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Adam Ford
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http://abclocal.go.com/wjrt/story?section=local&id=5752987
MID-MICHIGAN (WJRT) - (11/09/07)--Because there are a near record number of homes for sale in our area, prices are dropping. For home buyers, it's created some real bargains.
Before we get to the story of one particular house, a sobering statistic: According to the Flint Area Board of Realtors, the average price of a home sold in Genesee County at this time last year was about $130,000.
At the same time this year, it dropped to $103,000. Home prices are dropping, creating bargains for buyers.
Barb Manney and Carol Breslin inherited their parents' home. Zoned commercial, the price originally was set at $225,000. Later, it was more realistically priced at $155,000, then $119,099, then $89,000.
When it was dropped to $69,000, it sold in two days for $61,000. The buyer got quite a deal.
"For him it was, but not for us, but the reality of the situation is we were not getting any other interested parties, so we were glad," Breslin said.
"I hope it works out well for him," Manney said. "I just want to sell."
It's a phenomenon that's happening all over the country. House prices are falling because of a glut of inventory.
"They'd had enough," said realtor Lucy Ham. "You know, we're just going to take the money. We're at the end. That's it."
Ham has been selling real estate for 32 years.
"You have to cut your losses because our prices are dropping every day," Ham said. "It's the perfect time for the move-up buyer."
But that's if they can sell their old home. And that isn't easy. In Burton, a divorce put a three-bedroom home on the market. The price has dropped, creating what could be considered quite a deal.
"It went from $184,900 to $154,900 -- a $30,000 drop in that price range is a substantial drop," said realtor Pat Oakes.
Oakes, who's been selling real estate for 23 years, feels it's going to be a while before local housing prices start heading up.
"I think one year before we see things pick up and go again, some people are stretching that out and saying, say two to three years," Oakes said.
If you'd like to see more information on the house in this story or other deals, click here. But behind every bargain, there can be heartbreak for sellers.
A subdivision in Flushing has one such deal -- four bedrooms and a three-car garage for $229,000.
Last month in Genesee County there were more than $7,900 homes for sale. That's down from August when more than 8,000 homes were for sale, a record.
This is the story of one of them.
"We thought when we bought it we'd be staying there and raising our children there and living there forever," said Kristin Sutherland.
But five years after they moved in, the Sutherland family opted to move to Iowa.
"He took a new job there, which was better for the family," Ham said. "She was a teacher here, so she stayed an extra year to the end of the year."
They listed the house at $290,000. After a year, there were no takers. The Sutherlands, who are now living with four children in Iowa, were forced to drop the price.
"We've just gone lower, lower, lower. I can't believe it," Sutherland said.
Compounding their problem: They put $40,000 into the house, including a three-car garage.
"If we were to sell it for $229,000, after realtor fees, we'd have to come to the table with $35,000. That doesn't include the extra money for improvements, so our losses are probably going to be about $75,000," Sutherland said.
Although their case is extreme, the scenario of sellers having to bring money to a closing just to get out of their house is increasingly common.
"There is heartache and pain with one in four buyers bringing money to closing," Ham said.
Sutherland is hopeful her heartache will translate into smiles on the other end for the buyer.
"This has got to do it," Sutherland said. "This has got to do it."
With two house payments and four children, the Sutherlands admit they have some regrets. They're just hoping someone will buy their house. |
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Sat Nov 10, 2007 9:38 am |
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Ryan Eashoo
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It is a great time to buy real estate, there are so many good deals out there.
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Flint Michigan Resident, Tax Payer, Flint Nutt - Local REALTOR - Activist. www.FlintTown.com |
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Tue Nov 13, 2007 4:49 pm |
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