Fed Drops Rates, Activity Picks Up, GM May Go Back to Work, Yes for Lansing Area!

Lots of good news this week around Lansing area as the weather starts to break, additional good news hits the streets with the Federal Reserve lowering rates and the strike being settled. We started noticing increased activity last Sunday with open houses reporting increased traffic 3 and 4 fold compared to previous weeks. The telephone has been ringing with buyers and sellers, the conference rooms are being used more frequently and it appears to be business as usual in and around the greater Lansing real estate market. Notice I said business as usual vs. back to a booming market. The boom of 2001 to 2005 is gone, it's history, it was not good for today's economy and I am pleased that we will now head for a steady, growing, and sensible market that will be better for long term growth.

Pricing in the greater Lansing area has had a bad rap with the repossessed homes being sold way below market value, driving down the average price, however, this pricing does not warrant low ball offers on regular real estate that has already been priced according to today's market. You either want to buy a repo or you want to shop the regular market, however buyers can't have it both ways. Sellers who have adjusted their pricing back to 2001 to 2005 pricing should continue to get offers within 5-10% of sale price and remain firm. Its two different markets when it comes to long term investment in home ownership, in my opinion. My reasoning is substantiated by my last three sales coming in within 5% of the list price on properties that were being sold for normal reasons, like transferring, moving up to a larger home or just across town. If you're interested in finding out the value of your home in today's market or would like consulting on buying or selling, feel free to contact me at 517-492-3400 or visit my website for additional information.

"Expect the Best" Mike

Mike Bowler Sr. ePRO, CRB, GRI, SRES
Coldwell Banker Hubbell Briarwood
1020 S. Creyts Road, Lansing, MI 48917
Phone: 517-492-3400 Fax: 888-832-6203
email: Mike@MikeBowler.com 
Website for Clients: MikeBowler.com
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