Matt Case - Blog

Coldwell Banker Schmidt Family of Companies Ranks 3rd in Nation

Matt Case — Mon, 01 Mar 2010 09:24:49 GMT

The Coldwell Banker Schmidt Family of Companies has been recognized as the third largest Coldwell Banker Affiliate in the nation for 2009. The ranking was based on closed units as among over 1,200 Coldwell Banker affiliates nationwide.

In a letter to Ken and Mike Schmidt, Coldwell Banker Real Estate LLC President and CEO Jim Gillespie noted that “Your production levels were up from the previous year, a fact that very few real estate companies across our country can lay claim to. A job well done!” Gillespie went on to note the company’s success in the upper tier markets throughout Western and Northern Michigan as a premier marketer of Coldwell Banker Previews International properties.

“It’s really amazing to see our company ranked third in the nation, but it validates our belief that a long term commitment to this business, cutting edge technology and hard work yields success” said Mike Schmidt, President of The Coldwell Banker Schmidt Family of Companies. “That we’ve experienced an increase in production in what has been a difficult market is testament to the absolutely outstanding efforts of our agents. We’re very much blessed to have such a fantastic group of professionals who have chosen to partner with us in their real estate careers.”

It pays to brave the elements

Matt Case — Tue, 02 Feb 2010 08:53:28 GMT

Wednesday was a cold, icy, nasty day. Like 15 degrees and 15 mph winds, yielding sub-zero wind chills. And I had several hilltop properties to look out. Since the next day was supposed to be even colder, I added some layers and headed out into the elements. The first parcel sits on a north facing ridge, overlooking Long Lake, and when the snow isn’t flying, Sleeping Bear Dunes in the distance. A trot up the ridge and some photos showed me what I needed to know- a hike down to the waters (ices) edge will have to wait.

Next a stop at a wooded lot with shared access to Crystal Lake. Again here, snow obscured any possible distant lake views. On to the last pair of lots, which sit on the bluff overlooking Crystal Lake. As I stepped out of my car, the wind slapped my face, and my eyes began watering almost instantly. By the time I walked down the lots, tears were streaming and being caught in the wind. Those that ended up on my glasses quickly turned to little salty icicles.

I snapped a couple of quick photos, and was about to turn my back on the wind, when a quick tear in the clouds let a stream of sunlight through to the lakes surface. Thank God for small reminders of life’s beauty.

Why I support the extension and expansion of the Home Buyer Tax Credit

Matt Case — Fri, 30 Oct 2009 08:40:05 GMT

First, this is a tax credit, not a cash payment. It's unlike a bailout to a bank, or even Cash for Clunkers where we as citizens wrote checks to take serviceable vehicles off the road. By taking part, buyers are keeping tax dollars out of Treasury hands, and I like that. A small distinction, I know, as the money will be made up somewhere.

Second, it's estimated the median home sale generates about $63,000 of economic impact via ancillary services, purchases by buyer and seller, etc. That's a powerful engine to drive this recovery.
Third, first time buyers have been given the opportunity to participate, and it's made a difference in clearing inventory (which in turn can hasten the return to work for contractors, etc.) Broadening this with reasonable limits can allow others to take part in the recovery.

Fourth, lending requirements are so tight that we're not putting bad loans in the system. In fact we're keeping some very good buyers out, and keeping people who would be purchasing from doing so. This legislation can help to create a bit more balance in the market.

But we do need to wean ourselves from the government teat!

September Sales Show Recovery in Northwest Michigan

Matt Case — Wed, 14 Oct 2009 12:39:33 GMT

September proved to show a long anticipated increase in real estate activity in Northwest Michigan. Buyer activity has been trending upward after a lackluster summer season, and we're driving into the fall with a lot of offers being written and properties being put under contract.

The number of residential sales for September we up 31% over 2008- actually they were the best they've been in the past 4 years. This has been driven by the downward adjustment in sale prices. Buyers flocked to those listings where the prices had dropped in concert with the regional market trend. Median price as compared to the prior year was down about 11%, which is on par with year to date figures as well.

Overall, we've seen home prices decline just under 21% since their peak in 2005/2006.

Home Sales Rebound in Northwest Michigan, September 2009

Value leaders have been in the low and middle ranges- you'll see in the chart below a sharp increase in the number of sales under $40,000 (WHAT! A house in NW Michigan for under $40,000? Yep.) That trend is reflected up into the midrange, with gains up through the $180,000 range.

Home Market Price Analysis for Northwest Michigan, September 2009

Where we've fallen off is at the higher end, made up primarily of waterfront/vacation homes. Many of these sellers are either insulated from the economic pressures of our current economy, or have just not come to terms with the effect that the overall market has had on their values. While waterfront properties have suffered much less exposure to price erosion, the lack of transactions indicate that the buyer population is waiting for adjustment to take action. There are some exclusive enclaves (such asCrystal Downs on Lake Michigan) where little if any depreciation is occurring, but what we've seen on other lakes is that only those properties that have made adjustment are selling.

We continue to have some very good values, but the best deals get picked off very quickly, and as inventory continues to tighten, we'll see increased competition for these listings. Multiple offers are already common, and by all indication this trend will continue.