H2OME ~ The Blog of Homewaters Real Estate: December 2010

Thursday, December 30, 2010

Foreclosure Listings - Weekly Update

For comprehensive information about purchasing a foreclosure listing, HUD home, Homepath (Fannie Mae) listing or any other repo please read my weekly foreclosure blog posts. Each posts includes links to view the available foreclosure listings!!

Click here to read the Harrison, Michigan (Clare County) foreclosure update.

Click here to read the Gladwin, Michigan (Gladwin County) foreclosure update.

Click here to read the Beaverton, Michigan (Gladwin County) foreclosure update.

Thursday, December 23, 2010

519 Sun Oil Gladwin Michigan 489624 $65,900

519 Sun Oil Gladwin Michigan 48624

$65,900

Smallwood Lake! Enjoy the lake from the level lot with seawall dock, and beach area. Great sandy swimming offered here and an amazing view! 2, possibly 3 bedroom cottage with 1 car attached garage. Fireplace in living room and some recent updates. Don't let this one slip away! MLS# 154556

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Are you thinking about making Gladwin County, Michigan your new home? Gladwin County is home to both Wixom Lake and Secord Lake! Are you thinking about taking advantage of the great interest rates and affordable prices to buy your own slice of Northern Michigan Heaven? Contact me today and lets gets started! I know the area very well and I know the market even better! You can call me at 989-429-2600, email me at sonya@sonyaloose.com or visit my website.

MERRY CHRISTMAS FROM KALKASKA COUNTY

Wishing a Merry Christmas to all my clients, friends, family and colleagues. Kalkaska County will have a very white Christmas and winter sports are in full swing.
2010 has been a very challenging real estate year but overall we have made progress and look to a much more stable market in 2011. Jobs in the area are key to a rebound in the real estate market as well as a slowing in the foreclosures. We are seeing many positive signs and look to see some additional gains in the New Year.
The Michigan Association of Realtors and the National Association of Realtors continue to work in Lansing and Washington, D.C. to protect private property rights and there have been some successes in 2010 - not the least of which was the recent bill which continues to allow real estate mortgage interest income tax deductions.
I truly love my job and being a part of the Homewaters Team. My waterfront clients are the best and I wish all a Happy New Year for 2011. Please contact me for all your real estate needs in Kalkaska County, Michigan - mary@homewaters.net.

Friday, December 17, 2010

Foreclosure Listings - Weekly Update

Tuesday, December 14, 2010

1381 Hughes Beaverton Michigan 48612 $44,900

1381 Hughes Beaverton Michigan

1381 hughes

$44,900

Close by December 31, 2010 and request 3.5% of the final sales price to be used as closing costs assistance! Plus, selling agent may request a $1,500 bonus. Click HomePath.com Special Offers for more details or ask me. Eligibility restrictions apply. 60 on Wixom Lake. Great view from the hill top lot!! 3 BR, 1 BA cabin that needs work to the roof and interior ceilings in some rooms. Large yard and storage shed. Wonderful way to enjoy the lake and Up North! This is a Fannie Mae HomePath property. This property is approved for HomePath Renovation Mortgage Financing. MLS# 154515

1381 hughes

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Friday, December 10, 2010

Foreclosure Listings - Weekly Update

Thursday, December 9, 2010

Price Reduced 2949 Cherry Grove St Harrison Michigan $29,900

2949 Cherry Grove St Harrison Michigan

$29,900

2 BR, 1 BA single wide on a spacious corner lot with a very nice view of Lily Lake across the street. Lot to access the lake is just down the street! 2 car detached garage with concrete floor and power, storage shed, paved driveway and large deck the full length of house. Appliances included....move in today. Available on land contract with at least 10% down. MLS# 154383

Price Reduced on Wixom Lake!!! 5477 Heron Cove now $169,900!!!

