Thanksgiving as well as Christmas eve. Keep the faith, we'll snap out of this soon I'm sure.
I recently joined realtor.com which has always been a pretty significant investment for realtors. It is important to do this in order to gain the best exposure for your listings. I now have the ability to enhance all of my listings with more photos, specific info regarding contacting me personally about your home that I have listed... who's most qualified to talk with buyers than the guy that listed your home? Realtor.com pulls all the info from the Multi Listing system. I pay for both Oakland and Macomb county and place all listings on both services for better exposure. Century 21's main website also hosts our specific listings and links buyers to our Town & Country site as well. Rest assured that you are getting the max on-line exposure for your listing with my service.
Which brings me to our new lead router system... with all this on-line exposure, and consumer access to all this information, it is critical to be the first realtor to react to on-line inquiries. Lead Router is a new system that Century 21 Town & Country uses that alerts agents about buyers that have inquired on line or via phone about our listings. My phone rings within seconds of a search inquiry, and all I have to do is answer the phone and the customer info is forwarded to me via the phone as well as e-mail. I can call back right then and discuss the info "while it's hot", rather than a few days later when the buyer forgets all about what they were looking for. What an impression that makes from a service standpoint. In my profession, what is there to offer but service with a smile?
If you haven't done so in the past few months of seeing this blog, please click around in the links above. You will see all of my listings, and how they link into realtor.com as well as the Town & Country web sites. There are also a lot of other fascinating sites to link to as well... enjoy, and if you have something you feel could be important info on my site, I'd be happy to check it out and potentially place it in the links section... always looking to improve and help out.
As for the family... Jessy returned from California visiting Dave & Lauren and her very cool niece. She is all moved in to her new apartment and starting her masters in just a few short days. Several trips to Kalamazoo, and bunch of labor later, we have her all set up for the comfort she is accustomed to :0)
Dave & Lauren are well, and we hope to see Lauren & Bella in October as they pop home for a couple days to visit. Dave has one more year in the Army and he's flipping coins about another enlistment, but it seems like he's leaning heavily toward returning home and living with us while he looks for work around here. If anyone knows where they need a great tank mechanic... give me a call :0)
Kelly & I are well... but missing the kids. Can't wait to squeeze Bella again. Bike nights are almost history for the summer. It gets pretty cold at night to ride, and we've been caught in a couple pretty grueling rain storms this month that have added an element of excitement to the sport... But, hockey starts again this week, and she can't be talked into retirement even after breaking her ankle this past spring... here we go again.
Thanks again for your referrals. They are appreciated, and we treat them as our own family and friends.
See you in October
Dave
FYI... this is from an inspector friend of mine at accu-spec (see link above). Don't forget to change your air filter getting ready for Fall.
Breathe easier -- buy a decent air filter for your furnace
By Master Handyman Glenn Haege
The easiest way to improve your home's air quality and arguably your family's health can be found at your local hardware store and won't cost more than $100 a year.
One of the highest rated filters is the True Blue Allergen MERV 11. It's available at ACO for $7.99. A 3M Filtrete Ultra Allergen, also rated at MERV 11, lasts 3 months and costs $22.99. MERV stands for Minimum Efficiency Reporting Value, which is a rating of the effectiveness of air filters in removing contaminants from the air and is dependent on the particle size of the contaminant.
Before your eyes cross, stick with me. I want you to be a more informed consumer.
Three caveats:
1. The best brochure I have read on this subject is 3M's nine-page "Breathe Easier Filtration." I found it is on the Filtera Web site, listed as the 3M Filtration Brochure ( www.filtera-b2b.com/businessfilters/resources.htm) at the very bottom of the page.
2. You can buy filters almost anywhere. to but shop the Web for information. Some of the retail Web sites I recommend are: allergybuyersclub.com, filtermarket .com, filtera-b2b.com, filters-now.com and ushomefilter.com.
3. If you, or anyone in your family, have asthma, allergies or any type of heart or breathing condition, don't rush out and buy anything based on this article. Over the next few weeks, I am going to cover other indoor air quality issues so don't make a buying decision until you have all the information.
The disposable furnace filter is the first line of defense for your family's air quality. If you have natural gas forced-air (most of us do), your furnace is equipped to use a 1- or 2-inch air filter. It can be adapted to use a 4-inch-thick media filter.
Washable furnace filters are also available. They sound like a good idea until you start cleaning them.
One- and 2-inch filters usually have to be replaced monthly. 3M Filtrete and some electrostatic filters have to be replaced every three months. Thick media filters can last one year.
Most filter manufacturers brag about their filter being efficient down to 1 micron in size. Many dangerous pollutants are much smaller and pass right through. Your family would breathe easier with a more effective filter. Tune in next week.
Hope to see you soon
Dave Jones
www.accu-spec-inspections.com
248-393-1250
Wednesday, August 29, 2007
Chuck Norris fast facts...
I'm sure all of you are Chuck Norris fans. If not you will be after clicking the link below.
Just a little senseless fun for the new month...
Click here or Chuck will personally roundhouse kick you into next week :0)
http://www.chucknorrisfacts.com/page1.html
Just a little senseless fun for the new month...
Click here or Chuck will personally roundhouse kick you into next week :0)
http://www.chucknorrisfacts.com/page1.html
Monday, August 27, 2007
August 27th Mars as big as the Moon fact or fiction?
Hey gang... I was anxiously awaiting August 27th to view the spectacular that I had seen in several e-mails, and web site postings.
