Monday, December 31, 2007

Michigan Real Estate Reflections on 2007

As the old year passes and we prepare to cross the threshold of another, I've been reflecting on many changes in the past year.

I was licensed in 2001 and since Michigan never fully recovered from the downturn after 9/11, I've never experienced a Michigan 'hot' market. Through the years, I've been reminded that real estate is cyclical and that what goes up must come down.

But even those who have weathered the many cycles over the past 30+ years haven't seen a market quite like this past year. The reasons are well documented everywhere, and so is the fallout:

  • Brokerages closing their doors. Mayfair Realty, a well known real estate office in Livonia had been around for years

  • Rumors of consolidation and buyouts of smaller brokerages by the big-name brokers in the area

  • Agents working other part/full time jobs just to earn a living or abandoning their licenses and leaving the business altogether
While many states face challenges, ours are uniquely Michigan because of our motor-city identity. As we forge into an unknown future, I have to believe that while the present is painful, we'll emerge stronger and wiser.

Personally, a few positive things have occurred which give me hope for the new year. I teamed up with top producer Jo Steuwe and we're building the Team. Together we focus on leveraging our knowledge of the internet and technology to continuously expand our property marketing efforts in this new Web 2.0 era. We're also excited to begin the new year at a great new Downtown Plymouth location.

We look forward to new beginnings with the promise of a fresh new year. Please join us bidding goodbye to 2007 and wishing "Cheers" to a great 2008!

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