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I'll say it until I'm blue in the face - Real estate IS local.

By Kris Wales

Real Estate Agent with Keller Williams Realty - Lakeside Market Center

January 29, 2008 09:48 PM

There has been much written and talked about lately about the “right time to buy”.

In the Metro Detroit area we have witnessed a downturn to housing since 2002. Homes have taken longer to sell, the supply has outpaced the demand, and the prices that home sellers have been receiving for their homes has been less each year.

Other areas of the country have been experiencing this only recently, or within the last 2 years or so. When you read the national news please keep this in mind. National data does not tell the “local” story.

Are we at the end of the downturn? I honestly don’t know. For the sake of the economy in Michigan and homeowners across the region I sincerely hope we are near that point.

How will you know when it is the “right time to buy”? When it is right for you.

Let’s face it, we all have to live someplace. Whether that “someplace” is an apartment rental or Mom & Dads home or a college dorm or a home of your own will be up to you.

Housing is also an expense we all have. Renting or owning or paying room and board – we all have to pay to live somewhere. Choosing whether to own or rent is a personal decision and should be based upon only what is right for you.

The Metro Detroit housing market is saturated with homes right now, some of them are very
good “bargains”, others not so good. If you want to own your own home, and purchase while
the market is plentiful with homes and low prices and the time is right for you, then by all means
hire a competent real estate agent to represent your interests and help you with the process.

©Kris Wales RE/MAX Advantage 1, Inc. Chesterfield Township MI

http://macombhomes.com

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Kay Perry

Kay Perry, Broker - College Station, TX

Hi Kris, I think the right time to buy is when you need or want to. Like you said, you have to live somewhere.

Jan 29, 2008 11:15 PM

Anonymous

Larry: Our area isn't shut down either..sales prices are lower, but homes are selling. National data doesn't help the consumer make a "local" decision.

Kay: Amen. Thank you Kay.

Jan 29, 2008 11:17 PM

#14

Charlie Ragonesi

AllMountainRealty.com - Big Canoe, GA

Homes - Big Canoe, Jasper, North Georgia Pros

Real estate is local and people need a place to live. 2 great points that you made that are so often overlooked. Thanks for the post

Jan 29, 2008 11:26 PM

Renée Donohue~Home Photography

Savvy Home Pix - Allegan, MI

Western Michigan Real Estate Photographer

"When it is right for you" is such a simple yet complex statement and well put Kris!

Jan 29, 2008 11:43 PM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Charlie: You're welcome. Thank you for taking the time to read and comment.

Renee: Thanks Renee. I appreciate it.

Jan 29, 2008 11:54 PM

Diane Aurit

LKN Realty, LLC - Mooresville, NC

Lake Norman Real Estate

Kris, great message...when the time is right for you. I will remember this when trying to communicate the market to my buyers!

Jan 29, 2008 11:55 PM

Laura Cerrano

Feng Shui Manhattan Long Island - Locust Valley, NY

Certified Feng Shui Expert, Speaker & Researcher

Kris, People will always be moving when the time is right for them or even when they get transferred. I wonder why the news does not speak about markets in different areas that are doing well.

Jan 30, 2008 12:14 AM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Diane: Thank you. It's something that has always held true, now more so than ever. Only buy when it is right for you.

Jan 30, 2008 12:15 AM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Carole: I don't suppose it would draw many viewers if the news was positive..they've probably done polls on that. Shout out "doom and gloom" and ratings rise...

Jan 30, 2008 12:17 AM

Gary L. Waters Broker Associate, Bucci Realty

Bucci Realty, Inc. - Melbourne, FL

Eighteen Years Experience in Brevard County

You really have it correct - each buyer will buy when the time is right for them. The circumstances dictate the decision - not newspaper headlines.

Jan 30, 2008 01:00 AM

Teri Eckholm

Boardman Realty - White Bear Lake, MN

REALTOR Serving Mpls/St Paul North & East Metro

Kris--In my area it is a great time to buy, IF you buy smart and IF you plan to keep the home. Throughout the Twin Cities there are better areas than others to buy...just as there are throughout MN...and throughout the Midwest....and throughout the US. You are so right that real estate is LOCAL and if they call a local Realtor such as yourself, a buyer can find great local options that will meet their needs in ANY market. Good Post!

