Living Up North in Michigan

Blog about real estate related issues, property, living and vacationing in beautiful Boyne City, East Jordan, Charlevoix, Boyne Falls, Petoskey, and Walloon, Michigan.

Thursday, May 24, 2018

Why Haven't You Listed Your Property with Me Yet?

If you're thinking about selling (or buying), let's talk about what's happening...

Prices are rising as you may have heard on existing homes, but so are mortgage rates.  I have a client couple who have a contract on a home but it's contingent on the sale of their home.  Since they contracted that home about 90 days ago, the interest rates have risen 15%.  If they don't sell their home soon, they'll have to withdraw their offer based on the financing contingency. The monthly payments will be too high for the bank to approve the financing based on income.

Demand for homes remains high as there is a truly a lack of supply that is driving up the prices.  As mortgage rates rise, the amount of home or price that buyers can afford diminishes--if they can afford a home for their familial situation at all!

As far as building homes, not only are we way behind where we should be in the number of homes being built, the cost is becoming more and more prohibitive.  An example regarding the cost of building supplies, a sheet of OSB board last year was $7--this year that same sheet is $22.  Even so, builders are busy and it is hard to schedule a build.  Few developments are being started as investors are still a little cautious because of the financial crisis just 10 or so years ago.  Their money isn't going as far these days either for the same reasons I spoke above about.

If you'd like to talk to me about this or other real estate topics, please don't hesitate to contact me. brett@patobrien.com or 231.590.8230

Friday, February 9, 2018

Congrats Boyne City High School Class of 2020!

The Boyne City Class of 2020 was successful in raising money for the recent Snowball Dance and future activities.  Shelly Brya, class adviser and high school teacher, said they were no longer in debt.  With the matching grant they raised over $700.  Brett Binkley, Associate Broker at Pat O'Brien & Associates, presented a check to some of the class members last Monday. 

Pat O'Brien & Associates Real Estate has contributed over $100,000 in the last 8 years to local charities and causes. The money is all private money from the agents and staff.



Wednesday, February 7, 2018

Lake Charlevoix Waterfront Parcel Listing


Beautiful parcel in Horton Bay on Lake Charlevoix’s north shore. Well located between Boyne City, Charlevoix and Petoskey. More information here


Tuesday, January 30, 2018

Charlevoix County Residential Median Pricing Stats 2009-2017

In preparation for this blog I went back to 2009 to see what the median price appreciation or depreciation was over the years since the financial debacle in 2008.  

Our MLS provides monthly stats and a year end summary in December.  It's those reports that I used to come up with the numbers.  I also measured the units sold to see how that would correspond to the sales (demand).  

You can see from the graph that the units sold does have the same general shape as the fall and rise in prices. The most interesting thing to me is that if you take the percentage increases and decreases over the displayed years, do you know what the average per year prices did?  Rose 4.3%!  

While we were living the recovery, we weren't feeling it, but real estate continues to be a good investment.

Wednesday, January 17, 2018

Help the Boyne City Class of 2020

The clock has started on the matching grant Associate Broker Brett Binkley and O'Brien & Associates has offered to the Class of 2020 to help them raise money for school activities they are responsible to provide.  The grant is UP TO $425 but you have to hurry.  The clock runs out at the end of the day on Friday February 2nd!

Donate, buy some baked goods at the varsity basket ball, sell a kidney*--whatever you need to do to support this broke (but very bright) class of future leaders (God help us all!).**

Thank  you and help make these young adults dreams come true!

Contact:
Shelly Brya  kreynolds@boyne.k12.mi.us  
at the high school to donate

*Please do not sell your kidney, it's a joke
**Also a joke

Thursday, December 22, 2016

Demand Remains Strong


From too many homes to needing more to sell in the span of a few years. Homes priced under 300k are in high demand.  Affordable housing is an issue for our service based economy in northern Michigan.  If a home in that price range hasn't sold, there could be a very good reason--or it's just not priced properly.  There are still home owners out there that may be underwater from the bubble in the mid 2000's and may not have
room to move on the price.  Why is that if prices are back up?  Some of those sellers may have taken out a loan with a minimal down payment or 100% loan like a Rural Development loan and cannot cover the closing costs because they don't have enough equity built up.  Unless they have money they can bring to the table they're stuck.

There was a decline in sales (or fewer than expected) in Emmet County. I believe that to be not an indication of slower demand but lack of inventory. There is a need for home owners to list their homes for sale. If you think the timing is right for you and your family to sell, please don't hesitate to contact me for a free market analysis.