The story says that tonight Mars will be as large as our moon in the night sky. It is making a close pass (something like a gazillion and a half miles or so) by earth tonight. It seems that even though it does come closer to earth about once a year, it is still about 88 times as far away as our moon... not a chance to see the big red orb unfortunately.
Here's a link to snopes that describes the phenomenon and exposes the myth to this one... browse around snopes for fun next time you get an e-mail... you might find a myth or two busted.
Performing my civic duty, trying to keep you from wrenching your neck looking for Mars when it ain't there... :0)
http://www.snopes.com/science/mars.asp
Dave
The story says that tonight Mars will be as large as our moon in the night sky. It is making a close pass (something like a gazillion and a half miles or so) by earth tonight. It seems that even though it does come closer to earth about once a year, it is still about 88 times as far away as our moon... not a chance to see the big red orb unfortunately.
Here's a link to snopes that describes the phenomenon and exposes the myth to this one... browse around snopes for fun next time you get an e-mail... you might find a myth or two busted.
Performing my civic duty, trying to keep you from wrenching your neck looking for Mars when it ain't there... :0)
http://www.snopes.com/science/mars.asp
Dave
Monday, August 6, 2007
The dog days of summer are here..
As I write this blog post the skies are overcast, and we're in the middle of a much needed rain system in the middle of the driest summer I can remember. Not that I'm complaining... on the dry golf courses, I think I've added 20 yards to my tee shots with the massive rolls.
July was full of fun, Jessy visited California mentally preparing for her push to earn her masters. She split time staying with her aunt on the coast, and her brother and niece at the Army base in the desert. She returned last week, and we spent a couple days moving her into her new apartment at Western, and assembling all the great furniture she picked out at Ikea... what a thrill that was.
Dave is apparently having withdrawals from Michigan as he has totally redone his backyard landscaping to include his new sod (see pic). He attempted to seed the yard, but the starving birds were doing a number on the plantings. Also note the recent pic of Dave & daughter. We hope they'll be home for Labor Day so Gramma can spoil Bella a bit.
Kelly & I spent a little time up north after the 4th of July relaxing & fishing with friends... (nice bass pic, and gratuitous Pennington collision plug :0)). Although we didn't ride in the Thin Blue Line this year, we perched on top of M-53 to watch the line of bikes go by... quite a site.
We had a minor computer breakdown this month. I was able to retrieve all the info lost to a blown hard drive caused by a power surge, thanks to a couple conversations with Jon & Justin and their helpful tech tips. I had to call on the expertise of Mike Whelan at your pc Pitstop to bail me out of a few glitches, and to speed up old betsy as best as he was able. He even sat with me at my house to go over keeping my pc clean and running fast with the newly installed firewall and anti virus stuff... very professional, and you can find a link to Mike above if you require a little coaching. Thanks Mike.
Real estate has been sluggish all year (again), but the last several weeks have been busy busy. I posted an article below that was forwarded to me regarding people leaving the state. I'm not sure we can say they're leaving in droves, but we do lead the country in households leaving the state for greener pastures.
Selling a home these days requires aggressive pricing, and/or complete updates to kitchens and baths. It's pretty competitive out there.
As always, thanks a bunch for your referrals. They are always appreciated, and treated as family.
See you in September
Dave
July was full of fun, Jessy visited California mentally preparing for her push to earn her masters. She split time staying with her aunt on the coast, and her brother and niece at the Army base in the desert. She returned last week, and we spent a couple days moving her into her new apartment at Western, and assembling all the great furniture she picked out at Ikea... what a thrill that was.
Dave is apparently having withdrawals from Michigan as he has totally redone his backyard landscaping to include his new sod (see pic). He attempted to seed the yard, but the starving birds were doing a number on the plantings. Also note the recent pic of Dave & daughter. We hope they'll be home for Labor Day so Gramma can spoil Bella a bit.
Kelly & I spent a little time up north after the 4th of July relaxing & fishing with friends... (nice bass pic, and gratuitous Pennington collision plug :0)). Although we didn't ride in the Thin Blue Line this year, we perched on top of M-53 to watch the line of bikes go by... quite a site.
We had a minor computer breakdown this month. I was able to retrieve all the info lost to a blown hard drive caused by a power surge, thanks to a couple conversations with Jon & Justin and their helpful tech tips. I had to call on the expertise of Mike Whelan at your pc Pitstop to bail me out of a few glitches, and to speed up old betsy as best as he was able. He even sat with me at my house to go over keeping my pc clean and running fast with the newly installed firewall and anti virus stuff... very professional, and you can find a link to Mike above if you require a little coaching. Thanks Mike.
Real estate has been sluggish all year (again), but the last several weeks have been busy busy. I posted an article below that was forwarded to me regarding people leaving the state. I'm not sure we can say they're leaving in droves, but we do lead the country in households leaving the state for greener pastures.
Selling a home these days requires aggressive pricing, and/or complete updates to kitchens and baths. It's pretty competitive out there.
As always, thanks a bunch for your referrals. They are always appreciated, and treated as family.
See you in September
Dave
Michigan leads nation in outbound relocations...
United Way Research Mover Finds Many Saying 'Goodbye' to Michigan, Region
An analysis prepared by United Van Lines, the nation’s largest household goods mover, shows a growing number of Americans packing up their belongings and heading to the West and Southeast, leaving Michigan and neighboring states behind.
