Gary White FlexIt Realty~Real Estate & Updates, Grand Rapids & West Michigan

Local news of another factory closing hurts the local economy but not nearly as much as it hurts the families it directly affects.

Most think the people that are laid off are the only ones directly affected but it goes much further than those immediately affected by the loss of their job.  The reduced purchases at the grocery store could affect the number of employee needed to stock the shelves.  The reduction in inventory needed by the store itself...it is easy to see this impact the local neighborhood sales and extends out to all facets of our economy to every sector.

Look at the housing market how many more homes will go on the market because of the closing of Miller Products, LLC?  The estimate is between 150 and 200 employees will be directly affected with the closing.  Then add the others that are affected by the closing and it could easily rise by another 100 people becoming jobless.

That loss of employment can add to the already historic foreclosure rate in the local housing market.  It can also impact the number of available buyers.

How is the employment outlook in your area?

Everyone has their eyes on the election.  Why...very simple we have a sputtering economy, we have a lack of confidence by consumers.  Financial markets are in shambles with retirees worried about their nest eggs.  401k's have dropped significantly with many not wanting to know where the status of their hard earned saving stands at this time.

There is no quick fix to our economy...but there could be some help with the right person in the presidency.  The other issue that many homeowners are concerned with is the continued decline of home values.  This too can be stabilized but is not likely until we stop the continued in flux of foreclosure homes into the market. 

We have to get the absorption rate back to a normal level.  What is an absorption rates?  This is the time it takes in a normal market to sell all the homes for sale.  What is a typical market absorption rate most think it is between 6 to 8 months...of inventory.

The difference is the economy has to have an up arrow and the down arrow on the actually comes when more homes are sold and off the market.

So the bottom line is until we get rid of the jitters and put our economy back on track we could see many more foreclosures, continued drop in home values for the next year to year and one half.

How do you feel about the economic future of your area?

Kent County's foreclosure rate is dropping according to Realty Trac...that may be a good sign or is it a lull before the storm?

General Motors announced layoffs, companies are struggling with rising costs and lower sales.  Then couple the retail sector also seeing a rise in cost of goods sold causing a reduction in labor to reduce overheads.  This has the potential of putting many homeowners in jeporady.

Bank failures restructuring of lending methods, elimination of buyer programs have the consumer, sellers and buyers paralyzed wondering what to do.

Yet this type of market offers some exceptional buys in residential and commercial properties.  Sure you have to be cautious, sure you have to do your homework...and you have to have your financing in order before you venture out to make that purchase of a lifetime.

Foreclosures can be a real opportunity or they can be a money pit...but knowing your capabilities or where to find the right help to evaluate your decision process can be a real bonus.

Kenny Rogers made a song famous the "Gambler" know when to hold them and when to fold them....pretty good advice when dealing in the foreclosure market.

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If you are looking for a bargain and are not under contract give us a call Toll Free 877-667-4699.  We are a HUD authorized brokerage.  You never pay a commission for our professional agents representing you...they could make the difference is saving thousands of dollars in your next purchase.

I have been running this week so when I spotted gas for 20 cents less than I had been seeing all over town I was thrilled.

I quick took a glance at my gas gage and had about a half a tank.  You have to realize Michigan has more gas tax than nearly any state in the union with the exception of California.

So we Michiganders don't see these prices like other states.  So I whip into the station fill up my SUV and smile to myself as I grab my receipt on the way back to my car.  Off I go to my next appointment.

No many things make you smile as much as finding cheap gas.  I can't even believe I said cheap gas...it was still $2.68 per gallon.  Anyway throughout the day I mention to people the name of the station and my great find.  I figure I might as well spread the word so others could take advantage of my good fortune.

Later that night I get the receipt out to log it into my expense report only to find that I actually paid 10 cent more per gallon than the sign said.  Usually I verify the price at the pump when I push the button...I was distracted with my next destination and thinking of my presentation of the offer.  Anyway I just pumped the gas and off I went.

Now I find my good deal wasn't quite as good.  I am a bit miffed so I call the station to see what gives. I get a nice attendant on the phone.  She laughs, oh that was only up about 15 minutes the guy that changed the price "he just switched the numbers" by accident. 

I ask politely, in my best say yes voice, if I stop back do I get my extra 10 cents per gallon?  I don't know I just work here...you'll have to talk to the boss tomorrow.  He was the guy that switched the numbers. 

Well after I hung up I thought to myself it would only have saved you another $1.50 for the purchase..OK I'll call tomorrow...a buck fifty is worth a call I have to be in he area anyway.

So have you ever thought you were getting a good deal only to find out it wasn't that great a deal?

Silver lining to a stress filled eventful week.  

To say I did not have one of my better weeks would be an understatement:  my computer crashed, bought a new computer so I could be up and running in a timely fashion. (that is a separate post  in itself)

Then my email provider upgraded their system and my email history vanished. (they are still in the process of restoring it)

So while all of these events were happening, the offers also started coming in.   Now I am not saying that is a bad thing but I have to say email down, computer crashes and restoring all the files, adding in all the programs that are not present on the new system and then a conbination of five offers from buyers and sellers that all look like they have a great chance of closing...all I can say is WOW! 

One of my listings the buyers had been through 5 times in the last three weeks and finally wrote an offer that my seller accepted.

Another one of my listings had a showing and shortly thereafter an offer came through on that one too. (still negotiating that one)

I presented and received an acceptance on an offer for one of my buyers. I have two commercial listings we are in the middle of final negociations too. 

You can't say real estate isn't interesting.  All you can do is maintain your focus and represent your clients.  That is what they expect and deserve.

I guess the old saying is true, there is always light at the end of the tunnel...and a sometimes even a silver lining.

So how did your week go?

By the way, would someone turn back on my email history?

Economic changes can change our lives drasticlly.

The economy has cast a real shadow over people's lives.  They are uncertain how to move forward.  It is as if everyone is frozen in time.

We have just had people laided off from one of our major employers.  A few of them will take early retirement others will get a supplemental severance package but the bottom line their jobs are gone.  Will they be able to find employments options in this economy or will they be forced to sell their homes to maintain their credit. 

This is one of the most frightful things to have happen losing your job.  It is a very helpless feeling but that is no reason to lose your home or have a foreclosure.  Michigan has had thousands of people losing their jobs.  You are not alone.

Some people are proactive and review their situation and make the best of a bad very bad situation. 

Avoiding foreclosure is something you can do if you know how and have help.  It is one thing to be forced to sell your home because you lost your job and can no longer make the mortgage payments...it is quite another to be forced into foreclosure.

You can with the help of a skilled professional turn your foreclosure into a short sale or maybe even a conventional sale.  The number one issue is you, your family and saving your future and  credit.

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If you live in Michigan and facing foreclosure call Toll Free 877-667-4699 for your free information kit on how to avoid foreclosure.