Michigan Realtors Seize Opportunity

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Michigan Realtors Seize Opportunity

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In a business where everyone is working harder for less money, real estate foreclosure experts have carved out something of a niche in the market in Michigan.

The number of Michigan homes in foreclosure remains at high levels, about five times the national rate. Realtors must now deal with an entirely different market, one that requires additional work, communication and financial skills.

Across Michigan real estate price drops of 30 percent are common. And in many areas it is dramatically higher. Realtors who saw an opportunity to invest their time to become foreclosure market experts are definitely watching their business grow.

As the numbers show this specialization has been enough to send some of them into the top of the market. It may also keep them active well into 2010.

Many factors are at work in Michigan's real estate market. And while it doesn't always come down to commission, most realtors will say that they do just as much work on a $150,000 sale as a $30,000 transaction.

And then there are the human elements: It is hard for people to negotiate and make decisions when they are in desperate situations.

Clark Brown of Ehman & Greenstreet in Ypsilanti says his team sold a total of 220 homes in 2009. In 2005, Brown's average sale price was $175,000. "I'll be lucky if our average this year hits $70,000," he said. This means he needs to sell 2.5 times the number of homes to stay at the same level of revenue.

It isn't over yet: foreclosures in January 2010 spiked to a nine-year high in Washtenaw county. Bank owned homes to continue to compete on price with regular resales and the number of foreclosure sales will continue to dominate a big proportion of the market this year.

Working with foreclosures and short sales can be time-consuming, draining and unpredictable for agents in Michigan. But in a state generally devastated by the economic collapse, some realtors who spotted the problem have turned it into an opportunity.

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Tags: • resales • foreclosures • niche market • foreclosure • something • economic collapse • short sales • foreclosure sales • washtenaw county • michigan homes • bank owned homes • real estate market • michigan real estate • real estate foreclosure • michigan • real estate •

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