As part of its 30th annual “migration” study, the company analyzed households it assisted with moves in 2006, and the effect of Michigan’s continuing job losses is clear. United Van Lines found that the number of customers moving from the Central Northeast region, which includes Michigan, increased. The company tracks customer moves over 12 months, and reports on the communities that see large numbers of residents leave and their most popular destinations.
In its study, UVL identifies three categories -- high inbound (55 percent or more of moves going into a state), high outbound (55 percent or more of moves leaving a particular state) or balanced. Although the majority of states were in the balanced category last year, several showed more substantial population shifts.
States in the Central Northeast generally showed an outbound trend, according to UVL. Ranked No. 2 on the high outbound list in 2005, Michigan tied for the top spot last year with 66 percent of moves headed elsewhere. The 2006 rate is a 2.1 percent increase of over the prior year.
Other Central Northeast states that topped the outbound list include New York (59.5 percent), which has been a high outbound state since the survey was established, Indiana (58.2 percent), a high outbound state since 1993, and Illinois (55.7 percent), which has been on the list since the survey’s inception. Other list holdovers include New Jersey (60.9 percent, on high outbound list since 1997), Pennsylvania (57 percent, high outbound list for the past three years) and Ohio (55.8 percent, ranked since 1992).
The nation’s West and Southeast states were happy to receive in 2006. North Carolina emerged as the top Southeast destination (64.0 percent inbound) for UVL customers. Other Southeast states making the list include South Carolina (60.6 percent, and on the high-inbound list for 13th consecutive year), Alabama (57.5 percent, fourth appearance on the list) and Tennessee (55.8 percent in 2006). Although not considered high inbound states, others also welcomed large numbers of new residents. Georgia at 53.9 percent, continued its 25-year trend of high inbound volume, while Kentucky (52.9) percent is on a five-year and Mississippi (50.1 percent) saw its inbound rate last year rise 3.2 percent over 2005.
Movers are also going west, evident by the number headed to Oregon (62.5 percent high inbound, and a member of the list for 19 years). Nearby Nevada (59.9 percent), New Mexico (57.9 percent, a 3.7 percent increase), Utah (56.0 percent, up nearly 6 percent) and Arizona (55.4 percent) also made the list.
Idaho’s (59.3 percent inbound) ranking has held steady for the past 19 years, and Montana’s for five years (55.0 percent inbound).
Although not considered high inbound, other Western states experienced an increase over the prior year including Colorado (54.7 percent inbound), which saw a 1.2 percent increase, and Wyoming (54.4 percent inbound), which boasted a 4.3 percent rise.
Sunday, July 1, 2007
Happy Independence day and whew we made it (so far)
July is probably the biggest and most enjoyable holiday month of the year (discounting the obvious Christmas season of course)... barbeques, fireworks, remembering what makes this a great country to live in, graduations etc.
Jessy was given her sheepskin from Western Saturday. She knocked out a 5 year program in 4 years. Her degree is a Bachelor of Science, major was speech pathology/audiology. Not sure who worked harder at it, her or kelly with her constant moral support chats. Ready or not, here comes the masters program in August.
Typically a grad will come out with some endearing note to the parents written on top of their cap... not our Jessy... check out the pic on the lower right. She knew "your mom goes to college" would choke her old man up ... if you don't understand, run out right now and rent Napoleon Dynamite. Gotta love it.
Dave, Lauren & Bella are doing well also. So far Dave has stayed stateside in beautiful downtown Ft. Irwin without further deployments to the overseas sandbox... Bella is getting so big now, but hasn't grown her vocabulary much past "who's that?" yet... maybe aunti Jessy can help her with that with her new degree.
Oops almost forgot about real estate... I guess you know where my priorities are now... Things are plugging along slowly but surely. Still waiting on the analysts promise to come true for a boom economy for '07... haven't seen any sign of it yet.
I have a few new listings this month. Check them out on the link above. I am working on two more in Farmington Hills, and Lake Orion... should hit the MLS in the next few days.
As always, thanks so much for your referrals... your friends and family are my friends and family.
Dave
Jessy was given her sheepskin from Western Saturday. She knocked out a 5 year program in 4 years. Her degree is a Bachelor of Science, major was speech pathology/audiology. Not sure who worked harder at it, her or kelly with her constant moral support chats. Ready or not, here comes the masters program in August.
Typically a grad will come out with some endearing note to the parents written on top of their cap... not our Jessy... check out the pic on the lower right. She knew "your mom goes to college" would choke her old man up ... if you don't understand, run out right now and rent Napoleon Dynamite. Gotta love it.
Dave, Lauren & Bella are doing well also. So far Dave has stayed stateside in beautiful downtown Ft. Irwin without further deployments to the overseas sandbox... Bella is getting so big now, but hasn't grown her vocabulary much past "who's that?" yet... maybe aunti Jessy can help her with that with her new degree.
Oops almost forgot about real estate... I guess you know where my priorities are now... Things are plugging along slowly but surely. Still waiting on the analysts promise to come true for a boom economy for '07... haven't seen any sign of it yet.
I have a few new listings this month. Check them out on the link above. I am working on two more in Farmington Hills, and Lake Orion... should hit the MLS in the next few days.
As always, thanks so much for your referrals... your friends and family are my friends and family.
Dave
Friday, June 1, 2007
June is Biker madness month
Well, we're back from our 25th Anniversary trip. We revisited our honey moon trip to Chattanooga, only this time we went on the bikes. Kelly & I logged in over 1,500 miles in 6 days. We started in Chattanooga, rode to Pensacola Florida for a Family re-union, and back to Chattanooga again. In Chattanooga, we Slayed the tail of the dragon (Deals Gap, NC), over 318 hairpin turns in 11 miles. A real nail biter of a ride. We cruised the Cherohalla Skyway, with some of the most gorgeous views in the country. We rode to Frostbite Falls, and Lookout Mountain as well ... What a beautiful state to ride motorcycles in.
