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Brett Binkley Sales Associate Pat O'Brien and Associates (231) 582 1801 Office (231) 590 8230 Cell (231) 582 1714 Fax What does 18 years of sales and marketing experience get you? A client focused REALTOR® who is dedicated to providing the highest level of care. His vast sales experience has given him strong negotiating skills with a sense of urgency for a job well done. Brett promises to listen, be detailed oriented, follow through and communicate with his clients from start to finish. Whether listing their home for sale or helping a buyer find their home, Brett helps to make the experience stress free.
Good Year to Stay Close to Your Michigan
Most of you who read this blog already have some connection to northern Michigan and know how special this area is. Maybe you remember the smell of the musty cottage after traveling 4 hours after your parents got off work Friday night, arriving late into the night and crashing into sleeping bags. Maybe it’s the sight of the heavy dews in the cool Michigan morning on the grass and trees. Could it be the sound of the seagulls and feel of the cold whitecaps the first time you splash into the water on the Lake Michigan beach? The State of Michigan has had a tough go of it over the past several years. My plea in this newsletter is that you travel within or to the state and spend your vacation dollars here. Besides, just think how much money you’ll save in fuel costs by foregoing that trip out west or east this year! Michigan has so much to offer close by, historically, naturally, and other attractions all around. Stay close to your Michigan and get closer to your family by conjuring up some of those old memories or starting some new ones.
Brett Binkley
Spring 2008 Off with a Bang!
Thank you, thank you! My business had a nice spike in activity this spring and I hope to keep the momentum going. Those of you who bought or sold with me, thank you for the nice comments and congratulations! I get the question, “how’s the market?” on a daily basis. I believe that at a minimum it’s started to level out. If you read the headlines, real estate news is not in the forefront as much anymore, it seems, so that is an indication to me that the carnage is diminishing (as in, bad news sells newspapers). Sellers who are serious to sell and have equity have adjusted their prices, or soon will, once they come to realize the may have to own a home or condo they don’t want for another year. "This is going to be another difficult spring," said Mark Zandi, chief economist at Moody's Economy.com. "I think we are at the beginning of the end of the housing downturn, but it is going to be a long and painful end." Fair enough. If you’re a buyer or investor, when is it a good time to pull the trigger? At the end of the downturn or at the beginning of the recovery? Keep in mind also that this newsletter is about Northern Michigan real estate, a desirable vacation and second home “address” that has an increased demand built in because we draw buyers from all over the country. I was involved in deals this month that saw buyers from Cincinnati, OH (Hi Ann Marie and Dan) and Virginia. We are also at the cusp of the retiring baby boom generation who are looking forward to spending summers here, as I stated in my last newsletter in April. Lawrence Yun, chief economist for the Realtors, sees some hopeful signs. "Lower prices and low interest rates are starting to generate results," Yun said, noting that 30-year fixed-rate mortgages averaged 5.92 percent in April, down from 6.18 percent in April 2007. Sales should also be helped in coming months, Yun predicted, by the reappearance of more mortgage products as lenders reopen the tap for certain loans. That supply had been closed following the credit crisis that hit last August, triggered by rising defaults in sub prime mortgages. What I think you should take from this article is that if you’ve been on the fence about buying a retirement, second home, primary home, condo, vacant land, etc. in the Northwest Michigan area, you’d better start thinking about hopping off. As I’ve said before, you don’t want to say, “I should have bought in 2008.” And don’t forget, I’m never too busy for you or your referrals if you have any questions or need a hand getting off that fence!
Brett Binkley
So You Don't Think We've Reached the Bottom?