5477 Heron Cove, Beaverton Michigan

5477 Heron Cove

$169,900

149' of Wixom Lake canal front....one lot off the main lake and just around the corner from Pontoon Alley! Cement seawall, 24' of boardwalk, extensive decking with gazebo and hot tub included. 3 BR, 2 BA home with 1,950 sq ft and every room offers a view of the lake! Spacious kitchen with plenty of cupboards, separate dining room overlooking canal, large master bedroom with walk in closet and private bath. Master bedroom offers door wall that leads directly to the hot tub. Huge living room with pellet stove for cozy evenings. Home offers many updates including newer metal roof, central air, windows, well pump and plumbing. 4 car detached garage with workshop area and plenty of storage. Storage shed, and fenced lot. Stove, refrigerator and water softener included. Perfect year round home or seasonal get away....Wixom Lake is an approx 2,000 acre all sports lake, near state land and snowmobile trails. Ski resorts are a short car trip away. MLS#153988

Wednesday, December 8, 2010

Personal Property Can Cloud Your Deal

Too often buyers and sellers become fixated on the personal property and belongings that fill the home they're looking to buy or sell. We've found and have always advised our clients to resist the urge to include personal property in any offer or counter offer unless it's absolutely necessary. The goal is to sell your Real Property (The actual land and improvements) and it can become much more convoluted when furniture, lawnmowers, docks or other items are thrown into the negotiations.

As a buyer, you're more likely to get the most movement on price by coming in with the cleanest offer possible and that includes no personal property. With the savings, you can purchase new items or negotiate with The Seller after the deal is agreed to in an effort to acquire some of the personal property.

As a Seller, you're not likely to get a fair value for that personal property by lumping it into a sale. If there are items you don't want to have to move or don't care to keep, then maybe you throw those in as a way to put together the deal that is close but not quite together yet. If some personal property is worked into the transaction, it's important that it is handled through a separate bill of sale (even if the sale amount is $1) and not included as a part of The Purchase and Sale Agreement for the real estate. Lenders will typically refuse to underwrite a loan that includes personal property. Finding the right home for the right price is difficult enough. Stay on task and don't miss out on an otherwise perfect property because the seller won't give up the chipper/shredder (which I did have to buy for a buyer client once in order to put a deal together!) in the garage.

Tuesday, December 7, 2010

Sell my home in the winter?

This is a question we get from nearly every seller we deal with. The answer depends a lot on the circumstances of the seller and the type of property. The best piece of advice I can give to any seller is, "If you want to sell your house, have it on the market". It's that simple. In the winter many people take their homes off the market which reduces inventories. For those serious buyers willing to brave the elements to find their next property, that means fewer choices and may provide a better chance of a sale for those sellers who kept their properties available.

There are segments of the market that stay very busy during the winter. Other than the holidays, between Thanksgiving and New Years, we have historically sold a lot of properties during the winter months. Because the rivers don't' freeze over, riverfront properties in particular sometimes show better during the winter when it's very quiet and serene. The winter can be the most beautiful time of year on the river. Lakefront property is much more difficult especially once the ice forms. Few buyers are willing to commit to buying a lakefront property unless they can see the bottom and get a sense for what type of beach the property offers. Residential off water properties often see a slow down in the winter months as well because most buyers would prefer to not go through the moving process with lots of snow, ice and cold to deal with. Having said all of that, there are buyers who are actively looking throughout the winter and they're not going to buy your property if they don't know it's available.

If you do plan to sell in the winter, here are a few suggestions. Leave the power and water on. It's tough to get a warm fuzzy feeling about a property when it's 10 degrees in the living room and there are no lights to turn on. It may cost a bit to heat through the wint

er, but you'll increase your chances of a sale dramatically. Make sure to keep the driveway and walks free from snow and ice. This is important from not only a liability standpoint, but also in terms of creating a great showing experience. It makes it tough to feel good about a property when you just lost your shoe trudging through 2 feet of snow coming up the driveway and had to chip away ice to get the front door open. Some cost will be involved to arrange for the snow removal, but if you're committed to getting your home sold it's a very easy way to set your property apart from those that are either not on the market or those where the seller hasn't gone to the same lengths.

