While Otsego County’s housing market is down somewhat, recent statistics through mid-December 2007 indicate the county is in better shape than most of Michigan, according to Nancy Jacob of Real Estate Professionals of Gaylord.

“With that in mind it appears that being a buyer in Michigan right now is a wonderful thing,” Jacob said. “Unfortunately in Gaylord, we have lost some substantial industries that have forced families out of the area.”

More than 500 homes were listed for sale in Otsego County near the end of 2007.

“Living and working in Otsego County has been a blessing for many,” Jacob continued. “It is tough to see some families break even or even lose money to be able to move on. Many Realtors are working very hard to make these transitions as pain free as we can. When you receive a phone call of a person very frustrated or struggling, it is comforting for them to know there are people out there who can help.”

She urges families who may be in trouble keeping up with house payments to not hesitate to take action to evade foreclosure by calling your lender or real estate agent for guidance.

“Do not wait until it is to late to make that call,” Jacob said. “A lot of times there are things that can be done which could help avoid a possible foreclosure.”

Otsego County continues to offer a variety of properties from waterfront homes, to wooded acreage to subdivision living.

Jacob noted that real estate reports indicate that the area housing market should stay on the same track through most of 2008, but may start to recover in late fall.

Otsego County housing market statistics

Number of homes on the market: More than 500
Average price: $134,760
Number of homes sold through mid-December 2007: 299
Price of acreage: $2,500 to $10,000 per acre, depending on location
Average time a home is on the market before sold: 215 days

Source: Real Estate Professionals