Tuesday, October 31, 2006

Why Proposal 5 Is Wrong for Our Students and Our State

Are you thinking on how to Vote on Proposal 5? Read this first!!!

On Novemeber 7th you will be asked to make a decision regarding automatic education funding in Michigan. Unfortunately for students, Proposal 5 will have very little - if any - impact on their education. Proposal 5 is a cleverly designed package that shifts the burden of skyrocketing teachers' pensions from local school districts over to the state and then over to the taxpayers. Proposal 5 is too expensive and will eventually lead to cuts to critical state services and job-killing tax increases, and has no guarentee to improve education. Moreover, Proposal 5 removes state oversight by locking in the budget with increases year after year regardless of state revenue. Proposal 5 will cripple our state budget and our economy in order to pass the burden of teachers' pensions to state taxpayers.

How much will Proposal 5 Cost?

Real the full article here (PDF): http://www.mirealtors.com/news/realtor/documents/nov066.pdf

Thursday, October 26, 2006

Home prices plunge by most in 35 years

I thought this was an interesting article, worth posting on the blog.

Home prices plunge by most in 35 years

The median price of a new home plunged in September by the largest amount in more than 35 years, even as the pace of sales rebounded for a second month.

The Commerce Department reported that the median price for a new home sold in September was $217,100, a drop of 9.7 percent from September 2005. It was the lowest median price for a new home since September 2004 and the sharpest year-over-year decline since December 1970. The weakness in new home prices was even sharper than a 2.5 percent fall in the price of existing homes last month, which had been the biggest drop on record.

For the rest of the article: http://news.yahoo.com/s/ap/20061026/ap_on_bi_go_ec_fi/economy&printer=1

The Real Estate Crunch, 2006

Well, the market isn’t what it was a few years ago. A softer market is here and some sellers are in for a long hall while waiting for their homes to sell. Don’t get me wrong. Things are still selling, but with the softer market and an extremely high inventory of homes for sale, sellers have to be competitive in their pricing. Sometimes price alone, will not help sell a place. There are still the general rules to consider: location, location, location and then the need to buy and then the price.

With the high inventory of homes for sale, buyers have a lot more to choose from and often at discounted prices, to the disadvantage of many sellers. In most cases, a seller has to take a bite on their asking price when an offer is made. Buyers are shopping around for the best deal these days. If their price isn’t accepted on one deal, they can simply go down the road and make an offer on another place. Sellers are often seeing a "take it of leave it" approach when offers are made.

Here in northern Mid Michigan (Gladwin and Clare Counties), we are seeing this pattern quite a bit. Sellers are taking anywhere from an 8 to 14 percent hit on their original asking price. In my area, sellers are getting approximately 89% of their original asking price, with the average days on market being 203 day. This takes into account both waterfront and off water homes, with waterfront properties tending to sell much faster than off water homes.

To see graphs and reports, please click here to view this entire article.

Saturday, October 14, 2006

I just had to add this about the 40 acres! A Nice 8 Point Buck taken last night!

I just had to add this about the 40 acres that I just listed. This beautiful 8 point buck was shot with a bow at dusk Oct 13th, 2006. They tracked and found this big guy this morning. This is the second 8 point to be taken off the property in less than a week! This is the bigger buck of the two taken. You just can't beat the deer hunting on this land.

SOLD!!!! 20 Acres on the Cedar River!

A lot of people have been asking me about the piece of property on the Cedar River.
Yes, this one did close sale on October 13th, 2006. I thought I better post this on my blog to update everyone that's been calling and checking on it.
Thanks for all your calls.
However, I did just list a wonderful 40 acre parcel in the same area for $129,900. It also has the Cedar River flowing through it and a rustic hunting cabin. Check out the post below for more information and a TON of photos. Don't forget to click on the link towards the bottom of that post to view more information and to take the virtual tour.

Wednesday, October 04, 2006

Things to Consider When Buying a Home by Raynor James

When you make the decision to buy a home, there are a number of things you need to keep in mind. Here is a quick guideline to the basics that should help you get it right.

Things to Consider When Buying a Home

When most people think about buying a home, the immediately start envisioning how nice it will be to own the property, the life events that will occur there, how they can improve it to meet their tastes and so on. This is a natural tendency, but it is the wrong way to look at a home.

When purchasing a property, you need to ditch the emotions. It is time to be cold and calculating. Yes, the property will be part of your life for at least a few years, but you eventually are going to need to resell it. You want that sale to be at a profit. Here are a couple of guidelines that will help you avoid a bad decision.

1. Do not purchase the most expensive home on the block. Try to purchase near the low end and upgrade. This will help you realize appreciation on your property and grab a nice slice of profit when selling.

2. Always try to buy in the best school district. This is true even if you do not have kids and have no intention of every having them. Remember, potential buyers of your property may very well have children and they will be looking in areas with good schools.

3. Whenever possible, try to stick to three or more bedroom properties. Yes, that two bedroom is cute, but most buyers are looking for something bigger. Again, we come back to the issue of kids.

4. Buy a newer home. The older a home, the more potential buyer's will be suspicious there is something wrong with the property. The only real exception to this is an older home that is unique or has been extensively remodeled.

5. Location, location, location. As if you did not know this one. It is the oldest cliché in real estate, but also the most accurate. Never, ever buy in a bad location. Always buy in the best location you can possible afford.

6. Go ahead and buy! Property prices fluctuate a bit, but property is always a good investment over time. Don't spend endless amounts of time waiting for the market to drop to some price level you have in mind. It may not.

Obviously, there are lots of issues that go into purchasing a home. If you stick to these basic guidelines, however, you should do fine.

About the Author
Raynor James is with the site - FSBOAmerica.org - FSBO homes for sale by owner.