Market Update For Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Summer is officially here!

In the past I’ve mentioned my real estate coach, Howard Brinton, to my sellers. As a recap, Howard is a top real estate mind who Karen Jolley and I speak with 1-2 times per month. His experience and expertise have been invaluable to our organization. Often times he shares relevant information from top agents throughout the country. This week Howard sent us an article written by an agent in Florida. I thought it was very interesting, so I am summarizing it for you. Denny Grimes and his team are experiencing a challenging market in Ft. Myers, FL. and here’s his take:

Sellers who are trying to sell their home in this market most likely will not be successful. Only those who are committed to moving will sell. Price is the single most important issue a seller must face. To get to the closing table, we need to do what it takes to sell your home. We must forget about what we paid, what we owe, what our re-fi appraisal says, or what Zillow.com reports. In today’s market, none of that matters.

As I was reading Denny’s article, I kept thinking of one of my favorite childhood movies; Star Wars: The Empire Strikes Back (Now my kids love these movies and I get to watch them again!). My fellow Star Wars geeks will remember the following dialogue between Luke Skywalker and Yoda:

Luke: All right, I'll give it a try.

Yoda: No. Try not. Do... or do not. There is no try.

I know this is a corny reference but I’ve often thought about this over the years as it relates to anything I am involved with. As Denny mentions in his article, “Sellers must be committed to systematically lowering the price, until showings increase. Showings will lead to a sale.”

And now for the sales statistics...
The May '07 sales stats are in for Livingston County. To summarize, # of sales were down 23.5% as it compares with May ’06 and sales volume was down 34.3%. Thankfully, sales at Buckley Jolley continue to grow and buck the trend in the county.

The Blackford Family Wins The Tigers Tickets

Our team is pleased to announce that the Blackford family of Brighton has won our latest client giveaway. They will be attending the Detroit Tigers vs. Boston Red Sox game on July 8, 2007. Their seats are in the 25th row behind home plate! This wonderful family was nearly disqualified when the time came to take their picture (above). It never occurred to us that we might draw Red Sox fans as winners! Congrats again to the Blackford’s and GO TIGERS!

June's Feature Property: 10417 Lake Shore Drive

10417 Lake Shore Drive; Tyrone Township, MI $319,900
1551 square feet. Two bedrooms, two baths.

Enjoy your summer at this meticulously maintained ranch on beautiful Runyan Lake. There is no need to travel Up North. Relax a little, play on the water, and enjoy your friendly neighbors.

Many updates include a three car garage, flooring, bath, roof, counters, sink, sea wall. Sit on the attached deck, or the deck at the water. Other features are the recessed lighting, attic, storage space, pantry, Kinetico water system.

The landscaping on this home can't be beat. This is definitely great lakefront living.

If you are interested in previewing this home or any of our other exceptional listings, call us today at 810.229.7000. We'd be happy to provide you with more information.




















For more specifics on this property, please feel free to browse through the brochure: http://www.buckleyjolley.com/docs/LakeShoreDrBrochureJune.pdf

NEW Buckley Jolley TV commercials coming soon

On June 12 and 13th, 2007, The Buckley Jolley Real Estate Team filmed two new commercials. Both are scheduled to air in late July or early August in Livingston County Comcast and Charter Communications households. One of the commercials features not only Karen and Todd, but also some of our clients and their families speaking about their positive experiences with our team. Our commercials air 7 days a week on ESPN, CNN, TNT, TBS, Fox News, Comedy Central, USA and more.

If you have not had a chance to see our previous commercial, you can check it out on our site: http://www.buckleyjolley.com/commercial.html

Livingston County: May Sales Statistics

Well, the sales stats are here again and Livingston County has seen another dip. While April ’07 saw more sales than April ’06, the number of May ’07 sales were down 23.5% from May ’06. Sales volume was down 34.3% from one year ago and the average sale price dropped from $252,283 to $216,663.

So where’s the positive spin on this bit of news?

As we’ve mentioned to our clients before, the market only affects those who are currently IN the market. If you’re not in the market, think of it as a stock that you plan on keeping. The two numbers that matter most are what you paid and what you eventually sell for. That stock could fluctuate $50 a share tomorrow (positive or negative), but it really doesn’t matter unless you sell it tomorrow.

