Five Star Real Estate’s Blog

Thought I would share a recent experience that set me to thinking…. On a Sunday afternoon a couple of weeks ago I had occasion to show a couple of condos. Everything went fine but I was absolutely stunned by what I observed as the buyers toured the property. The sellers of the condo had left their credit card bills for both VISA and MASTER CARD sitting out on a table in plain sight. After we left the property I was still nonplussed that any seller would leave such information out for anyone else to see. In this day and age of identity theft the lax attitude of these sellers seemed like an invitation to disaster.

The next day I picked up the phone and called the listing agent. The listing agent was an agent I knew to be a consumate professional. We discussed the situation and he thanked me for the call. He assured me he would follow up with his clients immediately. This should serve as a warning to all of us. Have we not all had home owners who have been lax about such things? I have had many clients who have kept their bills on the phone desk near the kitchen eating area or some other such obvious place with no thought given to security or identity theft.

As real estate professionals we must instruct and direct our clients relative to the possibility of identity theft. Of course we must do so in such a manner as to not create significant or unwarranted alarm, but we are the professionals and it is our duty to protect the security of our clients. Wanted to share this thought with you. Best wishes and successful selling!

Jeff Blahnik

fivestarmichigan.com

When buyers decide we have reached the bottom!!!!  Fear will no longer be an issue.

The facts we will be looking for…..

1. We will begin to see multiple offers on a property.
2. We will see the time on market decrease from an average of 110 days to 90 day or less.
3. We will see offers over asking price.
4. Sellers happy at the closing table.
5. There will be less than 20% of sales controlled by banks vs. the current 45 to 50%.
6. Homes will be selling for more than 2x’s A.V. vs. less.
7. Current inventory will drop well below 10,000 homes on market.
8. % of foreclosures/short sales will drop from the current 20% of active listings.
9. Monthly supply inventory will drop below 10 month supply.

Greg Carlson

fivestarmichigan.com

*Stats per GRAR (Grand Rapids Association of Realtors).  Grand Rapids, MI 2007-2008

The Grand Rapids Association of REALTORS® reports that sales of existing homes, including single-family homes, vacation homes, and condominiums, rose to record levels in January of 2008.  The Association reported 996 sales in January of 2008 – an 18.9% increase over this same period last year, and its strongest January sales report since 2002.  This comes on the heels of the Association’s report that sales of existing homes in each month of the 4 th quarter of 2007 also rose to record levels when compared to 2006.  Jim Fase, President of the Grand Rapids Association of REALTORS®, said that this notable rise in home sales means we will likely see a faster and more meaningful recovery of the local housing industry, which will help to stimulate overall economic activity.  “The average price of an existing single-family home in January was $129,500, a reduction that was anticipated in light of the increased number of sales of homes in January that were at or near foreclosure.  Subprime loans and other risky mortgage products have virtually disappeared from the marketplace which means that current sales are more stable and will lead to steadily higher home values later in the year,” he said.  The adjustment in the average price will also enable more first time homebuyers to purchase a home.  The National Association of Home Builders/Wells Fargo Housing Opportunity Index (HOI)[http://www.nahb.org/news_details.aspx?sectionID=0&newsID=6228] reports that Grand Rapids ranks as the 5th most affordable major housing market in the U.S.  This is based on a measurement of the percentage of homes sold in the Grand Rapids area that are affordable to families earning this area’s median income. “The steady increase in the number of home sales in this area gives us confidence that we may have turned the corner,” Fase concluded.  The Grand Rapids Association of REALTORS® is a regional organization working toward the advancement of the West Michigan real estate community.  Its members are also members of the National Association of REALTORS®, America’s largest trade association, representing over one million REALTORS® involved in all aspects of the residential and commercial real estate industries.                                                                                          www.grar.com                                                

REALTOR® is a registered collective membership mark which may be used only by real estate professionals who are members of the National Association of REALTORS® and subscribe to its strict Code of Ethics.