Spotlight on Lansing Neighborhoods: Downtown Lansing Living
Downtown Lansing has begun to emerge in the last few years as a lively and unique place to live. Just five or ten years ago you would be hard pressed to find a place to eat or anything to do after 5:00. With the expansion of Cooley Law School and more Downtown residents with the addition of loft apartments, The Arbaugh, Printer’s Row, Stadium District, Prudden Place and numerous other smaller projects, Downtown Lansing is again becoming a vibrant place to live.
Downtown living options include ownership with new and refurbished townhomes and condos. There are many loft apartments for rent as well as single family homes. Because the options vary so much the average sales prices do as well. The average sales price for all types of real estate in the last year Downtown was $46,954. To give you an idea of how much prices vary, however, you should know that the maximum sales price was $540,720 and the low sales price $2,403 (crazy, huh?) Figures generated from MLS data as of Dec. 8, 2009.
Some of my personal favorite things to do Downtown include shopping at the City Market going to a Lansing Lugnuts baseball game in the summer, working out at the YMCA on Washington Square, Visiting the main branch of the Lansing Library, and eating at some of my favorite restaurants, including Clara’s Lansing Station, Michigan Brewing Company, Tavern on the Square. Various festivals add life to Downtown throughout the year, including Blues on the Square (a free music festival in the summer) The Chili Cookoff in June, and Silver Bells in the City in November. There are also several museums, theaters, art galleries, and access to the Lansing Rivertrail which is a riverside biking/walking trail that spans from Old Town all the way to MSU.
For those looking to be in the center of the action and within walking distance of shopping, entertainment, and even a food market, Downtown Lansing may be the right choice for you. Click here for photos of Downtown.
Lansing Realtors: 6 Questions to Ask Before You List Your Home
Since there have been almost 5000 real estate transactions in the Lansing area in the last year I know I can’t be EVERYONE’S real estate agent. There are lots of good agents in the area so I wanted to help you out with some advise on questions I would ask if I were interviewing Realtors to list my house.
1) Photos sell! Statistics show that properties with multiple photos are anywhere from 300-500% more likely to sell than those with no photos or just an exterior photo. Make sure to ask you agent how many photos they will post on top real estate sites like realtor.com, trulia.com, and of course in the MLS system (the Realtor database)
2) The next trend in real estate marketing is towards virtual tours. If I were listing my house it would be with someone who was going to post a virtual tour link on as many sites as possible
3) Communication. The number one complaint from clients is that their agents do not keep in touch with what is going on. Does your agent have a system in place to keep you updated on activity on the house?
4) Full time agents. To really know the business and be able to anticipate possible stumbling blocks make sure you are hiring someone who is working full-time in the business. They are working all day, every day with issues with inspections, appraisals, title, perks, etc. and will be better equiped handle possible problems. This is an easy question to ask on the phone before you even set up the in person meeting.
5) The internet. We know that upwards of 90% of home buyers start their search online. Make sure to ask your agent what websites you will be on. This is a good chance to see how knowledgeable they are about what sites are out there as well.
6) Open Houses. Lots of agents are getting away from open houses and statistics show they sell less than 1% of homes. If this is something that is important to you make sure you ask up front.
Good luck and Happy Selling!
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October and November Stats
October and November Stats are out (hence the double post). The tax credit has had an undeniable influence on the numbers in the past two months. As you can see from this graph, the number of closed sales is up over the past 4 years! Even more sales in October 2009 than October 2005. The average sales price in October fell from $111,038 in October of 2008 to $105,293 in October of 2009.
As for November…well, hold on to your seats kids because the clouds parted in November. The average sales price went up from $99,384 in November of 2008 to $112,445 in November of 2009. Did you hear me? The average sales price went UP! This hasn’t happened since 2006! The number of sales was way up as well, from 323 in 2008 to 454 in 2009. Well, I guess one thing is for sure…Washington does have the power to influence the actions of Main Street with their policies. I believe that most of this can be directly attributed to the first time home buyer tax credit, which was originally scheduled to expire on November 30, 2009.
How to Respond to a Low Offer
I just checked the stats and in Greater Lansing since the first of the year, the average list price/sales price ratio has been 95%. (This figure does not account for seller concessions…that is money the seller pays for buyers closing costs and other things) That seems pretty good, however, we continue to hear about “low ball” offers every single day. So, as a seller how do you respond to a low offer? First step…breath and take a step back. Buyers are savvy enough to know that it is a buyers market (Katie Couric has been assuring them of this ever night for over a year) and most of them are going to “try something” to feel you out with their first offer. It is hard to remove yourself emotionally from the house and not to get offended but that is what I will ask you to do. Many sellers first inclination is to reject right away when they receive what they consider to be an offensively low offer. In a market like this NEVER reject an offer outright…even countering full price will let the buyer know “I want to work with you but we are not even in the same galaxy right now” and it leaves the door open for them to come back.
If you did not pull recent sales before you listed your house now is the time to see what other similar properties have sold for recently. Review this information with your agent and pair that with your motivation to get the deal done before you decide on your counteroffer. Each situation is different and there may be other factors in the offer that would make you consider a slightly lower offer (cash deal anyone?) Try to swallow your pride and remember that, for now, it is a buyer’s market, and low ball offers are sometimes a reality.