Can't wait to return to the area someday to see the sites we missed this time.
Back to reality though... real estate is still surging ahead, although a little sluggish still. Lots of inventory still on the books, and interest rates linger around 6 3/8 %.
Thanks again for all your referrals. Check out all my listings at the link above. There are some really nice homes for sale, and the time is great to buy...
Family notes...
Jessy Graduates June 30th... onward and upward from here. Masters here we come.
Dave Lauren & Izzy are well in California, and the pool opens June 7... Summer here we come.
Can't wait to return to the area someday to see the sites we missed this time.
Back to reality though... real estate is still surging ahead, although a little sluggish still. Lots of inventory still on the books, and interest rates linger around 6 3/8 %.
Thanks again for all your referrals. Check out all my listings at the link above. There are some really nice homes for sale, and the time is great to buy...
Family notes...
Jessy Graduates June 30th... onward and upward from here. Masters here we come.
Dave Lauren & Izzy are well in California, and the pool opens June 7... Summer here we come.
Wednesday, April 25, 2007
May is National buy a home month...
Well, not really but they designate months for everything else, why not real estate? April has turned out to be a pretty strong month... lots of activity is beginning to happen.
MAR reported that home sales in Michigan were up around 23% in February compared to the same period in '06. That number was very encouraging for the area, but was tempered by about a 6% decline in March. As I mentioned April has been very good to us, I wrote 7 offers for purchase in April, and 2 lease agreements. Traffic is beginning to build on listings as well. The more homes that are sold and inventory clears off the books, we'll begin a rise to normalcy for '07 (hope springs eternal :0)).
Open house traffic continues to be dismal though in most markets. It's generally felt that with so many homes on the market, people aren't running all over the countryside trying to locate a home before it disappears from the market. There are a thousand websites to do a real estate search, and agents are clammering to assist every buyer that wants to go through a home. When the tide starts to shift toward sellers again, I'm certain that traffic will start to build as well.
We went to visit Dave, Lauren and Isabella for her first birthday this past weekend... where does the time go? It seems like yesterday that she was born and I was posting photos for all to see. Dave just returned from a month in S. Korea, Izzy's walking now and has started talking, but I'm pretty sure she's picked up a foreign dialect somewhere :0) Dave dragged me up Mount Blackie on the base Saturday to show me what he does every morning around 6:00. I proudly made it, but I was a lot more winded than jr. And I was shown up by a 48 year old firefighter that made three trips up and down running in the same time span I made one trip walking.
Here's a couple pics from her big b'day weekend.
Jessy is graduating this spring from Western with her undergrad degree, and has been accepted into their Masters program for Speech Pathology. She is excited to begin the new journey, and has become a real smarty pants :0)
Kelly's ankle has started to heal, she has begun a normal life after crutches and casts... still pretty tender in the ankle and swelling still haunts her, but I don't have to carry her around anymore.
Me... all that matters is that golf season and motorcycle season have finally gotten here. No more snow or cold weather. Well, that and May 8 marks Kelly & my 25th wedding anniversary. We have planned a short trip at the end of May to motorcycle in Tennessee. It's hard to believe she hasn't kicked me to the curb after all these years... for that I'm grateful :0).
Thanks again for all your support with my business. Your referrals are important to me, and as such I treat them all as my own friends and family... see you in June.
MAR reported that home sales in Michigan were up around 23% in February compared to the same period in '06. That number was very encouraging for the area, but was tempered by about a 6% decline in March. As I mentioned April has been very good to us, I wrote 7 offers for purchase in April, and 2 lease agreements. Traffic is beginning to build on listings as well. The more homes that are sold and inventory clears off the books, we'll begin a rise to normalcy for '07 (hope springs eternal :0)).
Open house traffic continues to be dismal though in most markets. It's generally felt that with so many homes on the market, people aren't running all over the countryside trying to locate a home before it disappears from the market. There are a thousand websites to do a real estate search, and agents are clammering to assist every buyer that wants to go through a home. When the tide starts to shift toward sellers again, I'm certain that traffic will start to build as well.
We went to visit Dave, Lauren and Isabella for her first birthday this past weekend... where does the time go? It seems like yesterday that she was born and I was posting photos for all to see. Dave just returned from a month in S. Korea, Izzy's walking now and has started talking, but I'm pretty sure she's picked up a foreign dialect somewhere :0) Dave dragged me up Mount Blackie on the base Saturday to show me what he does every morning around 6:00. I proudly made it, but I was a lot more winded than jr. And I was shown up by a 48 year old firefighter that made three trips up and down running in the same time span I made one trip walking.
Here's a couple pics from her big b'day weekend.
Jessy is graduating this spring from Western with her undergrad degree, and has been accepted into their Masters program for Speech Pathology. She is excited to begin the new journey, and has become a real smarty pants :0)
Kelly's ankle has started to heal, she has begun a normal life after crutches and casts... still pretty tender in the ankle and swelling still haunts her, but I don't have to carry her around anymore.
Me... all that matters is that golf season and motorcycle season have finally gotten here. No more snow or cold weather. Well, that and May 8 marks Kelly & my 25th wedding anniversary. We have planned a short trip at the end of May to motorcycle in Tennessee. It's hard to believe she hasn't kicked me to the curb after all these years... for that I'm grateful :0).
