Today the Housing Bail out was signed into law. It is not a rescue for the homeowners but for the investors who packaged these loans together.Wall Street hedged their bets on the homes increasing in value and they lost.
If you live in Ann Arbor, you know it is true.
If is not a pretty picture out there. When Pfizer left it brought down all the home values in your neighborhood. You know it.
If you live in Ann Arbor or Washtenaw County you know in the past we have only encountered a plateau during recessions and then bounced back. A plateau is a flat line; it is not a down line.
We are in a down line, and have been for several years.
If you don't have to sell, DON'T.
If you have your home on the market, and get a low offer, SELL.
Don't wait; we are just beginning this wild ride.
Homes are selling; the ones priced right, the ones in great condition.
Foreclosures and "short sales" are selling.
I checked the Ann Arbor MLS last week for closings in September. Guess what? 17 were foreclosures and short sales. The other ½ were not. That is 50-50.
I am closing on a home next week, my seller paid 305,000.00. They are walking into closing with 45K. Not many of you in Ann Arbor can do that, fortunately they can. But, it is sad, so sad.
I would say over ¾ of my closings this year; the sellers have brought in money to sell their home. They are ethical and did the right thing. They did not walk away.
Not my usual positive post, but I'm not feeling too yippy skippy tonight.
 |
|
|
Buying or selling a home in Ann Arbor? (or anywhere in Washtenaw County) our goal is to help you with the best resources available. TEAM approach with 6 Buyer Agents 734-216-2822 Missy@MissyCaulk.com
The Village of Manchester 15 miles west of Ann Arbor
" All You Can Eat" in Bridgewater, Michigan
Ann Arbor and Saline Both Score Big in Michigan Merit Exam
Saline Michigan "What's happening in the RealEstate Market?
2nd Quarter Condo Reports for Ann Arbor and all Washtenaw County
2nd Quarter Residential Reports for Ann Arbor and all Washtenaw County
Argieros Italian Restaurant in Ann Arbor
Ann Arbor Libraries are using Sustainable Design and Materials
ActiveRain Corp. is not responsible for the accuracy of the site's content (which is written by members of the ActiveRain Real Estate Network) and does not endorse the views of the real estate agents, mortgage brokers, and others listed here.
Powered by the ActiveRain Real Estate Network
© 2008 ActiveRain Corp. All Rights Reserved
Sellers bringing money to closing does not seem fair. We've been doing it in Texas in many instances for 20 years with slow appreciation and people not staying in homes long enough. Great honesty Missy.
Some truths that many people are not prepared to hear, or face. Its a sad day in our country that our Congress is bailing out gamblers.
It's a common theme. The last 4 sellers I've taken to the closing table had to bring money. One of which was $17,000...a lot of money for a house that sold for $152,000 and a military family with one income earner. While it hurts, some families that have to get out are doing it with integrity. Lots of people have their finger in the pot and contributed to this mess, but as Palin pointed out last night, we have to take personal responsibility as well for our actions.
Missy, I hope you feel better. Enjoyed your post. Regards, C. :-)
Missy - this may be far fetched to say, there is always a light at the end of the tunnel.
Missy, You can't be unskippy!!!! We all count on your positive spin on things. Things will change, they always do. America needs to hunker down and watch what is going on a little more closely. The oversight committee should be the American people. We have only ourselves to blame for not standing up and making ourselves heard. (imho) Hope you feel better over the weekend.
I am hopeful the new bailout will make money more available and make the buyers feel a bit better.
We shall see if ... I mean how long it takes this bailout to loosen credit markets. I posted on another blog today my predictions. In 6 months I will revisit it. It's okay to get unskippy for a minute because it helps you absorb reality, adjust and re-skippy!
OH Missy...that breaks my heart. That is just unbelievable...bringing 45K to closing. WOW! I've not seen anything like that. The worst I've had is a seller bringing 5K...but it was his fault. He stopped paying his mortgage for three months...even though I told him to keep paying until closing. 45K...OH MY! I'm so thankful that I know WHO has this world in HIS hands. Otherwise, I'd be a mess. GBU!
There's not much good housing news around here either.... however, soon the mountains will be alive with the colors of Fall! I think we (here in WNC) have a 'ways' to go yet, if you know what I mean.
Good advice for sellers. If they don't have to sell they should not sell .
Hi Missy, Michigan has certainly had its share of housing problems over the years. You and some of the other realtors up there do an outstanding job of explaining the market, coaching your sellers and actually selling the homes. Michigan is a beautiful state with Fall colors and Summer waters; I grew up just south of the MI border.
The Bail Out, while not pretty, is an actionable step and I'm hopeful it will make a positive difference. It isn't fair that good people got caught in this situation; luckily there is more to life than money and hopefully they will move on and experience other things that will make up for a financial loss. I'm not making light of it; it hurts and I do understand that. It is just my polly-anna line for the day...
They were ethical and did the right thing.
Oh Missy, I wish we were seeing the same thing here. The "bailing" is devastating whole neighborhoods and I am getting angrier and angrier about it.
Missy, I like the realism. People don't need false positives from "yippy skippy" agents. They need to hear the real deal, and they need to heed your advice.
We still have to look for the positive. Somewhere there is a bright light. Something to keep our spirits up. I believe we will have about a year, maybe a year and a half of continued decline, followed by a couple of years of stability and then things will get better. That basically means four years from now, we will be where we are now. But all of you reading this have hung on thus far. That means you are not among the 25% of the real estate agents that have left the occupation in Michigan. You are here for the long haul. It seems the tunnel has turns and bends we had not expected. Sometimes we cannot see the light at the end, but it is there. Think of it this way, there will be people that relied upon you for help and you came through. Even if you did not get a commission check. You properly advised them and they will continue to look to you for guidance. When their friends and relatives need to sell, who do you think they will advise them to call?
Regards, Gwyn Besner
Check out my schedule at: www.TheAcmeInstitute.com
PO Box 328 Acme, MI 49610
I can understand the low energy. Your post is on target in so many ways. Even in a market like mine where we haven't had such a degree of price drop, the feeling is the same.
Missy - I have said the exact thing to sellers "If you don't have to sell, DON'T". The only homes that are selling are the ones that are priced right, because the buyers out there are looking only for the deals!