Saturday, October 3, 2009

The newspapers and the press are all trying to make out that the market is improving and with statistics you all know anything is possible!!
From our view point here in Pentwater the market is just as stuck as it has been this past year.
In January we had 100 homes listed in the Village and Township; now we have 120.
There were 27 condos listed for sale in the Village of Pentwater in January and we still have 27 for sale although a couple of them sold and a couple more came to the market.
All in all 14 homes were sold; 6 in the Village of Pentwater and 8 in the Township. 3 were bank owned (foreclosed). Yes, I know there are 3 more months in the year, thankfully.
We closed a short sale this week - been working on that since April.
Buyers are buying but only when a bargain is to be had.
First time buyers have been prominent in the market and there is a little flurry of activity going on right now as they try to beat the November deadline for the $8000 tax credit.
Unfortunately, many potential first time buyers fail to get a mortgage because the lending institutions are so bound up! (dose of salts required, I guess)

When you can buy homes in Detroit for $7000 and in Muskegon for $15,000 it comes as no surprise that the rest of the market has stalled - Maybe better news next week!