Kris Wales-Macomb County MI real estate -Ask me about buyers agency in Michigan

****Added for clarity: The Macomb Daily did not print erroneous information. A commenter to
the article stated information that was not factual - in fact it was completely untrue!****

In Saturdays online edition of The Macomb Daily an article was written about the condition of the
real estate market for the month of October 2008.

It was a fine article, nothing earth shattering that those of us who are in the real estate industry in this
area don't already know, but helpful to those who aren't 'in the know'. I didn't take exception to much in
the article itself, and felt that Christy Strawser the author of the article did a good job with it.

I did take exception to a commenter on the article, someone who calls himself Former Realtor.

In Former Realtors comment he (or she) stated that unless you have a 750 credit score and
a minimum of 20% down that you won't be able to obtain a mortgage. He also went on to state
that 95% of the homes sold in Macomb County are foreclosures.

I could have scrolled on past his comment and not replied back, but I knew to do that would leave
the false impression on anyone who read his comment that what he said was the truth.

His words couldn't be further from the truth.

I replied back giving my opinion and clearly (I hope) poked large holes in his false portrayal of our local
real estate market.

Mortgage loans are available to those with under 750 credit scores and with as little as a 3% down
payment. Privately owned homes are selling in Macomb County. A recent example of this is in
Chesterfield Township. Of the 27 homes that sold during the month of October 2008 (the month that
the Macomb Daily article referenced) 9 of them were sold by private home owners. (NOT foreclosures
or bank owned homes) That is a 33.333% ratio of private vs foreclosures sold in Chesterfield
Township alone. Clearly not the 95% ratio that this Former Realtor quoted to the public.

I am begging and pleading for help from real estate professionals nationwide: When you see this
type of misinformation and have the opportunity to set the record straight please do so. We have a duty
to our local citizens and consumers to not let this type of falsehood gain any steam.


~Kris Wales~ A Macomb County MI real estate agent

...the signs can come down now.

Goodness, they were blocking the
gorgeous view of the orange cones!

The above photo was taken this past Saturday along
23 Mile road in Chesterfield Township. The same road
that was supposed to be done with construction by
November 1st...

The last week or so I have been reading that many large banks
and mortgage lenders are now instituting policies to help curtail
the rise in foreclosures. (I'll refrain from stating that it took them
long enough to think and act clearly..)

JP Morgan - Chase Bank has announced they will modify the terms
of some mortgages (estimated up to 400,000 - that's not some but
many!) for those homeowners who are struggling to keep up with
the terms of their contracts.

Countrywide recently announced a mandatory loan modification program.
Mandatory. That's good news for those homeowners who have been unable to reach anyone at Countrywide (now currently owned by Bank of America) in their pleas for help to avoid losing their homes to foreclosure.

I'm not a rocket scientist. Nor do I have a degree in economics.

I do know one thing : If existing home loans for people are modified and they are able to stay in their homes we should be seeing fewer bank owned homes entering our real estate markets.

Here's the good news: Home sellers will have fewer homes on the market competing with their homes.
When that happens the downward spiral of sales prices will start to reverse itself.

The bad news? The buyers who are waiting for the bottom of the market to purchase may have waited too long.

I don't believe I live in a fairy tale world. Supply and demand has always been something I understand, and it looks like we're going to start seeing the signs of that basic principle working again very soon.


© Kris Wales a Macomb County MI real estate agent

As the real estate market in Macomb County MI can be referred to as challenged the last year or so, home sellers who need to move have become more interested in renting (leasing) their homes than ever before.  Renting or leasing your home in this market can be a good option for some home owners in Chesterfield Township.

However, one of the drawbacks to this from a real estate agents perspective is that when the data is compiled at the end of each month the leased prices are being reported as "sold" data.  In order for a real estate professional to determine the market value of your home they must strip out those homes that have been rented to reveal the actual sales (sold - transferred ownership) data.

Below is a slide show presentation of what the data reveals when the market report for Chesterfield Township MI October 2008 home sales has been stripped of its rental data.

(During the month of October 5 homes that were on the market in Chesterfield Township were leased-rented.  Those reported sales were actual monthly rental terms.  If these are included in the sold data it would appear that the average sales price of the homes that did sell (transferred ownership) was lower by $20,139.00. 

If you are a homeowner in Macomb County MI I would strongly advise that you ask your real estate agent to give you the nekkid version of the market reports.  Ask him/her to strip the rental data out of their reports to you.  After all, you want to know what the range of value is for homes that actually sold, not those that were leased.

Kris Wales a Macomb County MI real estate agent - search homes for sale

Last night I was again blessed to be invited by dear friends to spend Halloween with their family. With my own children grown and gone, and very few little ones in my subdivision I have missed the fun and excitement that Halloween brings to small children. (And big kids - me!)

7 year old Grover Jr. had so much fun this year designing his own costume!

He wanted to be a robot and he did a fine job of drawing what he wanted to look like and with Daddys help his creativity came through.

Moms pasta strainer may never be used in the kitchen again (note his head!) but Mom won't mind. The pride on his sweet face was worth sacrificing one 'ol pasta strainer!

Notice the dryer vents for his arms? Even he knew that those weren't the kind of vents to use in your home!

From start to finish Grover Jr. had the same charming happy grin on his face. After he finished his own trick or treating he sat on the porch with me and helped pass out goodies to more children. He was a fun date!

Leo kept wandering off as I would get close to take his picture! (Too much excitement in the air?)

No, he just couldn't get enough of Frankie!

Leo also wanted to be a robot like his big brother, but the bulk of it was too much for his just-turned-4-years-old body.

He was just as adorable though and had a grand time trick or treating with his Daddy and big brother!

He wanted his friend Frankie to be able to go along with him.

Frankie however had to stay home and protect Mom and I from the ghoulish trick or treaters!

I hope everyone had a safe, fun and ghoulish Halloween!