Thanks again for all your support with my business. Your referrals are important to me, and as such I treat them all as my own friends and family... see you in June.
Monday, April 2, 2007
If April Showers bring May flowers... what do May flowers bring???
Pilgrims... nyuk nyuk nyuk. That was one of my dads favorite spring time jokes. It's a shame that most of the people on my e-mail list didn't get the opportunity to meet pops... he was a one of a kind guy, and he really thought he had a good sense of humor. I guess I feel a little obligation to carry his torch, so you can't blame me :0). If you'd like I can compile a list of his top corniest jokes and post them here... Good project for Mays blog.
Don't forget Easter Sunday next week, and all that the holiday represents. It's more than colored eggs and chocolate. Not that there's anything wrong with those :0).
March showed signs of life in the real estate business. Buyers seem to be moving around a bit. Our office had three listings receive multiple offers last month. We probably didn't have three multi offer sales in all of '06 combined. It's early to say the tide has changed from buyers to sellers, there's still a tremendous amount of inventory out there to clear off. It is good to see signs of life though.
Motorcycle season has gotten off to a quick start with all the mild weather, and Dr. Kelly has self diagnosed that if she wears a leather boot in place of her air cast, she's good to ride. You can't keep those Harley women down. Golf season is just around the corner... since I don't have any May jokes, I'll just have to come up with a good Golf story.
The kids... Jessy is anxiously waiting to hear from several schools she's applied to for her masters. She graduates this spring from Western... It's good to have a brainiac in the family. Dave, Lauren & Izzy are well. Dave is in South Korea seeing another part of the world for a month. Lauren is busy planning Izzy's first B'day party (May 3), and Gramms and I get to go out there at the end of the month to visit. Looking forward to that. Here's a gratuitous grandbaby pic (9 months)
Thanks again for all of your support... I appreciate any real estate leads you send our way. Please know that I take great care of your friends and family, and treat them as if they were my own...
See you in May
Dave
Thursday, March 15, 2007
"They don’t build them like they used to". You have heard this statement before and maybe this is not a bad thing. Here are some things to consider if you are purchasing a home that is 50 years or older. Especially if the home is virtually original condition.
The home probably has a block foundation opposed to poured concrete. Block foundations are strong, but can become bowed-in from hydrostatic pressure. The tar on the outside can break down over the years causing the blocks to fill with water. The clay drain tiles around the foundation can also break down over time. Evidence of bowing or water may lead to costly waterproofing repairs over time.
The foundation and the exterior walls probably are not well insulated, allowing heat loss. The windows, if original, are probably single pane wood or metal and are inefficient by today’s standards. The attic probably had little or no insulation or ventilation, which could lead to potential mold problems along with heat loss. Wood framing members over time can begin to sag causing uneven floors and wall cracks.
The plumbing system is likely galvanized pipe, that can build up with rust and cause low pressure over time. Copper is a common material today. Cast iron drains may fill up with tree roots and debris and cause drainage back ups. All drain piping today is P.V.C. Old plumbing fixtures may require updating along the way as well.
The electrical system may consist of knob and tube wiring, which is outdated. Most of the wiring is not grounded, and there were no such things as G.F.I.s. The original fuse box was probably a 60 amp main panel and the whole house may be on 4 circuits!
The heating system may have been a gravity furnace with the ducts wrapped with asbestos insulation or a boiler in which the pipes were wrapped with asbestos. The original systems had efficiency ratings of app. 40%-50% opposed to today’s standards of 80%-95%.
The interior walls and ceilings may be plaster. Over time gravity takes its toll, and the plaster can pull away from the wooden lathe causing cracking and sags. These too may require future attention. Closet space is also minimal. [Did these people not own any clothes???]
At one point or another, all of these things have to be considered and potentially updated. Typically older homes have had some of the work already completed.
Other old home tid-bits that people may ask about: The small metal box on the side of the home near the back entry door is the milk chute, the metal door on the foundation is the coal chute, and the metal box next to the furnace is the incinerator. Last but not least if there is a structure in the basement the size of Fermi it is a gravity furnace!
When I perform inspections for new home buyers, I inspect all of the areas mentioned above. I'll give you a written analysis of inspected areas and provide recomendations regarding any item requiring attention. An educated home buyer, is a happy home buyer.
Dave Jones
www.accu-spec-inspections.com
248-393-1250
The home probably has a block foundation opposed to poured concrete. Block foundations are strong, but can become bowed-in from hydrostatic pressure. The tar on the outside can break down over the years causing the blocks to fill with water. The clay drain tiles around the foundation can also break down over time. Evidence of bowing or water may lead to costly waterproofing repairs over time.
The foundation and the exterior walls probably are not well insulated, allowing heat loss. The windows, if original, are probably single pane wood or metal and are inefficient by today’s standards. The attic probably had little or no insulation or ventilation, which could lead to potential mold problems along with heat loss. Wood framing members over time can begin to sag causing uneven floors and wall cracks.
The plumbing system is likely galvanized pipe, that can build up with rust and cause low pressure over time. Copper is a common material today. Cast iron drains may fill up with tree roots and debris and cause drainage back ups. All drain piping today is P.V.C. Old plumbing fixtures may require updating along the way as well.
The electrical system may consist of knob and tube wiring, which is outdated. Most of the wiring is not grounded, and there were no such things as G.F.I.s. The original fuse box was probably a 60 amp main panel and the whole house may be on 4 circuits!
