Calling all Investors - Make Money!

348 Haze Rd

Beulah, MI

2 bedroom, 2 bath home with large rooms, full basement with room for 2 more bedrooms in lower level with a third bath too! Private 2 acres, 2 car attached garage. Contact listing agent for details!

Listing Details

Fore more information, please call Sharon Reid-Brown at 231-632-6260 or sharonreid@remerica.com

Real Estate – The Good, the Bad and the Ugly

Having spent most of my life living and working overseas in both a military and corporate career in such places as South America, Asia and the Middle East, I can not begin to tell you the longing I felt to return to my roots in the Grand Traverse Region. After finally returning home I soon found myself drawn towards yet another career: The Business of Real Estate.

 

While living overseas I had the opportunity to see my real estate investments in the Grand Traverse Region go from The Good of 1970’s to The Bad of the 1980’s and back to The Good in the 1990’s. So what’s my point? Since the inception of what I call the Hyper Media Era (HME) we have been laced with information bombardment 24/7 via our major TV networks, cable networks, newspapers and of course the internet. Like the stock market, real estate has been subject to significant cyclic ups and downs in both the short term and the long term as a matter of the normal order of these things.

 

The difference this time is that during the boom of the 1990’s the HME contributed strongly to the illusion that you could invest in real estate of any kind and you would grow rich through appreciation. When that theory began to unravel the HME then contributed to the acceleration of reduced confidence in real estate as an investment.  The HME has, in a very short period of time (when compared to previous cycles), created the illusion now that everything related to real estate in our region is absolute doom and gloom. Everyone is in foreclosure, property values have greatly decreased across the board, that there are no buyers, banks are not lending money and that real estate companies are failing.  The bottom line is that in a pre-Hyper Media Era the awareness of and manifestation of our current problems would have taken much more time to set in and may have not been as severe. The difference is that now the purveyors of gloom and doom have access to the multiplicity of venues now available in the HME.

 

HERE ARE THE FACTS:

 

Single family home sales in the Grand Traverse Region during 2007, when compared to 2006, were down by less than 4% according to Traverse Area Association of Realtors statistics and reported commercial property transactions were almost identical for the last three years. Vacant land sales were down for the same period most likely reflecting the abundance of improved lots currently for sale.

Nationwide fewer than 5% of homes are in foreclosure and with commercial sales and leases remaining steady I challenge someone to show me The Ugly. Another gauge of the reality of the situation is that relatively few Realtors have dropped out of the business, at least locally. This is clear indication that many professionals continue to earn a living selling real estate. Yes, there is a significant inventory of foreclosed homes, short-sales, vacant land and some commercial space but in general business continues unabated in spite of the HME. There have been no major real estate company failures and in fact many new companies have opened throughout the region and are thriving. My own franchise company Remerica, is currently building out new office space on Garfield Avenue to meet current and future anticipated requirements and prepare for The Good to return as we complete our adjustment into the new economy.

 

Our Region is unmatched in natural beauty, community and talent. Times are tough and uncomfortable for many especially with increased fuel prices impacting all facets of our lives. For some their lives have been turned upside down as they have seen depreciation in property values, loss of employment and resultant foreclosures. To use a Navy term, steady as she goes, we are not nearly as bad off as we have been lead to believe.

 

Brent Nichols
Broker/Owner
Remerica-Traverse City
231.941.8283 office
800.941.8283 toll free
231.941.8262 fax
231.883.1186 cell
brent@remerica.com
www.RemericaTC.com

Sellers Update Letter

SUBJECT: News Update and Listing Activity Report

 

While the rest of the nation seems to be slipping quickly into the abyss of unsold new homes, foreclosures, massive inventories of pre-owned homes, Northern Michigan, seems poised for an upward swing. Just six months ago Michigan led the nation in foreclosures and is now positioned at number twelve – a quantum change. The aggregated sale of homes in Northern Michigan during 2007 was only a few points below record levels of 2005 and 2006. Regretfully, the unemployment level remains very high in Michigan and banks in general continue to cut the price of their inventory of foreclosures that are in direct competition with your property.

 

We are however, very confident that while Michigan led the nation downward over the last four years that our market has adjusted, great prices are out there & buyers are highly motivated to take advantage of this unprecedented time to buy. We appear to be finally on the road to some form of stabilization.

 

Our assistant Rebecca is working out extremely well – feel free to communicate directly with her either via phone or email at Rebecca@remerica.com  with any concerns you may have regarding your listing. Having another professional on the Nichols Team to assist in promoting your property is a great advantage.

