Petoskey Homes - October Swoon

There is blood in the streets! There is carnage in our local real estate market! If you are a buyer, this could be a great thing! Sorry all you sellers, this is not good news for you. If you don't need to sell right now, just disregard this blog and check back to see how the market is doing in a year or two.

In October of 2007, twenty-four single family residences (homes and condominiums) sold, compared to thirty-three sales in October of 2006, a decline of over 27%. Total dollar volume of sales in October of 2007 was $7,715,200, compared to $10,749,375 in October of 2006, a decline of over 28% year to year. The median home price fell from $199,900 to $188,450, a decline of almost 6%.

As of November 7, 2007, there are 569 Petoskey homes for sale (including condominiums) in the Petoskey School District. With twenty-four sales last month, the monthly absorption rate is 4.2% of available inventory. We currently have just under a two year supply of homes on the market!

In my opinion, this is great news for real estate buyers and investors. Although it may be impossible to predict a bottom, these difficult market conditions are producing a number of attractive buying opportunities right now. Are you a bargain shopper? This may be a good time to start looking, if you are possibly interested in purchasing a Northern Michigan property.

I am putting my money where my mouth is. I recently cashed in on some stock market gains and just purchased a commercial condominium unit. I am also preparing to write an offer on a vacant lot for my own investment portfolio. I am trying to follow the sagest investment advice ever given--buy low and sell high.

If you are interested in learning more about investing in the Northern Michigan real estate market, please feel free to give us a call toll free at (877) 228-9664. We look forward to the opportunity to be of service.

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Northern Michigan Regional Hospital

Northern Michigan Hospital has a new name, Northern Michigan Regional Hospital. And a new logo! Pretty snazzy.

We are so blessed to have such a wonderful regional referral hospital in our community, and such a kind and caring professional staff.

If you are considering an employment opportunity with Northern Michigan Regional Hospital, we would be happy to chat with you regarding local housing opportunities, the Northern Michigan real estate market, area neighborhoods and schools, etc., without obligation.

As mentioned in Medical Economics magazine, "a buyer's agent can help you negotiate the best deal possible by providing a comparative market analysis, recommending appropriate professional inspections, giving you information about the area that the seller's agent isn't required to disclose, and reviewing the settlement statement and other relevant documents. Generally, you don't pay for this guidance. Instead the buyer's agent splits the commission paid by the seller to the listing agent."

Our company specializes in relocation and buyer agency. We don't list properties for sale or represent sellers. We are completely, 100% loyal to our buyer clients and their interests. As local experts, we can save you money and offer you peace of mind when relocating to the area. If you are a transferee unfamiliar with the Petoskey area, we will give you all the facts about a particular home or location, both good and bad. A listing agent may not be as willing to offer information that might prove detrimental to a sale, because he or she works for the seller. Their duty is to sell the property they have listed. On the other hand, an exclusive buyer agent only represents buyers and does not have listings. We can provide our clients the objective information they need to make the right decision regarding a home or property.

According to Diversion Magazine for Physicians, "A 1992 study found that 200 relocating workers who used buyer brokers paid an average of 91% of the offering price, whereas those using traditional brokers paid 96%.

If you are considering accepting a position with Northern Michigan Regional Hospital, please give us a call toll free at 877-228-9664. We would be pleased to share our knowledge of the area and the Northern Michigan real estate market with you. We have successfully represented a number of Northern Michigan Regional Hospital transferees, and look forward to the opportunity to be of service.

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Northern Michigan Regional Hospital is our pot of gold at the end of the rainbow!