The heating system may have been a gravity furnace with the ducts wrapped with asbestos insulation or a boiler in which the pipes were wrapped with asbestos. The original systems had efficiency ratings of app. 40%-50% opposed to today’s standards of 80%-95%.
The interior walls and ceilings may be plaster. Over time gravity takes its toll, and the plaster can pull away from the wooden lathe causing cracking and sags. These too may require future attention. Closet space is also minimal. [Did these people not own any clothes???]
At one point or another, all of these things have to be considered and potentially updated. Typically older homes have had some of the work already completed.
Other old home tid-bits that people may ask about: The small metal box on the side of the home near the back entry door is the milk chute, the metal door on the foundation is the coal chute, and the metal box next to the furnace is the incinerator. Last but not least if there is a structure in the basement the size of Fermi it is a gravity furnace!
When I perform inspections for new home buyers, I inspect all of the areas mentioned above. I'll give you a written analysis of inspected areas and provide recomendations regarding any item requiring attention. An educated home buyer, is a happy home buyer.
Dave Jones
www.accu-spec-inspections.com
248-393-1250
Wednesday, March 7, 2007
The Wheel of Lunch
Well, I think I've seen it all... The link below is a wheel you can spin to help you decide what's on the menu today for lunch. We've all had difficulty deciding where to go, and this little tool takes the decision making right out of the process. It even gives you handy info regarding the location of the winning recipient of your lunch time presence.
Just type your zip code in and spin away.
Have fun and happy dining.
http://www.coverpop.com/wheeloflunch/
Just type your zip code in and spin away.
Have fun and happy dining.
http://www.coverpop.com/wheeloflunch/
Wednesday, February 28, 2007
Happy March, spring is just around the bend
Much to look forward to this month in addition to spring. Daylight savings begins a week or so early, and of course the Irish in all of us is about to explode.
Naturally, I’m anxious for the start of the spring real estate feeding frenzy… how’s that for optimism?
I posted a few new articles since I launched the blog last month, redesigned the site a bit and added several links and contacts for people and places I do business with. I’ll keep posting info that I think will help you stay more informed about real estate, and don’t be offended if I post a ridiculous item or two along the lines of the great pumpkin seed cook off newsletter last October.
Be sure to browse around a bit on the site. If you have any questions relating to real estate (or anything else you think I might know something about), feel free to e-mail me or post here… I’ll dig into it and come up with something.
Kids are great, grandbaby’s almost walking, Kelly & I are doing fine if not a little frost bit from our monthly rides in January and February… Maybe March will throw us a 70 degree day. Check out the photos, I think my eyelids were frozen shut.
And of course... I'd be happy to help you or anyone you know with their real estate needs. Whether it's buying, selling, or advice, I'm just a phone call away.
Thanks for your referrals, see you soon
Dave
Naturally, I’m anxious for the start of the spring real estate feeding frenzy… how’s that for optimism?
I posted a few new articles since I launched the blog last month, redesigned the site a bit and added several links and contacts for people and places I do business with. I’ll keep posting info that I think will help you stay more informed about real estate, and don’t be offended if I post a ridiculous item or two along the lines of the great pumpkin seed cook off newsletter last October.
Be sure to browse around a bit on the site. If you have any questions relating to real estate (or anything else you think I might know something about), feel free to e-mail me or post here… I’ll dig into it and come up with something.
Kids are great, grandbaby’s almost walking, Kelly & I are doing fine if not a little frost bit from our monthly rides in January and February… Maybe March will throw us a 70 degree day. Check out the photos, I think my eyelids were frozen shut.
And of course... I'd be happy to help you or anyone you know with their real estate needs. Whether it's buying, selling, or advice, I'm just a phone call away.
Thanks for your referrals, see you soon
Dave
Monday, February 26, 2007
Top 15 Home Updates from HGTV
In this competitive selling market, there are two things that can be done to sell your home faster than the neighborhood competition. 1) select the appropriate selling price and marketing strategy with the assistance of a Realtor, or 2) Have more updates than all the other homes in your area.
# 1 is easy as long as there's enough juice in the deal to satisfy the bank at closing, and you're comfortable with what's left.
# 2 can be a little more complex... what updates should I perform, how much should I spend, and will I get any of that investment back at the sale? All valid questions and all difficult to forecast (if not impossible).
HGTV posted this general guideline and I thought it was interesting enough to outline the info, as well as provide a link to the article. Enjoy the read, and happy remodeling.
In order, from greatest return on investment to least return:
Minor bathroom remodel - 102% return. Consider replacing flooring, reglazing tub, recaulking and regrouting tubs and surrounds, replace or install tired glass shower doors, replace counter tops sinks and vanities, light fixtures. Remove outdated wall coverings and replace with fresh neutral paint schemes.
Landscaping - 100% return - Curb appeal is everything. Make the home look great for MLS photos, and build drive by desire. Trim overgrown trees and shrubs, plant flowers and shrubs that add color and vibrancy to the yard. Replace or replant areas of the lawn that need help.
Minor kitchen remodel - 98.5% return - Kitchens that are functional and modern win the race. If you've lived in the home since it was built and haven't done anything to update this area, it likely needs a make-over. Minor remods may include refacing (or repainting) cabinets, new counter tops with modern colors (consider Corian or granite depending on budget), update sinks and fixtures. Add recessed lighting, and definately get rid of the chicken patterned wall paper, opting for neutral warm colored paint.