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Spotlight on Lansing Neighborhoods: Old Town Lansing
What a unique area! For those looking for the Big City feel in Lansing (think Lincoln Park, Chicago without quite as much bustle) this is the place. The streets are lined with funky shops, such as Polka Dots (a bead store) Grace (boutique clothing store) October Moon (a gift boutique), and my personal favorite Mexican Restaurant, Pablo’s Panderia. If you have never had the veggie burrito you are missing out! There are also a host of other things on this busy intersection of Turner and Grand River, including design companies, art galleries, restaurants, bars, and more. The Old Town Commercial Association provides you with a complete look at all the activities going on in the area. If you ask most anyone from the area the best part about Old Town, however, you will most likely hear the same response over and over: The Festivals! There are music festivals throughout the year, including jazz and blues. You will also find many other activities such as the Oktoberfest celebration, Festival of the Sun and Moon in June, a Charles Dickens Christmas, and a Farmer’s Market and more. The Lansing Rivertrail also runs through Old Town, connecting it to Downtown and East Lansing. There are living options for everyone, including loft apartments, rowhouses, single family homes, and multi-family units. Click here for some more photos.
For such a unique area you may be surprised to learn that the average sales price within a half mile of Turner and Grand River in the last year was an astounding $34,700. That figure, however, jumps to $74,050 if the foreclosure sales are eliminated (based on MLS figures generated on Nov. 16th, 2009)
Do you live or work in Old Town? Make sure to leave a comment so others know what you think about the area.
Why energy efficient light bulbs may hurt your chances to sell your house
Compact Flourescent Lights or CFLs are wonderful for the environment. They save on energy costs and are a green product. That being said, before you put your house on the market I would change every single one back to the good ‘ol incandescent energy hogs. When a buyer comes through your house you have about 10 minutes to make a good impression. CFLs take too long to get bright and are not as warm a light. They may leave the buyer with the impression that your home is darker than it really may be. The exception to this rule is if you are planning on turning all the lights on before the showing so that they have already had a chance to get bright. Thanks, I will step off my soapbox now.
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Spotlight on Lansing Neighborhoods: Colonial Village and Quentin Park
Born in the post-war era, the tidy streets of Colonial Village and Quentin Park in Lansing are always filled with people walking their dogs and children playing. Located just south of The Grand River, this area has remained solid for years and has a great location in the heart of the City. We used to live in this area (loved the area…the only reason we moved is because some of the homes, including ours, are admittedly a little small). I loved being able to walk to the grocery store, restaurants, QD, and being just a stone’s throw from the freeway. These homes are your traditional “starter homes” with an average sales price in the last year of just $70,500 ($95,000 if you take out the foreclosure sales). Click here for some photos of the area. For someone looking for a nice area for their first home, Colonial Village must be considered. Do you live in Colonial Village or Quentin Park? Don’t forget to leave a comment to let everyone know what you think of the area.
August Statistics
Sorry about the long delay for stats. Here is the latest from August (still waiting on updated numbers for the last few months) Click here for a full set of stats. In August we again had more closed deals than last year (558 in 2009 as compared to 530 in 2008) but the average sales price continues to decline, dropping to $114,554 from $124,148 the previous year. If you look back a few months, however, the average sales price is up over prices from earlier this year. What does it all mean? Who knows? Ask Obama.
Spotlight on Lansing Neighborhoods: Groesbeck
Many times this year I have found myself driving through the Groesbeck Neighborhood to meet clients. I find myself thinking about what a cute, quiet, clean area it is. Situated on the Eastside of Lansing, The Groesbeck Area has a convenient location near 4-96, Eastwood Towne Center, Downtown, and MSU. The Groesbeck Neighborhood is also home to Post Oak Elementary School, Lansing’s only Chinese language elementary school. The well-known and respected area was developed in the 1960s are features large homes on suburban style lots. The median home price in the last 12 months in the Groesbeck area was $134,450, which is down from the 2006 median home price of $154,100. With a strong neighborhood association and location within walking distance to several parks and a golf course, it’s no wonder that the Groesbeck area has remained solid throughout the recession. Click for more photos of the Groesbeck area.
Tax Credit Expanded For Move Up Buyers!
Yes, first time buyers can still qualify for an $8000 tax credit, but this blog is not for them. I am calling all you folks out there who have been sitting on your butts waiting for the market to get better before you move up! Congress passed an expanded tax credit last week to include move-up buyers who have lived in their homes for at least 5 years. Those who move up may qualify for a $6500 tax credit (there are some generous income restrictions) Let me put this in perspective for a Lansing area buyer. I was working with someone recently who is looking to sell their Lansing home which they bought for $130,000 in 2004. The house is now worth about $105-110,000. Total bummer. However, the area that they were looking to move into had an average sales price of $228,000 just 4 years ago and now sells on average for $169,000!!!! That’s $59,000 less folks…a lot more than the $20,000 hit they can expect to take on their current house. Add a $6500 tax credit to offset the loss on your current house and a new house starts to look like an attainable goal as long as you have the money you need to sell your current house. But you better get cracking because you must have a contract on your new house by April 30th and close by June 30th in order to qualify.
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