Technically it is a great time to buy. Why?

Based on average selling price, the last time prices were this low? 1997.

Based on sales the last time sales were this low? 1997.

The last time the mortgage business was this crazy? 1997.

What happened after 1997? Eight years of growth. It is really that simple.

The fed will have to drop interest rates to the floor, historically rates are lower in December and January of every year. Look for a 30 year fixed rate mortgage in the mid to high 5% range.

Sellers need to be motivated. My house is for sale, in 2005 it would have easily sold for $215,000, and been a great buy. (interest rates were mid sixes) the same house can now be bought for $180,000. Difference in payment= $332.00

$4,000 a year after tax money. A 20% discount. On a move in condition house with $50,000 in upgrades over the last six years.

I spoke to a local appraiser today that I have known and respected since I was 18, Gary Pray, great guy. He told me about a local builder that pulled a fast one on a client at closing...
They changed the buyers home price with out telling him, the catch is they reduced it $50,000!

Yes that is right! They willingly gave a guy a house for $240,000 he was willing to pay $290,000 for that day! WHY? because they decided to move more product and build out their development they needed to drop prices going forward and they did not want to create a bad situation with that client. What a great move, no doubt it was the right thing to do, but we just do not see enough of that today, greed too often trumps the "right thing" and that drives me crazy, (anyone need a Four Bedroom in Fenton!).

Get this, they not only did the right thing by that buyer, but they went back to ALL the people that have bought in the past and gave them a check back for what they paid versus current market value! I am trying to contact the company and get their permission to release their name and that of their project. THEY ROCK!

If every seller thought this way.....homes would be selling.

182 of the last 455 homes sold in Genesee County have been foreclosures. Only 40%.

Seven homes have sold in Genesee County since August 1 for over $300,000, there are 488 homes on the market for over $300,000. I was doing to do month suppy but the math got to big so how about 5 YEARS worth! Note: with interest rates hitting mid 5% range by Dec/Jan it would be an awesome time to buy if you have the where with all. Paying a heavily discounted price with a heavily discounted mortgage rate. Seriously. Check out Pat Oakes listing on HighGrove, this house is awesome would cost way more to build it today than you can buy it for.

The average sales price since 8/1/07 is $96,000.

Does anyone remember the brain drain blog? If all the children left who would buy the homes?

I own a home on Lake Fenton, so I appreciate the over zealousness of the agents practicing there; but who in the lords name got them to come up with their prices. To think that there are 14 homes priced over $1,000,000 actively on the market right now! The highest price MLS home ever sold was $1.5ish, not counting last years $3.5ish which was a true aboration.

Does anyone know how many homes have ever SOLD (not been built) on Lake Fenton for over $1,000,000? Eight. Know how many have sold in Genesee County ever? 15.

Oh well. There is always the builder that gave the money back!

It's a surprise to builders: Nearly 6 in 10 can't afford $175,000, and lending crisis makes it worse

In real estate some say it's all about location, but in Michigan's rocky economy it's more about price.

A study by the Michigan Association of Home Builders found that 1.35 million Michigan households, or 35%, can afford only homes priced under $100,000, yet the average price was $139,155 in June.

source: The Detroit Free Press