Basement remodel - 73% return - The key here is don't overdo it. Adding a wet bar or bathroom is extravagant and can lend itself to your enjoyment, but extreme costs may not be recovered in the short term. Chopping up a basement isn't recommended either, too many walls and rooms can detract from the usable floor space of a basement. Consider dropped ceilings and appropriate flooring for warmth. Establish well defined entertaining areas, and if the budget permits, drywall the perimeter and any storage areas or rooms you develop.
For more complete details regarding these and other improvements, check out this link http://www.hgtv.com/hgtv/rm_kitchen_bath_remodeling/article/0,1797,hgtv_3749_4969950,00.html
# 1 is easy as long as there's enough juice in the deal to satisfy the bank at closing, and you're comfortable with what's left.
# 2 can be a little more complex... what updates should I perform, how much should I spend, and will I get any of that investment back at the sale? All valid questions and all difficult to forecast (if not impossible).
HGTV posted this general guideline and I thought it was interesting enough to outline the info, as well as provide a link to the article. Enjoy the read, and happy remodeling.
In order, from greatest return on investment to least return:
Minor bathroom remodel - 102% return. Consider replacing flooring, reglazing tub, recaulking and regrouting tubs and surrounds, replace or install tired glass shower doors, replace counter tops sinks and vanities, light fixtures. Remove outdated wall coverings and replace with fresh neutral paint schemes.
Landscaping - 100% return - Curb appeal is everything. Make the home look great for MLS photos, and build drive by desire. Trim overgrown trees and shrubs, plant flowers and shrubs that add color and vibrancy to the yard. Replace or replant areas of the lawn that need help.
Minor kitchen remodel - 98.5% return - Kitchens that are functional and modern win the race. If you've lived in the home since it was built and haven't done anything to update this area, it likely needs a make-over. Minor remods may include refacing (or repainting) cabinets, new counter tops with modern colors (consider Corian or granite depending on budget), update sinks and fixtures. Add recessed lighting, and definately get rid of the chicken patterned wall paper, opting for neutral warm colored paint.
Basement remodel - 73% return - The key here is don't overdo it. Adding a wet bar or bathroom is extravagant and can lend itself to your enjoyment, but extreme costs may not be recovered in the short term. Chopping up a basement isn't recommended either, too many walls and rooms can detract from the usable floor space of a basement. Consider dropped ceilings and appropriate flooring for warmth. Establish well defined entertaining areas, and if the budget permits, drywall the perimeter and any storage areas or rooms you develop.
For more complete details regarding these and other improvements, check out this link http://www.hgtv.com/hgtv/rm_kitchen_bath_remodeling/article/0,1797,hgtv_3749_4969950,00.html
Tuesday, February 13, 2007
Everything you wanted to know about septic inspections
This afternoon I sat through a presentation from Mike Kalkhof of The Home Team Inspection service (see link below). He was given the opportunity to shed some light on the ins & outs of septic inspections, specifically as it relates to Macomb county laws.
A septic system has to have a certification in Macomb before a property transfer takes place. A typical certification is good for a year. These days it is shrewd to wait for that inspection until after a buyer is found. Calling Mikes Home Team, he will take care of all necessary paperwork and additional phone calls for the tank cleaners.
Mike charges for his inspection, and you can expect an additional charge from the septic pumpers. The total costs can range from about $ 400 - $ 600 (or more depending on the size of your tank).
Mike takes core soil samples from your field to determine the condition of the drainage in and around your field. The pumping company removes any debris from the inside of the tank, and Mike performs an inspection of the tank and discharge pipes. He also spends time inside the home and or under the crawl space to determine general condition of the plumbing.
Mike swears that after your septic system gets done with your waste water, it should be good to drink... me, I'll stick with bottled water :0).
Once the inspection is complete, Mike gets a certificate from the county saying you're good to go, or will give you the bad news about any repairs that might be necessary. You can confirm the info with the county, but any repairs would need to be made prior to closing. If repairs cannot be performed in that time frame, typically an amount of money from the proceeds would be held in escrow until such time the repairs are performed shortly after closing.
All this, at the sellers expense.
Mike can answer any of your specific questions regarding wells or septics. Check him out on the link below.
A septic system has to have a certification in Macomb before a property transfer takes place. A typical certification is good for a year. These days it is shrewd to wait for that inspection until after a buyer is found. Calling Mikes Home Team, he will take care of all necessary paperwork and additional phone calls for the tank cleaners.
Mike charges for his inspection, and you can expect an additional charge from the septic pumpers. The total costs can range from about $ 400 - $ 600 (or more depending on the size of your tank).
Mike takes core soil samples from your field to determine the condition of the drainage in and around your field. The pumping company removes any debris from the inside of the tank, and Mike performs an inspection of the tank and discharge pipes. He also spends time inside the home and or under the crawl space to determine general condition of the plumbing.
Mike swears that after your septic system gets done with your waste water, it should be good to drink... me, I'll stick with bottled water :0).
Once the inspection is complete, Mike gets a certificate from the county saying you're good to go, or will give you the bad news about any repairs that might be necessary. You can confirm the info with the county, but any repairs would need to be made prior to closing. If repairs cannot be performed in that time frame, typically an amount of money from the proceeds would be held in escrow until such time the repairs are performed shortly after closing.
All this, at the sellers expense.
Mike can answer any of your specific questions regarding wells or septics. Check him out on the link below.
Outlook looks better for '07
The other day while traveling in Chicago, I clipped an article out of the USA Today. In a nutshell the experts (87 % of them) indicate the bottom is near for the real estate market, and depending on who you listen to, it's already hit, or should be complete by summer.