If you are in the market, most likely you are both selling and buying. Your current home may have dropped it’s value in the last 2 ½ years, but so did the home you are looking to purchase. This market is perfect for move-up buyers and first-time buyers. They see the most value in their purchase in a softer market.

Ultimately, we give all potential clients a comprehensive analysis of their home, situation and needs. Some decide to move and others are not willing to price competitively enough so the market will absorb the property. Either choice is appropriate depending on the situation. Some of our seller clients have decided to sell because their dream next home is now in their price range.

Please let us know if you would like an analysis of your situation. We can be reached at frontdesk@buckleyjolley.com or 810-229-7000.

Market Update for Our Sellers

Karen & Todd send our sellers an update on market conditions every two weeks. Here is an excerpt of that e-mail.

Recently, complete strangers have been approaching me and asking about the market. They speak as if the market is a close relative of mine that just passed away. They walk up slowly, speak softly, and ask “How are you during this difficult time?” I let them know that we are optimistic about the future and realistic about the present. I let them know that we have been able to help 50 families so far in 2007. This is not a funeral procession; it’s just the new normal for the market. And in any market, there are opportunities. The Buckley Jolley Real Estate Team continues to keep our heads up and work harder than ever for our clients.

One of my seller clients asked me the other day, “Do you have any good news for me?” So, here goes…In the last 2 weeks two of our listings sold in less than 14 days on market! We’re proud of that and I know those sellers are excited. This dispels the thought that all listings will be on the market for a long time before they sell. The aforementioned sellers understood that pricing competitively was critical and they saw their strategy pay off.

I want to be talking about your SOLD story very soon! -Todd Buckley

Buying Your First Home

For many people, homeownership is a major player in the American Dream. Before you sign on the bottom line, be sure you are financially prepared and have a good understanding of how the process works. Unfortunately, many people begin shopping for homes before shopping for mortgages. Researching mortgages and getting pre-approved should be the first step towards home-ownership. Once a lender has reviewed your income, debt and credit history, they will give you a pre-approval letter for the amount they have agreed to loan you for a home purchase. Buyer beware, however, as many lenders will approve you for more than you can actually afford on a monthly basis. Before you meet with a lender it is a good idea to work out a detailed monthly budget (include everything down to your dry-cleaning bills). From there, determine what amount you feel comfortable spending on housing per month, including property taxes and homeowners insurance. Tell your lender this figure and she will tell you what that equates to in a purchase price, or mortgage amount depending on how much money you will be putting down.

Be sure to explain your circumstances to the lender such as how long you plan to live in the home and the money you have to work with for a down payment. This will determine what type of loan will work best for you. If a deal sounds too good to be true, it probably is so make sure you have a good understanding of how the loan is structured in order to avoid surprises in the years to come. Also, be a good consumer and shop around for the best rate and terms. Not all lenders are created equal so it is best to go with a referral from someone who has done business with the lender in the past, or ask for references.

Buying a home is a long-term obligation and should not be taken lightly. A few things to consider before making this commitment are job security, credit history and money in the bank. How stable is your job? Do you like your job/company? If you or a spouse is considering a job change or going back to school it might not be the right time to take on a mortgage. Even if your credit history is marginal, many lenders will still loan you money. However, it will be at a higher rate and fees than someone with good credit. If you have some blemishes on your credit report, consider taking care of them by paying off credit cards, closing unused lines of credit from department stores and paying bills on time. Find out from a knowledgeable lender what you would need to do to get your credit score to a place where rates and fees would be the best. If there is ever a time to have a nest egg in the bank, it’s before buying a home. You will need to have reserves above and beyond the down payment and closing costs for the unexpected expenses of homeownership.

Don’t let the American Dream turn into a nightmare by being uneducated about the process before you start. Always consult a lender and a real estate agent (in some cases an attorney or tax advisor) before you begin looking for a home. -Andrea Stanaway. The Buckley Jolley Real Estate Team has three full-time Buyer Specialists ready to help you with your purchase. Call today for your FREE consultation 810-229-7000.