Real Estate in Cheboygan county. (for sale, income, work)

[frostytsm]

Hi all, new to this forum. I was looking for a place to find out what is going on in north Michigan real estate and stumbled on this site. I hope it is a good place to get some much needed information. I had a relitive who was in the real estate sales in the area and moved to Florida because of work, She is not having a easy time in Florida, She said that after she went south, the realestate office she worked in shut down, and in Florida a home that was for sale on water for 630,000 is now offered at 229,000. If Florida is getting hit that hard I feel that I may have a problem in north Michigan.
I don't know if this is the right place for this type of question, but feel free to move it if it is not.
I had to leave Michigan last year to find work in Texas.
I have been down here for a bit over a year. My home in Cheboygan county is sitting vacant so I will not give out to much info.
I have it listed for sale and it has had no one looking at it.
I had a couple of LC offers but I can not afford to do that, plus I would have no way to keep tabs on the home.
My Realtor tells me that things have taken a big drop in value and the few homes that are selling are water and the few buyers there are want to steal them.
The Realtor also said things started out looking like they may turn around this spring, with many phone calls, but now the phones have stopped ringing. My home was valued at 130,000 2 years ago, I felt that it was worth this with all I had into it.
Two Realtors I contacted a month ago said that I needed to drop to 99,000 to start, and every quarter I waited most likely would drop in value even more.
I feel that my stubborn attitude, I had the attitude that I would wait 10 years if I had to to get my money. But now looking at how things are going,oil holding at record highs and predicted to go higher, I may be fighting the wrong battle.

My question is for any Realtors in the business in north Michigan, How are things doing for real estate in north Michigan? I really need a real life idea.
I have some hard desisions to make and do not need any rose glasses.
If things are really bad I need to know. Any help would be appreciated, any one who is selling a home in the same area please let me know what you have seen. thanks in advance.

[LissaHarmon]

Well, let's put it this way. I am planning to buy in Michigan, however, i'm looking in southern michigan. All of the realtors I've spoken with have said with the bottom falling out of the housing market, I can easily find a house for less than $20k that, three years ago, would have been going for about $180k. I know that is certainly true here in Ohio, and the houses we have found in Michigan that are comparable to the ones here of high value are much MUCH cheaper. We were also advised if we wanted to move to northern (my fiance LOVES Northern MI and the U.P.), that if we wait about 2 months longer, we can certainly get a very good house very VERY cheap, as everyone is moving south.

We had found a home we liked in Cheboygan, actually, and it had been on the market for over 6 months, but it finally sold. It was almost 2000 sq ft, and only needed a fresh coat of paint and new carpeting, listed for $14,900. It was about 3 blocks from the lake.

I wish you luck! I know for buyers this is a great market, but for sellers it is horrible. We can't move until we sell our home here in Ohio, so we are hoping things turn around soon.

[frostytsm]

I know what you are saying, if you want to buy and have an income that is not dependent on working in Michigan, than this is a great time to buy. I have been able to keep my home paid up by working down south. But for those in Michigan I fear that this winter with heating oil and gas going through the roof many will hurt worse than I have ever seen and I am old enough to remember how bad it was in the late 70 and early 80s.
I also fear Michigan is going into its own depression.
I left in the 80s and lived in the south where there was work. Came back and worked through the good times. I wish I had listened to those who saw this coming, and told me to sell now or I would be sick at what my home value would be in a year or two. Any other Realtors who have any input would be appreciated.