What that means to you & I is that from here on out we should see inventories getting smaller, prices equalizing, and our listings will hopefully sell quicker.
Last nights evening news showed that there are 7 times more foreclosures in Michigan than any other state. If you use those figures, 1 home out of every 100 is estimated currently in foreclosure. That is huge, and is a mirror into the general state of our economy, and the driving force of our housing "slump".
That's why it's so encouraging to see the USA Today publish good news for a change. A good boom economy begins with confident consumers.
Let's welcome a phenominal '07 with open arms.
What that means to you & I is that from here on out we should see inventories getting smaller, prices equalizing, and our listings will hopefully sell quicker.
Last nights evening news showed that there are 7 times more foreclosures in Michigan than any other state. If you use those figures, 1 home out of every 100 is estimated currently in foreclosure. That is huge, and is a mirror into the general state of our economy, and the driving force of our housing "slump".
That's why it's so encouraging to see the USA Today publish good news for a change. A good boom economy begins with confident consumers.
Let's welcome a phenominal '07 with open arms.
Year end results are in for '06
Well, it doesn't take but a look at the news lately to know that the real estate market has been a little rough this year. MCAR publishes stats monthly from the MLS, and here's what it looked like for FY '06 as compared to '05.
Oakland county listings are up 22 %, total sold units are down 22 %. That equates to a buyers market and declining prices. Total sales volume is down about 25 %.
There is no total available for median sales price drops for Oakland, but Troy was down 2 %, Rochester Hills was down almost 7 %, Hazel Park was down 14 %.
I like to temper the bad news with a little good though... Bloomfield Hills average price increased 27 %, Addison Twshp, was up almost 9 %, and Rochester was up almost 15 %.
A look at Macomb County shows similar results...
Macomb lisitngs are up 15 %, Total sold units are down 23 %. Total sales volume is down almost 30 %, and the average selling price is down almost 6 % over '05.
Poor performers in average sales volume were Washington Twshp., down 9 %, Warren down
9 %, Sterling heights down 9 %, Shelby/Utica down 12 %.
Only three communities showed an increase... Armada, Harrison Twshp., and Lenox.
Check out the next blog to see what the experts are saying about 2007. Thank goodness a new year.
Oakland county listings are up 22 %, total sold units are down 22 %. That equates to a buyers market and declining prices. Total sales volume is down about 25 %.
There is no total available for median sales price drops for Oakland, but Troy was down 2 %, Rochester Hills was down almost 7 %, Hazel Park was down 14 %.
I like to temper the bad news with a little good though... Bloomfield Hills average price increased 27 %, Addison Twshp, was up almost 9 %, and Rochester was up almost 15 %.
A look at Macomb County shows similar results...
Macomb lisitngs are up 15 %, Total sold units are down 23 %. Total sales volume is down almost 30 %, and the average selling price is down almost 6 % over '05.
Poor performers in average sales volume were Washington Twshp., down 9 %, Warren down
9 %, Sterling heights down 9 %, Shelby/Utica down 12 %.
Only three communities showed an increase... Armada, Harrison Twshp., and Lenox.
Check out the next blog to see what the experts are saying about 2007. Thank goodness a new year.
Monday, January 29, 2007
End of January cold winter blues...
Hello and welcome to my first monthly blog. I thought this might be a better way to communicate back & forth about what's happening in our household as well as keep you posted on the real estate front.
Christmas was a blast with so much activity around the house. Jessy and Dave & lauren were all home (with Isabella), and with all the holiday hoopla, we were a little exhausted to say the least when everyone left.
Kelly is trying to whip me into shape... my first week in the gym has provided me with a twisted ankle, a pulled rib, and leg muscles that are just now able to coordinate walking again. Isn't good health fun?
Real estate is still sluggish, but I've been blessed with a great finish to 2006, and a pretty nice start to 2007. Hopefully with all this buying activity, some of the old inventory will flush from the system, and allow us to get back to a real economy around here. I'm optimistic.
Golf season starts in April, so does motorcycle season... it was nice having a mild start to our winter, but it has made me a little more anxious than usual for the nice weather to get here. Soon enough I suppose.
Jessy is graduating from Western this spring, and heavily pursuing schools to complete her masters in Speech Pathology... you go girl. Dave is heading overseas in April for a month to train, and there are rumors of another Iraq deployment before summer... lets hope not.
Have I told you about my wonderful granddaughter??? :0)
See you in a few weeks
Christmas was a blast with so much activity around the house. Jessy and Dave & lauren were all home (with Isabella), and with all the holiday hoopla, we were a little exhausted to say the least when everyone left.
Kelly is trying to whip me into shape... my first week in the gym has provided me with a twisted ankle, a pulled rib, and leg muscles that are just now able to coordinate walking again. Isn't good health fun?
Real estate is still sluggish, but I've been blessed with a great finish to 2006, and a pretty nice start to 2007. Hopefully with all this buying activity, some of the old inventory will flush from the system, and allow us to get back to a real economy around here. I'm optimistic.
Golf season starts in April, so does motorcycle season... it was nice having a mild start to our winter, but it has made me a little more anxious than usual for the nice weather to get here. Soon enough I suppose.
Jessy is graduating from Western this spring, and heavily pursuing schools to complete her masters in Speech Pathology... you go girl. Dave is heading overseas in April for a month to train, and there are rumors of another Iraq deployment before summer... lets hope not.
Have I told you about my wonderful granddaughter??? :0)
See you in a few weeks
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