Monday, December 6, 2010

Homestead tax change moving through legislature

The Michigan Association of Realtors has been working with state legislators to make a change to the tax laws in Michigan to alleviate one hurdle in purchasing bank owned property. In Michigan, a property held as a primary residence allows the owner to receive an 18 mill tax exemption from their annual property tax bill. This exemption does not apply to second homes in Michigan. When a bank takes possession of a foreclosed home today, the tax status of that property would be non-homestead because it is not the lenders primary residence. The problem comes in when a buyer wants to purchase that home as a primary residence. Until the exemption can be filed (used to be a May 1 deadline each year) the buyer would have to pay the additional 18 mills. This can almost double the property taxes for a given property. It's expected that The Governor will sign the bill and it will become law very soon. Here is a link to track the bill's progress. http://www.legislature.mi.gov/(S(5izxjdqm5hvguda5hbh0sz45))/mileg.aspx?page=getObject&objectName=2009-SB-0077

As a member of The Michigan Association of Realtors, I'm proud that our Association has once again fought, at our cost, for the benefit of property owners in Michigan.

Friday, December 3, 2010

Foreclosure Listings - Weekly Update

Posted by Sonya Loose, Asso

Wednesday, December 1, 2010

Real Estate Market Conditions in Gladwin, Michigan November 2010

Real Estate Market Conditions for November 2010.

Gladwin County is located in rural Northern Michigan and is conveniently located within 3 hours of Detroit and 2-2.5 hours of Flint and Lansing making it easy to come "Up North" for the weekend. But, we encourage you to stay longer. After visiting Gladwin you will want to spend much more time here! Gladwin, Michigan is an area popular for its scenic lakes (including Wixom Lake and Secord Lake), plentiful state land, quaint parks, Amish communities and down town shopping. Gladwin is primarily a second home/resort community due to the amount of waterfront homes. Gladwin, Michigan has real estate to accommodate every buyer from very affordable cabins to luxurious homes. As a life long resident of Gladwin I know the area well and the real estate market even better!

4475 M-61 Gladwin Michigan MLS #154420

$124,900

4475 M-61

2860 River Beaverton, Michigan MLS#154452

$218,000

2860 river beaverton mi

The real estate market conditions in Gladwin, Michigan along with most areas of Michigan, remain challenging, but appear to be stable! A stagnant economy and a lack of qualified buyers remains, however, if you are interested in buying your first home or your vacation home, it is a fabulous time to buy! Interest rates are low for qualified buyers, there is a lot of inventory to choose from and homes are more affordable then they have been in years! There is less available inventory and more buyers in the market now, so don't delay if you are thinking of beginning a search to buy this season. Sellers: Busy selling season comes to a close in November and lasts until February or March, but it is still good to leave your home on the market because serious buyers do look in the winter. Homes priced right, that show well sell all year long!

Here are the latest real estate market conditions for Gladwin, Michigan and the surrounding areas of Beaverton, Harrison, Clare, Rhodes, Bentley, Wixom Lake and Secord Lake. November has proven to be a busy month and my personal observations show me a stable market with more buyers actively looking and making purchasing decisions. I had 6 closings in the month of November, and currently have 5 pendings sales as we move forward into the month of December.

The Clare/Gladwin Board of Realtors currently has 907 homes for sale through the Multiple Listing Service (MLS) and 65 of those were new to the market in November 2010. The number of new listings is down by 8 listings. Our inventory is still down by about 300-400 listings from last year at this time! The average asking price of the homes currently on the market is $121,133 and the average days on market for those homes has been 314 days. These stats are only slightly different than the last 15 months clarifying my theory that the Gladwin, Michigan real estate market conditions are stable! Residential asking prices range from $4,900 - $2,400,000.

During the month of November we saw 47 homes sell/close in Gladwin, Michigan. This is 2 less than in October. The average asking price was $85,045. The average sales price was $74,191 and the average days on market for these homes was 185 days. The sellers received an average of 87% of their asking price. The average days on market is 64 days more than last month.

188 homes expired from the market unsold in November in Gladwin. The main reason homes don't sell during their listing period is that they were priced incorrectly for the real estate market conditions and or condition of the home. In any market it is imperative that a listing be priced as competitively as possible for its condition in order to have the best chance of selling. To learn more about why homes expire from the market visit this link to a page on my website. If you're thinking about selling your Gladwin area home one very important fact to know about your real estate market conditions is the absorption rate. The absorption rate will tell you how long it will take for the current inventory of homes in Gladwin, Michigan to be absorbed by the market if no other homes come on the market. The absorption rate for November 2010 is 1.6 years! This number is holding stable from last month and is working its way to a more balanced market each month. If you want your Gladwin, Michigan area home sold you need to know this number to help you price your home accordingly.