Upcoming Events

Wednesday, June 29 @ 09:30am
Xemplar Foundation Signature Classic
Farmington Hills Golf Club
37777 11 Mile Rd
Farmington Hills, MI 48335

We had a visit from Dan Elsea this week in our first meeting as the new Xemplar Club. Dan is President of Brokerage Services for the Real Estate One Family of Companies. The company is in its third generation in Michigan, having begun as Elsea Realty in 1929. In 2008 Real Estate One completed over 20,700 transactions in brokerage, mortgage, title and casualty insurance. The company has been a pioneer in real estate technology, helping to create one of the first computerized MLS systems in the country in the 1960’s, and continuing into the new millennium as one of the first brokers to embrace the development of internet lead sources and management.

Dan spoke about the economic conditions in Michigan, and shared his thoughts on the timing of a recovery in the values of Michigan’s real estate. There are indications that the decline in prices will bottom out in the next 12-24 months. Many banks are overwhelmed with foreclosures, and short sales can often take 6 months or more to close. This backlog skews some of the housing statistics we read about in the newspapers. It's also not unusual for the banks to allow homeowners in default to remain in the house for longer periods.

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