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.

Tuesday, September 13, 2016

Changes are Coming to a Couple Favorite Websites

Look for a new look and features coming soon!
I'm excited to announce that some changes are coming to a couple of our favorite sites, the patobrien.com and boynecitywebcam.com.  First, the patobrien.com site will feature a great new search option.  Always trying to remain a leader on our field and not willing to rest, we're making or site more user friendly.  We have the top local real estate website, driving traffic to our clients' properties.  Stay tuned!

Higher Definition Camera Coming...
The other site, boynecitywebcam.com, that provides a 24 hour view outside our office window, is awaiting the arrival of a new camera to enhance the experience.  One feature will be html broadcast that will allow iOS (Apple) devices to see the images more clearly and without having to click over to the button currently on the page.  Visitors to the page enjoy seeing Friday night events, 4th of July parades, traffic and weather (January is a huge month for visitors).  Other features include local events calendar, weather, links to property searches and local information.  Please visit long and often to these sites!

Pricing it Right Still Matters

So you've made the decision to sell your home.  You hire a good Realtor and he/she makes a listing price suggestion, but you decide to list at YOUR price--have you REALLY made the decision to sell your home?

Listed and Sold in 9 Days!
The internet and the information available removes any secrecy about your home.  Buyers compare location, finishes, size, amenities, etc. to the prices of similar homes online.  Plus, any savvy buyer is going to hire an agent that will do the research and help them to determine whether the home is
priced right.  Keep in mind that the selling price on any property that is going to be financed has to justified by a lender's appraisal.  A deal you thought you had can go away or you're left renegotiating.

There will be times that even a good realtor will miss the mark on pricing.  Then there are the realtors who will give a higher than market price, leading the seller to believe the home is worth more than it is in order to get a listing. In the end, a realtor is going to support the clients' decision on what price to list their home.  If the home does not receive offers, it is the agent's responsibility to suggest things (including reducing the price) to get the home sold!

Tuesday, December 22, 2015

Make Your Wishes Come True--Happy Holidays!

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Hi Valued Customer,

We tend to hear a lot of bad news in our lives with the onslaught of 24 hour news, emails, and social media.  It's easy to think the worst of humanity, but I think there will always be more good than evil people in our world.  One thing I've noticed is there is an underlying optimism in all of us--that things will get better.  Isn't that what gets us up in the morning and start each day?  To work hard and demand more from those around us and ourselves? I started saying "make it a great day" rather than "have a great day".  Take charge of your own destiny and don't wait for something to happen.  If you don't like what is going on around you then get involved and make a change.  Even with all of our differences with one another, we're all in this together and we have to come together when it matters.

I wish you and yours a very blessed holiday season and a happy and prosperous New Year!  Now get out there and make something happen...
Starting to Sweat

enewsOur resort economy needs snow. Just like the sunny warm days are relied upon in the summer, our "winter" businesses need snow. We average about 114" per year and I can tell you have only had a fraction of that so far.  As you can see from this picture taken just a day ago, there is none on the ground. Skiers stay positive, the ski resorts are making it when they can! To see the current conditions live and the local forecast click the link below.

Link to my website

Heating Up!

I try not to bore you with statistics, but I think many of you want to know--owners and buyers alike--what real estate values are doing in northern Michigan.  I took numbers fromall areas and all categories that have properties listed in our MLS from 2012-2015.  In my research I'm seeing an average of almost 7% gain per year in the median price for that time frame.  I don't need to tell you if you're going to buy, sooner is better.  Call me or click below to get started!

