Recently in the West Michigan market the number of new foreclosures has started to decline indicating that we may be nearing the bottom of the market. As we get closer to this bottom the opportunities will begin to be fewer and fewer meaning either the prices of homes will increase or the quality of the homes will decrease. Either way, first time buyers and investors will be kicking themselves for not taking advantage. Interest rates are still low and other than the 2003-2005 time period, interest rates had not been this low for nearly forty years. Basically, if we believe what goes around comes around, interest rates will begin to increase again as inflation worries increase. Again, first time home buyers and investor will be kicking themselves. We all know that it is very difficult, if not impossible, to call the exact bottom of the market and quite frequently those who believe they can end up waiting to long and leave a lot of money on the table. If you are or if you know someone who is a first time home buyer or an investor, the time may be now to start making decisions. There has been in the past year and a half and there will continue to be a large transfer of wealth over the couple years. If you want to be part of it the time is nearing. I would be more than happy to sit down with you or anyone you know the discuss the options and create a success plan for the future. If you or someone you know is interested feel free to call me anytime at 616-456-7500 x 114 or email me at LloydReed@grar.com. Until then, let's make 2009 the most prosperous year.
Lloyd Reed is the mananging broker for ERA Network Real Estate in Grand Rapids, Michigan 616-456-7500.