The prognosticators of the economic world want to suggest that we're not at the bottom yet as far as prices on homes and property. If you are someone who is subscribing to that theory, go ahead and wait. Just remember these few points: we don't know when the prices will level out and the market will revive; choices of style, location, and amenities are abundant now; interest rates are still great; once the prices level out or turn--you're too late. This may be just anecdotal, but you may have heard by now February sales were up, "blamed" on lower prices. Hmmmm. I've always been under the impression that if you want to sell more of something you lower the price. Retailers have done it for as long as I can remember.Here's my idea. If you think that we haven't reached the bottom, let your offer on that great piece of property or home reflect what you think it will be. Do you think it will be 10% less? 20%? As agents, we've now been in this downturn for 2 1/2 years and have been advising our sellers that they need to reflect that in their asking price already. But if you think you know something we don't, let your offer fly. Keep in mind, no matter the market, motivations for sellers are different. Some have to sell, some don't. I would say if you don't have to sell, you shouldn't have your property on the market. It's adding to the glut of properties on the market, reducing demand, thus driving prices down.
One more thing about the northern Michigan market. Our market prices will not decline like other markets in Michigan. We are in a highly desirable part of the world where people want to be for second homes and recreation. Our market is not as dependent on the Michigan economy as southeast Michigan. I'm currently working with buyers from Texas and Ohio. I've even recently been talking to a buyer in Windsor, Canada. Finally, baby boomers are retiring and many have money to buy a second home. Many want to summer on Lake Charlevoix, Walloon Lake, or any of the other many crystal blue northern Michigan lakes and winter a warmer clime.
Yes, I'm in the real estate business and have an agenda to sell real estate. I've also heard many say, "I should have bought when...." Are you going to kick yourself again? What will be your excuse this time? Let me know...
Brand New Lake Charlevoix Access Home for Sale
Virtual Tour
This is a terrific, quality built home in the ever popular Villa de Charlevoix. This association is located on the North Shore of Lake Charlevoix between famous Horton Bay and the thriving resort town of Boyne City, also located on the shores of beautiful Lake Charlevoix. The benefits of being a part of this association is the 500' of sandy bottom beachfront access that is available to the property owners here. Clubhouse
and other amenities including boat dockage is available for yearly association dues of only $160. As I said, this quality built home, completed in 2005, is a 2 bedroom 2 bath charmer. The kitchen is gourmet with an island stove and hood and other stainless steel appliances. Beautiful hardwood flooring and other finishes such as Andersen windows make this a must see. Move in before the infamous Horton Bay 4th of July parade!
Why is it a Great Time to Buy Real Estate?
In the year 2000, a movie called "The Perfect Storm", starring George Clooney hit the movie theaters. If you recall, it was so named because all of the conditions that make for a most spectacular atmospheric event came together at the same time. If you are an investor or just a buyer who has been looking to buy real estate, we are at the proverbial "perfect storm" time to purchase real estate. The price of real estate is at or near the bottom, money is about as cheap as it's ever been, and choices are abundant. In fact, despite the mortgage crisis, if you have good credit, a job and steady income, you'll find there is still plenty of mortgage credit to be had at good rates. Investing 101 tells us that you should buy low and sell high, so that should be your first clue. Secondly, homeownership has a track record that is virtually unmatched by any other purchase in terms of real benefits. Home ownership still reigns as the single largest creator of wealth for many Americans. Over the long term, real estate has historically appreciated 5-6% annually. Look at this example: say you put 10% down on a $200,000 house, for an investment of $20,000. At a 5% annual appreciation rate, that $200,000 home would increase in value $10,000 during the first year. Earning $10,000 on an investment if $20,000 is an incredible 50% annual return. In contrast, putting that $20,000 down payment into the stock market and getting a 5% gain would yield only a $1,000 profit. Buy the way, not only do you gain the confidence that buying real estate is a good investment monetarily, but real estate is a tangible investment that will yield years of enjoyment and creation of memories with friends and family that last a lifetime.
Brett Binkley
Sales Associate
Pat O'Brien and Associates
(231) 582 1801 Office
(231) 590 8230 Cell
(231) 582 1714 Fax
e-mail me!
www.patobrien.com
www.goliveupnorth.com