Grand Haven MI Real Estate: Need to Sell Your Home or Want To Buy One?
By Dan Ho
A recent glance at the Grand Haven, MI real estate classifieds is quite revealing. Homeowners in this resort town, popular for boating, fishing and other outdoor activities, have property to offer in just about every price range.
Home prices start at under $100k and top out at over a million. Lots and properties in foreclosure status can be purchased for under $75,000, even those that are near the water.
Located on Lake Michigan, at the mouth of the Grand River, the population of Grand Haven at the last census was just over 11 thousand. During the annual Coast Guard Festival, the number of visitors and tourists is ten times that of the population.
A bit of history: originally the area was inhabited by the Ottawa, a Native American tribe who used the Grand River for transportation, trading, fishing and hunting. The first European settlers were French fur traders. A Presbyterian minister named William Ferry is considered the first “permanent” resident.
People working in Grand Rapids, Muskegon and other larger nearby cities often turn to the Grand Haven, MI real estate listings in hopes of “getting away” from the crowds. Grand Haven has a “small town” feel, but is close enough to allow for easy commuting.
Even though the city boasts parks, beaches, campgrounds, charter fishing and even a musical fountain, the tourist trade has not been enough to protect the economy from the affects that are being felt throughout Michigan. As the United States turns from manufacturing products to service and technology industries, many people have been left unemployed.
Most recently, the Eagle-Ottawa Leather Company shut down all of its Grand Haven operations in October of 2006. Originally called the Sheldon Tannery, the company began doing business there in 1838.
Although the economy is suffering now, experts expect a full recovery over the next several years. But, property owners who need to move quickly may take little comfort in this prediction, which may or may not bear out.
The Grand Haven, MI real estate market is a little slower than they may have expected. The majority of the listings have been available for over a month. If you haven t had any luck selling your property with a real estate agent, it s time to think outside the box.
One strategy that can help sellers and buyers alike is called a “lease option agreement”. This type of agreement benefits the seller by taking the property off the market for at least a year or two. If the prospective buyer defaults or decides not to buy, the seller keeps the deposit, down payment and whatever moneys have been put aside towards the purchase, plus the mortgage has been paid, keeping the property away from foreclosure status.
Buyers benefit tremendously because they find lease option agreements appealing for several reasons. Number one, a portion of their rent goes toward the eventual purchase. It s a good feeling to know that “all” of your rent is not going down the drain and that you are building equity in a home.
During the lease period, the prospective buyer can work to improve his credit rating, find the best financing, save for a bigger down payment and basically test drive the home (you don t have to exercise the option to purchase the home…it s your choice!) People with problematic credit can often qualify for a lease option, but would find financing a home difficult because of bank financing.
A lease option agreement is a win-win for Grand Haven, MI real estate owners and buyers, as well. If the economy does bounce back, as is expected, the property values will rise again, as well.
Dan Ho is a real estate investor in Michigan.
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