By Tyler Hendon
Holt Journal staff writer
According to an analysis of census data by Coldwell Banker, the residential sales for homes and the volume of the sold values have both decreased since the first quarter of 2010 compared to 2011. The data also show that the average price for homes sold has decreased by more than 6 percent. Even though these statistics can be discouraging, real estate professionals say there are still opportunities.
Ray Kruch is an associate broker for Michigan’s largest real estate company, Real Estate One. He said that banks heavily factor in a potential owner’s credit score when deciding to give out a loan.
“Up to like 2005, 2006 you could get 100 percent of financing,” Kruch said.
He said people who bought homes in ’06 and ’07 might not be in a good situation if they’re looking to sell their homes now.
“A lot of people looking to sell soon are falling into what is known as a “short sale” situation,” Kruch said.
Kruch said that plenty of homeowners aren’t in a good position and he isn’t the only one that says this.
Matt Bowler is as an experienced associate broker for Coldwell Banker. Bowler said that homeowners are competing against foreclosed properties. This has the potential to make it harder for the homeowners to sell their homes at a price they feel is fair.
“The entire state has been affected by foreclosures, and there’s a lot more supply than there is demand for property,” Bowler said.
Judy Mason is a senior mortgage banker for Summit Community Bank. She has 13 years of experience and says there are plenty of opportunities for people looking to live in Holt.
“Holt is a bargain right now. There are great programs for first time home buyers and people who can afford a mortgage,” Mason said.
To create solutions for homeowners, Mason works with William Hufnagel. Hufnagel is the vice president and manager of banking operations at Summit Community Bank. Hufnagel has 16 years of experience. He agreed that people must take advantage of their options.
“Programs are changing pretty much continuously. You have to work with professionals who know what they are doing. Some things you couldn’t do 10 years ago you can do now,” Hufnagel said.
He also believes that people must be educated about their own situations.
“Each situation is different. Sometimes people believe their situation is the same as that of their neighbors or family members and this may not be the case,” Hufnagel said.