The Chelsea Standard
A Heritage Newspaper
Weekly Publication
Chelsea realtor: Pfizer closing bad news for local housing market
PUBLISHED: February 1, 2007
Hearing from Pfizer that Washtenaw County is losing approximately 2,100 jobs hit me like a punch in the gut. I was standing in a client's living room when the announcement came on their TV. Some layoffs were expected but a complete closing was not even on the radar screen.
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Back at the office we all shared our shock, commenting on friends and clients that we had helped move here to work for Pfizer and wondering how they were taking the news. I drove home in stunned silence. I had to be alone and think the situation through.
As a realtor who has worked in Washtenaw County for the last eight years, and a homeowner whose personal home is currently on the market, how is this going to impact my ability to 1. earn a living that is based solely on commissions2. sell my own house?
We are currently in a buyer's market, which means that there are significantly more homes on the market than there are buyers. Let me be more specific. In Chelsea last year 30 homes were sold with values of between $201,000 and $250,000. There are currently 42 homes on the market in that price range. That translates into just over 15 months worth of inventory in January. Over and over again, I have statistics that repeat the same theme in Dexter, Manchester, Saline and Ann Arbor.
Last year, we sold 2,605 residential homes in Washtenaw County, according to Ann Arbor Area Board of Realtors numbers. We don't yet know how many homes will actually go on the market because of 2,100 job losses. Just seeing those two numbers side by side is sobering.
As the alarm begins to subside, let's put things into proper perspective. We Michiganders tend to be the rugged, independent, self-starter type. Some Pfizer folks will take this opportunity to leverage their severance package money to start up new businesses and create jobs in this area. Others will see this as a chance to retire early, and will stick around to enjoy our beautiful state has to offer.
Ann Arbor has one of the most highly educated populations in North America. Surely another company will see the advantage of moving their business to such a Mecca of brain power. The University of Michigan just finished construction on a brand new Life Sciences building. The U of M is sure to put a few good minds to work.
We life-long residents of Michigan have survived adversity in our economy before. Do you remember when Bechtel left Ann Arbor? Houses still sold. t will be tough for awhile in Michigan. It's a tough economy and it's a tough housing market. But, I also think that we are tough, and we will still sell houses.
Heather McDougall is a Realtor for The Charles Reinhart Co. Realtors, contributor to The Chelsea Standard and a real food activist. She can be reached at heather@heathermcdougall.com or 433-2189.
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