Jan 30, 2008 01:12 AM

Jo-Anne Smith

Oakville, ON

Kris,

I agree with your statement 'when it is right for you' completely....that is really the only time to know when to buy.
Here it's a great time to buy, with low interest rates and property values still rising....although in another area it might be a different scenario. Along with that are all of the variables that take place in each person's life.

It's definitely local and individual,

Jo (ps. I hope you're feeling all better)

Jan 30, 2008 08:39 AM

Elizabeth Nieves

The Elizabeth Nieves Realty Group - Durham, NC

Bilingual Raleigh - Durham North Carolina Real Estate Team

Keep saying it, my friend! Eventually...people will actually believe us. I hope you are feeling much better!! :-)

Jan 30, 2008 12:35 PM

Thesa Chambers

West + Main - Bend, OR

Principal Broker - Licensed in Oregon

a good agent will say this a million times in their career - it is all about local - maybe that is why we have localism :o)

Jan 30, 2008 03:01 PM

Jeff Belonger

Social Media - Infinity Home Mortgage Company, Inc - Cherry Hill, NJ

The FHA Expert - FHA Loans - FHA mortgages - USDA loans - VA Loans

Kris... I totally agree and the media can certainly be misleading at times. Hope it picks up for you... but I will agree, it certainly is a great time to buy. Many homes to choose from, prices down, and rates down. Get them now...

Jan 30, 2008 04:50 PM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Gary: Newspaper headlines only report generalizations (at least from what I'm seeing.) No one can tell someone when the right time to buy is for them. It is an individual decision. Thanks Gary.

Teri: I've been reading your articles and agree with you - in your area of the Twin Cities it sounds like a wonderful time for someone to purchase a home IF it is right for them!

Jo-Anne: Thank you. (Yes, I'm feeling a bit better each day!) I'm thrilled to hear that in Ontario that property values are still rising. Good luck to you and your consumers Jo-Anne.

Jan 30, 2008 10:32 PM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Thesa: I love the localism feature here :-) You're correct - it is all local when it comes to real estate. Thanks Thesa.

Elizabeth: Thank you, yes I am :-) I know you are experiencing much the same things: Local affects, local economy, local issues.

Jeff: It's been a busy January so far - here in Metro Detroit there are so many homes on the market at prices that young first timers can now afford.

Jan 30, 2008 10:35 PM

Cynthia Tilghman, Realtor® Onslow County NC Home Specialist

Kingsbridge Realty, Inc - Hubert, NC

Hi Kris,
What a profound and true statement regarding when the time is right to buy "when it is right for you". AMEN! We have seen more activity in past two weeks, just keeping my fingers crossed it continues on an upward spiral. I wish the same for you.

Jan 30, 2008 11:15 PM

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Keller Williams Realty - Ann Arbor, MI

Ann Arbor Area Real Estate

Kris, Great job explaining what we all know to be true. Is this your forclousre we had going at the same time? I bet it is. We haven't seen the docs back as yet. Bummer, but they will come and we will close soon. I'm thinking positively. The young buyer is just so ready to get the final word. And he is cash, so once we get the final papers back, we are good to go after title work. Wish me luck!

Good to have you back.

Jan 31, 2008 09:10 PM

Kris Wales

Keller Williams Realty - Lakeside Market Center - Macomb, MI

Real Estate Blog & Homes for Sale search site, Macomb County MI

Cynthia: I'm so glad to hear that you are seeing more activity in Onslow County. I hope it continues for you. Thank you so much for stopping in and commenting.

Karen: Yes, this is the foreclosure that I was telling you about went so quickly with getting bank docs and such. Hard to believe you are still waiting for yours. I have another one that we received signed docs within 2 days. Fingers crossed for you and your buyer!

Feb 01, 2008 01:34 AM