Link to my website

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BrettThanks to all for my best year in real estate!  I love to serve and when I succeed I'm able to give back to my community. I look forward to hearing from you in 2016!  Follow me on Twitter and I'll follow you back. @brettbinkley

Link to my website
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Saturday, September 5, 2015

Real Estate Statistics are LOCAL

As a realtor, I get asked regularly how real estate "is".  As many of you have heard before, real estate is local.  For example, I serve customers in Charlevoix and Emmet Counties primarily. Current stats through July 2015 indicate that sales in Charlevoix County year to date in terms of number of transactions is even with 2014 268 v 267.  On the other hand, Emmet County is up over 32% from 278 in 2014 and 376 this year.  In terms of median price, Charlevoix County year to date is up almost 14% and Emmet County is up just over 7%.  These numbers are important whether you're a buyer or a seller so you have realistic expectations for your goals.  If you just read the national headlines you may be disappointed when your offer doesn't get accepted or or property doesn't sell quickly.  If you're a seller and would like a market analysis in an easy to read format, contact me and I'd be happy to help!  Or, if you're a buyer looking for an agent with your goals in mind, let me know.

Friday, May 31, 2013

Subscribe to Local Community eNewsletter

If your community offers an eNewsletter, from your Chamber of Commerce, for example, subscribe!  You'll be informed about the goings on and you'll feel more vested in your community!  For a great example of one that comes out weekly, follow this link to the Boyne Chamber Newsletter and sign up!

Wednesday, May 29, 2013

Real Estate Bubble Coming? Oh Please!

From the KCM Blog (a great resource for real estate market info) this morning.
Bubble?  What Bubble?

http://www.kcmblog.com/

Housing Bubble: Is There a New One Forming?  
Posted: 29 May 2013 04:00 AM PDT
783773_thumbnailThe housing market is recovering so nicely that it has caused some to wonder whether a new housing bubble is forming. Today, we want to explain that the fear of a new pricing bubble in real estate is unwarranted.
Trulia revealed some great data on this point in a recent blog post. They explained that, even with the recent price increases, national home prices are still 7 percent undervalued. Trulia explained:
“Home prices nationally remain undervalued relative to fundamentals and much lower than in the last bubble. That’s why today’s price gains are actually still a rebound, not a bubble.”
Prices are below their fundamental value in the vast majority of the country (91 of the 100 largest metros). Even in the parts of the country that are now overvalued they come nowhere near the percentages we saw in 2006-2007. For example, let’s look at the two markets that are most overvalued today. In Orange County, California prices are currently overvalued by 9%. In 2006, prices in the region were overvalued by 71%! The second most overvalued market today is Austin, Texas at 5%. Texas real estate prices did not skyrocket as they did in many other parts of the country during the last boom. Austin prices were shown as being 12% overvalued at the time.
Again, prices are still undervalued in 91% of markets and, even in the markets that are overvalued, they are nowhere near the numbers of the 2006-2007 bubble.
Jed Kolko, Trulia’s Chief Economist, explained:
“So are we in bubble territory? No. Bubble-phobes can rest easy. Even with recent sharp home price increases, prices are still low relative to fundamentals and are far below bubble levels.”
Dr. David Stiff, chief economist for CoreLogic Case-Shiller agreed in a recently released report on prices:
“Even if double-digit price appreciation were to continue in former bubble metro areas, there is no reason to believe that new home price bubbles are forming. That’s because single-family homes in these markets are still very affordable, even after last year’s large price gains.”

Three reasons there will NOT be another bubble

Prices are determined by the ratio between supply and demand. Here are three reasons a bubble will be avoided.
1.    Supply is beginning to increase. A lack of inventory is creating a market of multiple bids which has caused prices to rise. The National Association of Realtors (NAR), in their latest Existing Home Sales Report, revealed that the months’ supply of inventory has increased from 4.3 to 5.2 months since January.
2.    Demand will decrease in certain demographics. For an example, investors have been a large part of the housing market over the last several years. As prices continue to rise, a certain percentage of these buyers will back off.
3.    As mortgage rates increase, buyers will be able to afford less. The Mortgage Bankers Association, Fannie Mae and NAR have all projected an increase in mortgage rates over the next year. Buying power will decrease as borrowers can no longer afford the same price point as monthly payments will increase.
For these reasons, we believe the fear of a new housing bubble are currently unfounded.
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