Jim Dunfee of Century 21 Dunfee Realty

By Phil D’Amico, director of business growth, The Chamber of Commerce of St. Joseph County

Jim Dunfee Jr. is a second-generation owner of Century 21 Jim Dunfee Realty, which started in 1958. Jim joined the family business in 1973, and has received nearly every award given out within the Century 21 Corp. Jim is past president of The Board of Realtors, past president of the Multiple Listing Service, past president of the Century 21 Broker’s Council, and past recipient of The Realtor of the Year for our region.

Jim Dunfee Jr., owner of Century 21 Jim Dunfee Realty

Q: You have been in the business now for 37 years; I am sure in that time frame, you have seen or experienced a thing or two?

A: Hahaha. Yes, I have been through the ups and downs of the real estate market. I have witnessed 20 percent mortgages (late 1970s into early 1980s) and where we’re at now, which is incredible, in its own right, somewhere in the 4 percent range.

Q: So how does our market look right now, in terms of housing and real estate sales?

A: Well, at least prices have leveled off which is a good thing, considering in 2007 we experienced a 9 percent drop, in 2008 a 7 percent drop and then it flattened out in 2009. That’s where we are in 2010 with values but sales remain extremely sluggish.

Q: Jim, we heard a lot about this federal incentive for first-time homebuyers that received a tax credit, rolled out last year and carried over to this year. How much did that help spur sales growth?

A: That actually helped a lot. We were trending to have some significant growth this year and then the incentive ended April 30th, which did prompt a major slowing down effect. I think people looked and realized that we have low mortgage rates, low housing costs, and both of those led to a perfect time to buy.

Q: How does this area stand relative to the rest of the country in real estate activity?

A: Well what’s interesting is the Midwest is usually lagging behind the East and West Coasts. We are traditionally the last to get into a recession and the last to get out. We are seeing signs that next year could be up and creating some growth opportunity here in our part of the country. The tough part, though, is that we still do not have a number of large employers, and we tend to be small business-focused, so that does create some challenges in the relocation market side of the business.

Q: Well then, that begs the question, which comes first, rooftops or businesses to create that real estate demand?

A: That is always a tough question, but I think you hit it, when you stated the point of rooftops. I believe that if you create that sense of community, then business follows to support the housing growth.

Q: Spoken like an executive of a real estate business.

A: Hahaha. Yes, but I do believe that to be true.

Q: How much of a factor in real estate is having Notre Dame here in our community?

A: Now that I can say is a huge factor. I think we have seen what some of the new developments have done in and around the university, throughout South Bend. What new developments like Eddy Street Commons or some of the downtown projects have accomplished is increase surrounding property values, at a time when many other developments in the county have depreciated in value. It’s kind of funny, but Notre Dame and its surrounding new developments have created a nationwide buzz. Buying property out here around Notre Dame is like buying ocean front property in some ways, without the water so to speak.

Q: Well, besides Notre Dame, there have got to be other advantages, correct?

A: Oh yeah … The cost of living out here is very reasonable, the housing costs are incredibly attractive. For instance, the average median price of a home is somewhere around $90,000. I can ask you, where else do you see those kinds of numbers?

Q: No, you’re absolutely right. Where do our rivers come into play?

A: The river is a wonderful, yet underutilized, asset. We are getting better at river development, but that is something that continually needs to get explored and developed.

Q: What do people look for when they come to you about where to live or buy a house?

A: There is no question the two biggest issues that get raised are schools and safety – both of which are far better than gets talked about. I think we as a community need to continue our hard work in both those areas, as well as do a more focused effort on sharing the positive stories that occur in our community.

Q: So is now a good time to buy?

A: ABSOLUTELY!!! We have great housing inventory available, money to be borrowed, low interest rates, and very competitive home prices. Now is the absolute best time. I am optimistic for next year.

Q: It sounds like you really enjoy this community?

A: I always look at IBM as a perfect example. Fast-track executives used to get transferred to South Bend frequently. Their families came to the area crying about having to be relocated here. But when executives had to move five years later for their next promotion, those same families cried and did not want to leave. This is a great area, and I always used IBM as the model to let people know they were going to love it here.