Michigan Housing Market

[GRDadof3]

I don't know that the number of $1,000,000+ homes on the GRAR is an indicator of anything. Home prices have been going up, so it's only natural that more and more would break that threshhold. Better indicators are absorption rates, new listings year over year, etc.. I don't know what those stats are, but no one is denying it's a soft market.

The GRAR also will take listings all along the lakeshore, from South Haven up to Manistee or Traverse City if the realtor is a member, which many lakeshore properties are going to be in that price range, so it covers more than just the GR area. But it looks like 12 have been recorded as sold so far this year in that $1,000,000+ range.

[Veloise]

Does anyone here think that the cooling housing market will have any negative effects on all the condos being proposed and built in and around downtown? The last thing we'd need is to have a bunch of empty buildings.

[Velvet Costello]

I'm talking about isolated from the suburban market, which is the largest part of the market. Downtown urban living is a largely a niche market in most cities (at least in Michigan, right now) that's largely uneffected by what's going on in the suburbs. The people that can afford to live in a lot of these new downtown spaces obviously have enough money that they can choose wherever they want to move, right? Maybe I'm missing something, here?

[Nitro]

I've got enough St Joes buried in the backyard to build a shrine.

[AlexPKeaton]

You could try your hand at being a landlord and rent your house out. The rental market may also be soft, but if you're in a desperate situation you can always undercut the rest of the market. Or you could just sell your house for a lot less than you want, which does suck, but you'll be eating a loss either way.

-nb

[Velvet Costello]

I've dropped the price and offered up front to pay closing costs...she basically told me that even big price drops aren't tempting a whole lot of people lately. Maybe I'll advertise the fact that a high-security St. Joe alarm system keeps 'round the clock guard.

I am going to try the water heater thing. The Angelus has profited mightily off my purchases.

You still have upkeep and exterior maitenance on a rental.....that's another big reason I wanted to explore the condo lifestyle. No more yardwork for me! (maybe)

[concretepoem]

Many of the people moving into these downtown developments have homes to sell in the suburbs. If they can't sell their home, they're not going to move.

[Budgie Frisket]

1. Maybe these 0 down loans should be outlawed.

2. This may sound down right cold and heartless. But given the global economy, should lenders be able to factor in the buyer's employer in qualification? For example if the buyer's employer is doing well and has a history of prosperity and is very likely to retain existing jobs and add new ones, the buyer's chances improve. But if the buyer's employer is not doing well and is outsourcing jobs or cutting them and is unlikely to reverse this trend for the forseeable future, the lender would think twice of approving the loan. Of course other factors like credit rating, income, etc. would still apply.