Letters
Robert Downes
A Home Buyer‘s Paradise... Lost?
Here in the Midwest, we live in a home-buyers paradise compared to much of the rest of the world. Realtor Jack Lane (who hosts a real estate show on WTCM-AM) notes that the median price for a home in Grand Traverse County in 2010 was $145,000. The regions high is Leelanau County, where the median price was $205,000 last year. In Kalkaska County, however, the median price was just $65,000. The median price for a home in Petoskey is reportedly $169,000.
By contrast, the median price for a home in San Diego County last year was $305,000. It was $225,000 in Denver and $205,549 in Fort Lauderdale.
So weve got some bargains in Northern Michigan (Leelanau County notwithstanding) and youd think there would be something of a land rush on here in the region.
Whats holding people back?
History will show you that most people will wait and wait, hesitant to act before the entire crowd acts, Lane says. Therefore, not until interest rates begin to rise and headlines begin to say Housing recovers! will you see the market kick back to the levels of ten years ago. Most buyers need the psychological permission of the masses. The really smart people are either already wading into the water or are donning their hip-waders as youre reading this.