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.

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!

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 The 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.

New Year-New Market

I'm sure you've heard the news about the improving real estate market.  Much of it is true, but I suggest you temper some of the enthusiasm with the locale of the real estate you own or wish to own.  Real estate is a local product.  It can vary by as much as a region, county, side of the lake, or a neighborhood.  If you're reading this you're probably interested in the Northwest Michigan market.  I know that prices are still stable, not dropping nor going up--yet.  Inventory is shrinking in certain price points so unless we start to get more sellers suddenly jumping in, we will start to see increases.

Check out this new free app called Boyne Guide.  It's a web-based app that features a beautiful 2013 catalog from my agency that you can save and have with you on your phone or ipad; a schedule of events for the summer in Boyne City; and some other helpful and fun things.  Scan the appropriate code and please provide feedback!

iPhone

Android

When People Want to be Here

I went home for lunch today (because that's what you can do when you live in a small town).  It's 3.3 miles door to door if anyone is counting...but I digress.

Anyway, while I was home my wife, Suzann, told me that our friends of many years (especially her because she's known MB since like grade school or something and now they're old) said that they'd like to spend more time in northern Michigan.  I'd like to think it's just us, but I really think it's about just how darn nice it is here.  They live in Cleveland and find it worth their while to bring the whole fam damily by car when they can.

They'll be up here again after the first of the year, maybe sooner, and we'll have a crazy good time like we always do.  Skiing, swimming, eating at our great places here, like Red Mesa Grill or Pierson's.  But most importantly, we'll be creating the memories of a lifetime that I'm learning is not that long after all.

So eat, drink, and be merry and enjoy! And to all my friends, past, present and future, I look forward to next time we meet!

Brett

Grainy Spy Photos Prove Boyne Mountain...

11-24-2010

...is making snow!  This photo, taken from several miles away shows that Boyne Mountain is making snow at night.  Time will only tell how soon the resort will be open for skiing and snowboarding.  I'll try and keep you posted!

You can check this link regularly to check on the conditions at Boyne area resorts.  We look forward to seeing you up here for winter fun!

Brett

Don't forget you can set up searches for property to be sent directly to your email at:

boynecitylistingalerts.com

First Real Snow Today

11-23-2010

1-2 inches of snow expected today

I think we may be skiing sooner than later.  Put the snow fence up yesterday, along with stacking a cord of wood on the porch, even changed the oil in the tractor.  Had to put the snowblower on this morning but all in all a very productive couple of days.  Good ole country livin...up north of course!

Looks just gloomy, but out of town the snow is sticking on the ground.  You can see the snow that's piled up on the Caddy.  The traffic light you see is what we call "the light"...."the other" light is located one block to the west.  That's one way we roll in Boyne City!

Peace,

Brett