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...