 

Build out work will begin soon for our new RemericaTC office on about the 15^th of April. This new office will be located directly across the street from the Traverse Area Association of Realtors/Ethan Allen on Garfield Avenue. We hope to be up and operational by the middle of June. This location will provide us ultra-high visibility, lots of walk-about traffic from our many neighbors that include the UPS  Store, Heavenly Ham, Edson Farms, Leathers by David, Fast-Signs and the very popular Agave Mexican Grill. Our belief is that this new location will position Remerica-TC in a top location ready to take advantage of the coming real estate recovery.

 

The 2008 “Housing Game-Home Buyers Expo” display and associated seminars on the 5^th of April proved to be a high visibility venue for Remerica-TC. Remerica-TC is already planning on again participating here as well as the ever popular annual “Home Builders Expo at which we have always had great success.

 

TAKE NOTE: Your variable rate mortgage may soon be adjusting so now may be the time to consider a re-finance or just do it to take advantage of the historical low rates. If you need assistance finding a competent and trusted mortgage broker please give us a call and we can recommend several that we know will get the job done.

 

Thank you for your continued loyalty & trust during these trying times. If you have questions and/or concerns please give us a call.

Weekly Mortgage Forecast

Week of: Monday, May 12, 2008

Present Market Conditions
The entire economy, including buyers, is in a wait and watch stance to survey the effects of the latest FED rate cut. “Despite a weak housing market, mortgage rates remained almost unchanged this week based on better-than-expected economic data releases that indicated the economy still has some staying power,” said Frank Nothaft, Freddie Mac vice president and chief economist. Fannie Mae announced that it will buy the new Jumbo Conforming mortgages for the same prices as those below the old conforming loan limit, which should make some larger mortgages more affordable.

Expectations
Housing inventories are expected to drop to 400,000 (seven-month supply) by the end of ‘08 and to a five month supply sometime in ‘09. A five-month supply has historically signaled tightness in the housing market and normally results in a decline in rates. Expected to pass the Senate and be signed by the President, a $300 billion FHA housing loan guarantee program will assist troubled borrowers in refinancing into a mortgage with more affordable terms, resulting in a reduction in the number of foreclosures.

Guidance
Prolonged low interest rates and greater affordability (lowering home prices) will attract buyers into play; indeed it is a good time to buy. Now is the time to contact Georgie so she can structure a mortgage solution to meet your financial goals.

Traverse Mortgage Corporation

   (231) 947-9700        (800) 968-3680 

mailto:georgie@traversemortgage.com

Morel Hunting, Fishing & other Spring Activities:

Morel Hunting, Fishing & other Spring Activities:

A slow start to spring this year is an understatement. It was below freezing again at my house with the wood stove cranked up as usual. No complaints though as honestly I don’t look forward to the hot, humid days to come. I’m not sure which is worse though; the actual heat or the complaints I’ll hear about it from others that just a couple months earlier were whining about the cold. Strange every year. Not sure about you but I live here to enjoy ALL the seasons the cold, wet & miserable ones included. I absolutely love it. Call me crazy if you’d like, just not to my face.

There are some activities that come along during the spring season that I think we can all agree are enjoyable. Morel mushrooming, turkey hunting & others are annual northern Michigan rituals. A great time to be in the cathedral that we calls the woods. The smells, sights & sounds of the woods in northern Michigan this time of year is a special treat. Our beloved Trillium, the smell of leeks the happy sounds of all type of birds including the occasional Turkey gobble is truly a special treat for the senses.

So is anyone having any luck? I’ve seen a few so far but not many & no reports of any large quantity. Your hotspot GPS coordinates please. LOL

Hope to get out this weekend. Wish me luck.

I hear the Perch are biting in the bays too! Another great outdoor activity perfect for family, father/son, mother/son/daughter bonding experience. Just dress warm because you’ll have to be out early & be prepared to break a little ice too! Well worth it when you feel that first nibble or tug. At that point you just forget about the cold.

Either way I hope you are enjoying the warmth of our Spring season but are also just as appreciative of the cool, crisp nights this time of year. Our climate here I think is second to none & the fact that we do truly have all the four seasons makes it as close to perfect as one could get.

Send us your spring photos & stories. In the meantime for those that can’t wait for the white stuff to melt away here are some great shots of my trip to Wyoming this year for backcountry snowmobiling. This is NOT for everyone but wow what a blast for me! In my mind if there was a flaw to Michigan’s weather it would be the fact that we don’t get ENOUGH snow these days. Maybe this global warming thing will improve the Lake Effect snows some before I die. That’d be cool!

