October 2009 Gladwin Michigan Market Update

Gladwin County is located in rural Northern Michigan and is conveniently located within 3 hours of Detroit and 2-2.5 hours from Flint and Lansing making it easy to come "Up North" for the weekend.  But, we encourage you to stay longer, and after you visit this area you will want to spend much more time here!  An area that is popular for its scenic lakes (including Wixom Lake & Secord Lake), plentiful state land, quaint parks, Amish communities and down town shopping.  Gladwin County is primarily a second home/resort community.  We have real estate to accommodate every buyer from very affordable cabins to luxurious homes.  As a life long resident of Gladwin County I know the area well and I know the market even better!

The Real Estate market in this area, along with most areas of Michigan, remains challenging but appears to be improving!  Recently we saw home values declining, but that appears to have stabilized.  There does remain to be a stagnant economy and a lack of qualified buyers since loan approval criteria has become more restrictive.  However, if you are looking to buy your first home, or your vacation home it is a fabulous time to buy!  Interest rates are phenomenal for qualified buyers, there is a lot of inventory to choose from and homes are more affordable then they have been in years!  For home buyers who haven't owned a home in the last 3 years there is even an up to $8,000 tax credit to take advantage of before November 30th.

Here is the latest real estate market update for Gladwin and Clare County, Michigan which include the surrounding areas of Beaverton, Gladwin, Harrison, Clare, Rhodes, Bentley, Wixom Lake and Secord Lake.

The Clare/Gladwin Board of Realtors currently has 1,029 homes for sale through the Multiple Listing Service (MLS) and 73 of those were new to the market in October 2009 reflecting our busy selling season winding down.  The average asking price of the homes currently on the market is $125,109 and the average days on market for those homes has been 327 days.  These stats are virtually unchanged from May, June, July and August figures which helps to clarify my theory of the stabilizing market in Gladwin, Michigan.

During the month of October we saw 43 Clare and Gladwin County homes sell/close.  This is approx 20 less sales than September signifying the end of the selling season for 2009.  The average asking price was $90323.  The average sales price was $77,496 and the average days on market for these homes was 269 days.  The sellers received an average of 86% of their asking price.

86  homes expire from the market in October.  The main reason homes don't sell during their listing period is they were priced incorrectly for the market and/or condition of the home.  In challenging buyers market periods it is imperative that a listing be priced as competitively as possible for its condition in order to have a chance of selling. To learn more about why homes typically expire and what you can do to avoid that fate click here.

                                                                   $149,095                                                            

219 Lakeview, Beaverton, MI 48612

Extra large brick home in city of Beaverton! 3 BR, 2 Bath 1,800 sq ft home is spacious and offers a large kitchen with island, dining room, family and living room with fireplace. Attached 2 car garage and 4+ car detached pole barn with 12' side walls. View of Ross Lake across the street. Home has been well maintained, has built in shelving, drawers and entertainment center. Recent updates complete the package. Move in today! 

 If you're thinking about selling your home, one very important fact to know about your real estate market is the Absorption Rate.  The Absorption Rate will tell you how long it will take for the current inventory of homes in Gladwin and Clare, MI to be absorbed by the market if no other homes come on the market.  The absorption rate for October 2009 is 1.99 YEARS!  Thisnumber has increased by 6 months from last month proving that the strong buyers market is definitely easing but a stable market still does not exist in Gladwin/Clare County. If you want your Gladwin area home sold, you need to know this number to help you price your home accordingly.

Are you thinking about making Gladwin or Clare County, Michigan your new home?  Are you thinking about taking advantage of the great interest rates and affordable prices to buy your own slice of Northern Michigan Heaven?  Contact me today and lets gets started!  I know the area very well and I know the market even better!  You can call me at 989-429-2600, email me at sonya@sonyaloose.com  or visit my website at www.BuyorSellWithSonya.com .