Home Selling in Flushing>Question Details

Rick Crelly, Home Seller in Flushing, MI

In Flushing/Genesee county has the housing market bottomed yet? How many years before the market returns to 2005 values?

Asked by Rick Crelly, Flushing, MI Sat Oct 23, 2010

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4
Hello Rick,

There is no way to know for certain that values will ever be at the 2005 values again. The market bottoming out is something that will depend on when the mass of foreclosures AND short sales are wiped out. Once that happens, which appears won't happen for a few years still, prices aren't going to be able to rise like they did before because there is much more regulation preventing it from happening again in such a way.
1 vote Thank Flag Link Sun Oct 24, 2010
I can't tell you when the market will be back at 2005 levels.. It could be 10 years before that happens. I can tell you that housing prices will stop falling when bank foreclosures are wiped from banks balance sheets, and are no longer being dumped on the market. This I think will happen in a couple of years.
1 vote Thank Flag Link Sat Oct 23, 2010
Having lived in Flushing, MI for over 20 years and having a real estate brokerage for 30 years, I guess I would be as qualifed as anyone to answer this question. To keep it short and to the point, all the suburbs surrounding Flint and Flint have more issues than the recent fall out of real estate prices. While states like Florida, Arizona, California and Florida were doubling the value of real estate between 2001 and 2006. This area (Genesee County) only held their prices with minimum increase if any. That is due in most part to the loss of Auto-manufacturing jobs. Unless we see jobs come back to Genesee County or at least to the surrounding counties real estate values will take centuries to come back to the peak of 2005. The other challenge is while the other states begin to improve, mortgage interest rates will go up, thus causing the homes to cost more, but it will be in terms of higher property taxes and increased interest before we see actual values climb substantially. I say this based on the idea that other parts of the country will improve first, thus the interest rates will go up prior to Flushing seeing any real value increases. The interest rates will increase cost same as if the prices were to go up. So without jobs being created all of Genesee County has a huge issue. The even more detailed answer would also include geographic consideration for all of Genesee County. Even before the fall out of values, the municipalities immediately to the north west and north east, as well as to the immediate east had all been suffering major economic challenges with no growth and no new homes being constructed, while other Genesee County Communities like Grand Blanc we booming with growth. So I believe Flushing is going to have a difficult time going forward with increasing values. It's discouraging, but there is definitely more going on that is affecting the real estate values in Flushing than just the same foreclosure issues around the country.
0 votes Thank Flag Link Sun May 27, 2012
Unfortunately, none of us can answer with accuracy as to how long it will take for market values to rebound, as none of us knows for sure--what we all know is today--
0 votes Thank Flag Link Sun Oct 24, 2010
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