Enjoy the weekend & Happy Mothers’ Day wherever it may apply!

 

Brad J. Nichols
Broker/Owner
Remerica-Traverse City
231.941.8283 office
800.941.8283 toll free
231.941.8262 fax
231.883.2255 cell
brad@remerica.com
www.RemericaTC.com
  

     

     

     

     

     

 

Mortgage News for week ending 5/9/2008 - Oil Shoots Higher

Oil Shoots Higher

With little economic data on the schedule, the major economic story during the week was the continued rise in oil prices, which hit a new record high of $126 per barrel. Oil prices have nearly doubled since last summer. A major Wall Street investment bank issued a forecast this week that predicted a spike in oil prices to between $150 and $200 per barrel, possibly before the end of the year. The impact of rising oil prices on mortgage markets could be either positive or negative, depending on a couple of factors. Rising oil prices leads to higher prices for goods and services, and higher inflation usually leads to higher mortgage rates. On the other hand, higher energy costs slow economic activity, which serves to reduce inflationary pressures. In general, stock investors don’t like to see higher oil prices, while mortgage investors are less concerned. Mortgage rates fell a little during the week.

In the housing sector, the March Pending Home Sales index fell slightly from February, matching expectations. Pending Home Sales are a leading indicator of future housing market activity, so the next Existing and New Home Sales reports may show small declines. The National Association of Realtors (NAR) latest forecast predicted that conditions will remain soft for the first half of 2008, but that activity will pick up during the second half of the year.

Other significant news for the housing sector came out during the week as well. Fannie Mae announced that it will buy the new Jumbo Conforming mortgages for the same prices as those below the old conforming loan limit, which should make some larger mortgages more affordable. In addition, a $300 billion FHA housing loan guarantee program passed a vote in the House. More hurdles remain, as the program must be approved by the Senate and the President. If passed, this program will assist troubled borrowers in refinancing into a mortgage with more affordable terms, resulting in a reduction in the number of foreclosures.

Brought to you by:

Corey Phelps

Front Street Mortgage

Phone: 231-360-7283

 

Nicest Build Lots West of Traverse City

Shaneth Lane

Interlochen, MI

Locates just minutes west of TC & Munson, close to lakes, state land yet private setting w/ affordable prices. These 3+ acre build sites are pleasantly deed restricted, surveyed & ready to go! Choice of Benzie Central or Traverse City schools.

Each $39,900

Listing Details

For more information, please call Sharon Reid-Brown at 231-632-6260 or sharonreid@remerica.com

 

Lease to Own Near Interlochen

17629 Garvin Lane

Interlochen, MI

Centrally located between Crystal Lake, Crystal Mountain & Traverse City. Newer ranch home on nicely landscaped 2.5 acres. Includes full appliance package, wood laminate flooring in the kitchen, 2-car attached garage & home warranty.

For more information, please call Sharon Reid-Brown at 231-632-6260 or sharonreid@remerica.com

Cute & Cozy Home Near Lake Ann

6450 Sugar Maple Lane

Traverse City, MI

Cozy home on corner lot in great neighborhood. Close to Lake Ann and Traverse City. Neutral decor, hardwood floors, vaulted ceilings, newer updated kitchen and carpet. Finished family room with woodstove in lower level. Fabulous mudroom off garage and plenty of storage. You will want to call this “home.”

For more information, please contact Amy Jamieson at 231-620-2255 or amyjamieson@remerica.com

Weekly Market Update

 

Week of: Monday, May 05, 2008

Present Market Conditions
As widely anticipated, the Fed cut the Fed Funds rate by one quarter point. Investors now believe that the Fed is less worried about slowing economic growth. The unemployment rate slipped to 5.0% showing signs of improving which supports expectations the Fed will pause cutting rates. This resulted in less volatility and good news for mortgage markets as rates have dipped slightly.

Expectations
Expectations for a future Fed rate cut have fallen to very low levels. According to Wall Street economists, the Fed is expected to remain in a holding pattern and assess the effects of last week’s rate cut, the economic stimulus package and the decrease in the unemployment rate. Though the economic calendar is very light this week with mostly second-tier data releases, of interest is the ISM service sector survey (Monday), pending home sales index (Wednesday), and productivity (Wednesday).

Guidance
With current mortgage rates still at historically low levels, now is the time to contact Georgie so she can structure a mortgage solution to meet your financial goals.

 

 

 

Traverse Mortgage Corporation

   (231) 947-9700        (800) 968-3680 

mailto:georgie@traversemortgage.com