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Old 01-31-2009, 11:10 AM
 
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When do you guys think Michigan will make a come back. I have a home I am trying to sell and can not even get a bad offer on it. Has a couple of lookers but not one offer in 2 years.
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Old 01-31-2009, 12:42 PM
 
Location: Whoville....
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Maybe two or three years. Problem is we had a building boom just before we went bust and then people started leaving. We have a glut of houses.

Once the foreclosures stop, existing home sales will get better but you'll still be selling cheap.
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Old 01-31-2009, 12:51 PM
 
Location: Loving life in Gaylord!
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I think it really depends on where you have your house. I was just reading an article in my home town paper today about the housing mess. I live in a town of around 20,000 people. They said our area was not hit too hard because we never really had housing prices get out of control. The most popular realor said they are seeing signs of improvements with many more calls, and hits on their website this year. They also said when they have their big realtor meetings, everyone blames a lot of this on the media for only reporting bad news and scaring everyone. They expect things to pick up in the spring. I also think if Obama can do what he says they are thinking of.... getting rid of banks toxic assets and possibly setting mort. rates at 4%, it will help big time. I know many people are only expecting the worse, but I am pretty optimistic things will get better in the housing part of the economy in the next year to year and a half. The bad thing is, you wont get what you want for your house, and things wont start to pick up for most cities until more jobs come..than leave. (I'm really gonna hear it now for being optimistic)
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Old 01-31-2009, 01:04 PM
 
Location: Grand Rapids Metro
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Quote:
Originally Posted by pnutbujelly View Post
When do you guys think Michigan will make a come back. I have a home I am trying to sell and can not even get a bad offer on it. Has a couple of lookers but not one offer in 2 years.
Even relatively hot areas of the country are staring down 18 -24 months of home inventory to sell. If you're not in a desirable area in Michigan, I would say to plan for 5 years or so before you get a decent offer.
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Old 01-31-2009, 02:19 PM
 
47,531 posts, read 63,166,694 times
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Quote:
Originally Posted by pnutbujelly View Post
When do you guys think Michigan will make a come back. I have a home I am trying to sell and can not even get a bad offer on it. Has a couple of lookers but not one offer in 2 years.
I think we would have to define come-back first.

By that do you mean Michigan would be returning to it's former status and prosperity?

I think these economic turn-downs happen in cycles. The last time we were in such a cycle was 1929. I would guess 2009 will be like 1929, the beginning of a particular cycle.

I guess it has to do with someone's confidence in what the government is now doing, if you believe that throwing a trillion dollars of new bad debt to fix the problems of bad debt will solve the problem then you could be very optimistic right now. If you are one who believes that spending cuts are crucial and creating more debt is a terrible idea, then you would be pessimistic.
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Old 01-31-2009, 02:51 PM
 
24,839 posts, read 33,919,062 times
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Quote:
Originally Posted by michmoldman View Post
I think it really depends on where you have your house. I was just reading an article in my home town paper today about the housing mess. I live in a town of around 20,000 people. They said our area was not hit too hard because we never really had housing prices get out of control. The most popular realor said they are seeing signs of improvements with many more calls, and hits on their website this year. They also said when they have their big Realtor meetings, everyone blames a lot of this on the media for only reporting bad news and scaring everyone. They expect things to pick up in the spring. I also think if Obama can do what he says they are thinking of.... getting rid of banks toxic assets and possibly setting mort. rates at 4%, it will help big time. I know many people are only expecting the worse, but I am pretty optimistic things will get better in the housing part of the economy in the next year to year and a half. The bad thing is, you wont get what you want for your house, and things wont start to pick up for most cities until more jobs come..than leave. (I'm really gonna hear it now for being optimistic)
Not from me. I am starting to see "SOLD" signs. Also getting calls from realtors and banks to check and replace pumps and tanks.
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Old 01-31-2009, 04:32 PM
 
Location: State of Superior
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It is possible that Michigan will change from a big city concentration of wealth, and economy , to a more rural diverse society . That may already be happening , and , could explain why some areas of the State are experiencing a resurgence , of sorts.
Its no different than the car dealers , now , one sale is a big deal. If I were a Realtor , I would promote , inflate , and grand stand , all I could , those few sales that come their way..... It IS all about change , just like it was 75 years ago. People move , along with the jobs. The trick is , staying ahead of the curve, and , be willing to change along with the demographics .

The future for Michigan , is not the old ways , we must be flexible enough to except , things like " Green " technology , wind power , solar , alternative energy powered transportation , and a greater emphasis on education for these new jobs..... I believe the rural areas of the State will benefit , first , and more than the big , old , debt ridden cities. The flight to the Country ....is coming.
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Old 01-31-2009, 04:43 PM
 
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If America ever get's it's senses back and starts manufacturing again, the great lakes area stands to be a booming area because of the abundance of water. Water is becoming a scarce commodity in the world and mfg needs a lot. I say in 5 years, we will see a renaissance in the midwest (hope)
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Old 01-31-2009, 04:49 PM
 
Location: Chicago
38,703 posts, read 92,518,783 times
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Michigan will make a comeback when a) the tax and regulatory climate isn't abusively hostile; b) when those who remain, including and especially the political class, realizes that high-skilled pay for low-skilled jobs is a thing of the past and they're never coming back; and c) when those who remain take the initiative to start cleaning up their own house.

This is a problem the rust belt faces as a whole: much of the culture is simply too averse to risk and change. This was an unfortunate self-selection bias caused by the rapid collapse of heavy industry: those who had the ambition, initiative and tolerance for risk picked up and followed the jobs when they left. Those who did not, stayed. When these two sets are out of balance, economies suffer for it.

Here is a link to a very crudely drawn cartoon (caution: crude language too) a friend of mine in Michigan drew that summarizes a major part of Michigan's predicament quite succinctly.
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Old 01-31-2009, 05:26 PM
 
Location: Loving life in Gaylord!
4,121 posts, read 8,070,926 times
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My wife has a good steady job in the medical billing area, so she is fine as far as a stable job, plus she is going back to school to get her bachelors as we speak. She has also been thinking for a few years that she wants to become a realtor. I told her now would be a great time, because in the future Michigan will be a popular destination because of our water supply. I also saw a news story last week on a local channel of some technology between your car and the road that is suppose to virtually eliminate accidents. They said Michigan stands to gain tens of thousands of jobs in this field in the near future. (their words, not mine). we want to move near the TC area, which I saw an ad a Century 21 realtor had online, posted just last week, looking for help because they were VERY busy. I know they are mostly foreclosures, but I am also seeing SOME signs of things getting a bit better.
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