The newest member of our “team” will be joining our board of REALTORS this morning, which prompted her to ask me about the Code of Ethics all REALTORS swear to abide by, which gave me the opportunity to share with her the preamble to the Code, something which speaks to me every time I read it:

“Under all is the land. Upon its wise utilization and widely allocated ownership depend the survival and growth of free institutions and of our civilization.

REALTORS® should recognize that the interests of the nation and its citizens require the highest and best use of the land and the widest distribution of land ownership. They require the creation of adequate housing, the building of functioning cities, the development of productive industries and farms, and the preservation of a healthful environment.

Such interests impose obligations beyond those of ordinary commerce. They impose grave social responsibility and a patriotic duty to which REALTORS® should dedicate themselves, and for which they should be diligent in preparing themselves. REALTORS®, therefore, are zealous to maintain and improve the standards of their calling and share with their fellow REALTORS® a common responsibility for its integrity and honor.”

The balance of the preamble can be read here.

Here’s what I hear when I read that first sentence:
Under all is the land: the very foundation of this country is the land from which and upon which the nation was created.
Upon its wise utilization: waste not, want not. Don’t spoil the land. Make good use of the resource you have.
…and widely allocated ownership depend the survival and growth of free institutions and of our civilization: Reflective of the roots of our democracy, that real property rights- the right to freely and appropriately use real property- and the freedom to engage in commerce and seek our own success, are the keystones to our way of life.

I honestly, truly believe in the role that REALTORS can and do play in building communities, in shaping and encouraging economic growth, in helping others achieve the stability and pride that a home of their own can provide, and that ownership of real estate offers an significant opportunity to build wealth.

That’s why I’m so passionate about identifying and developing the next generation of real estate rockstars, those who will champion this industry for years to come. The opportunity to impact the lives of others is amazing, and the generation now entering the real estate market, the Millienials or Gen Y, is HUGE. This generation will impact society every bit as much as the Boomers did, and more.

There will always be opportunities for people of all ages and generations in this business, but right now there is a disproportionate need and opportunity for younger professionals. We just have to go out and find them.

Fog rolls off of Crystal Lake on a frosty fall morning

We’ve seen this in our family since the days when we were developing condominiums overlooking Crystal Lake.  We found that we had plenty of traffic looking at the condos during the summer, but lots of those people had their summer lodging already accounted for.  Come fall, the kids would be back in school, the colors would be turning, and the desire to own a place “up north” would have grown, resulting in sales.

This year seems to be holding fast to that pattern, with really solid levels of new inquiries and activity on a whole range of properties, but most significantly those that appeal to a vacation buyer.

Once we move beyond the fall season and into winter, the number of new buyer inquiries will diminish, although activity from existing prospects continues.  Those new prospects that do come to us during this period tend to be very serious.  Think about it- if you’re looking at a lakefront property in February, you’re pretty darn serious about buying one.  And yes, I have shoveled snow off of the ice in front of a house to see if the ice was clear enough so the buyer could get a look through it at the lake bottom in front of the cottage they were considering buying.

On a side note, fall is my favorite time to be out and about showing property- the air is crisp, the colors are amazing, and opportunities to hike larger parcels of land are more common and more pleasant than in the heat of the summer.

The headline first brought to mind the Mark Twain quote “Rumors of my death have been greatly exaggerated”, and then, perhaps even a better metaphor for those of us whom have struggled through adjustments in the Northwest Michigan Real Estate market.  From Monty Python and the Holy Grail:

Well… except for the the part where he gets offed.

I’m up here with fellow Directors for the Michigan Association of REALTORS(R), and have enjoyed some great conversation with leaders from around the state already.  This morning Past NAR President Pat Vredevoogd Combs will be sharing some of her insight with us.  Pat and I are meeting over coffee this morning to talk about the role and potential of social media in association activities.  Pat’s a fantastic example of what you’d like to see in a leader: passionate about her industry, an active listener, eager learner, empowering of others, and fantastically bright.  I take special pride that she’s a part of the Coldwell Banker Schmidt organization as well.

While we’re here to discuss association matters and work to develop a vision for the future of our association, the dinner table conversations are a great opportunity to get a sense of what’s happening in markets all over the state.  The sense I’ve gotten so far is that there is a lot more optimism, and better levels of business are being done by most.  Deals are still full of hurdles and pitfalls, and financing remains a challenge.  Short sales still are a great source of frustration, and while the handling of these by the banks may be improving, it has a long way to go and still is an impediment to successful transactions, especially with large national banks.

http://realestate.yahoo.com/promo/housing-markets-that-will-be-strongest-by-2014

New appraisal?  $28,000.

The appraiser discounted listings that sold 3 months ago by 5%, indicating he believes the market to be declining at an annual rate of around 20%.  That may be in his market area, but in the TAAR MLS, the 4 month average sale price trend is 3.07% to the positive.

When I had a “regular” job I looked forward to this day and the end of the work week.

Why am I not as excited about Fridays?  The answer is two sides to the same coin:

Because now my work week doesn’t end, meaning I don’t check out, disengage and take enough time away from work.

Because now my work week doesn’t end, meaning  I love and believe in the value of my work

Are there times when I long for the simpler days when I could walk away from my job at the end of the day?  Of course.  But each choice has trade offs, and so far I’m ahead in this bargain.

Here’s a little classic Friday music from The Cure

“My newest UnReal Deal is all about the acreage.

Turns out on paper isn’t real life.  Yep, it’s got all those acres, and the house, and the barn, but the house is as bad as the agent let on in his comments, or worse.  The deck has…let’s call it debris… an inch thick on it.  The former owner sold all the top soil off of the land, and allowed contractors to dump old concrete and road construction debris out back.

Don’t take this to mean the agent was dishonest in describing the property.  By no means did he sugar coat it, but by getting caught up in the specifications of the property, I rushed to judgement.  This might still be an OK deal for the right buyer, but it’s not as UnReal as I had thought.

This is similar to the realization that many buyers face when looking at foreclosed properties- they compete on price alone.  Condition and history are unknown.  Nobody is loving them, keeping them feeling like a home.   The good news for buyers is that more and more sellers are taking competitive stances on pricing, bringing well cared for homes into the mix with foreclosures.

If you’re in the market, don’t limit yourself by telling your agent you’re only interested in foreclosures.  Just because the bank owns it, doesn’t mean it’s the best deal.