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Archive for the ‘market conditions’ Category

If you tried to sell your Lapeer County Lake house last year with no success, AND you were a fairly high priced listing, do not despair. It was not your house- it was the market.

In 2014 there were only 4 lakefront sales over $600,000 and all 4 were on acreage. 2 of those were on major acreage with private lakes- 40 acre and 90 acre parcels. And by private lake I mean their own private lake. The other 2 were a house and 9 acres on Lake Metamora and a house on 5 acres on Lake Lapeer.

Only 2 houses sold in the $400,000’s- both on Lake Lapeer.

This is better than 2013 when the price of lake houses in Lapeer County topped out at $477,500.

So far in 2015 there has been 1 sold on Lake Lapeer for just under $400,000 and 2 pending at just under $400,000 and in the mid $500,000’s.

The rise in prices is due to an improving economy, low interest rates and the lack of distressed properties (foreclosures and short sales). The distressed sales dropped to 11% of the total lake sales in 2014 from 19% in 2013. In 2010 distressed sales made up 49% of total lakefront sales in Lapeer County.

For more detailed information about specific lakes, please go to www.Lapeer-Homes-For-Sale.com and click on the appropriate link. Or LapeerLakes.MiRelocation.com – no w’s.

Lake Nepessing

Lake Lapeer

Lake Metamora

www.MiRelocation.com

My YouTube Channel: www.JackieHawleyRealtor.com

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Lake Orion MI Home Sales- Market Update

Unit sales are down and average and median sales prices are up. Or are they?

Lake Orion, MI is recovering from a housing crisis that lasted close to a decade. Statistics show that prices started dropping in 2006. I felt it in 2005. In 2009 the amount of distressed sales (foreclosure and short sales) surpassed the amount of non-distressed sales. Distressed sales were the norm for 3 years. 3 years where Lake Orion MI had more foreclosure and short sale closings than regular old fashioned sales. And when you have that many distressed sales it affects the prices of all sales.

In 2012 there was a drastic reduction in distressed sales but they still made up 39% of total sales. 23% of the sales in 2013 and thus far in 2014 (first 3 quarters) 11% of total sales.

lake orion mi home sales

So I think to just compare unit sales this year vs unit sales last year is not an accurate measure of the market. Same when comparing prices. Or time to sell.

All residential sales in Lake Orion, MI through Sept (1st 3 quarters):

Unit sales are down 7%, the average sales price is up 6% and the median sales price is up 1%.

Non-distressed sales in Lake Orion, Mi for the same time frame:

Unit sales are up 8%, average sales price is down ½% and the median sales price is down 1%.

Non-distressed sales data is better than it sounds. The average sales price is up 12.5% from 2012, the median sales price is up 12.3% and unit sales are up 36%.

The average sales price so far this year is $265,008 and the median sales price is $246,000. The average sales price in 2003 was $260,252. I can’t pull the amount of distressed or non distressed sales in 2003 or 2004 or 05…. It wasn’t a search field in the MLS at that time. But it is pretty safe to assume that prior to the end of 2005 foreclosure and short sales were minimal.

lake orion mi home sales

There were 384 non distressed sales in 2013 vs 543 sales in 2003. If we stay on track of an 8% increase over last year we should have about 415 non distressed sales this year. Less than 2003 but not that far off considering that distressed sales still make up 11% of our market.

However you look at the numbers, if you are buying a home in Lake Orion MI, prices are on the rise and interest rates won’t stay this low forever.

If you are considering selling your Lake Orion, MI home, we have been in a recovering housing market for a few years, interest rates are low, so this is a good time to sell.

Call Jackie Hawley, Realtor
Remax Encore
(248)736-6407
Jackie@JackieHawley.com
www.MiRelocation.com

Subscribe to my YouTube Channel

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Do Oakland County MI Houses Sell in the Winter?

I have been asked this question quite a bit lately. The short answer is yes. Not as many as in the summer- as you can see from the graph below, there’s a big drop in January. This is due mostly to the Christmas holidays. Thanksgiving and New Years affect this, too.

oakland county mi sales

 

 

 

 

 

 

I used last year because it was a full year with mostly non distressed sales, and 2005 which was also a year with few short sales and foreclosures.

If you are thinking about selling, there is really no bad time to list. Buyers buy year ’round. Buyers in the winter tend to be more serious. It is not fun to look at houses with snow up to your butt, so you may have less showings for the same outcome- a sold house. There also tend to be less houses for sale in the winter so the competition is less.

Thinking of Selling?

Call Jackie Hawley, Realtor
ReMax Encore

Cell:(248)736-6407

Jackie@JackieHawley.com

www.MiRelocation.com 

Why List With Jackie

Preparing Your House for Sale

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Is My Listing REALLY Overpriced?

It seems lately the explanation that comes with a low ball offer is that the house (my listing) is overpriced. I guess soooo grossly overpriced that your buyer chose it as their favorite. I understand a buyer submitting a low offer trying to see what they can get it for. I don’t agree that is the best way to get the seller to his/her bottom line, but I understand it. But many of these offers are coming in 15%-25% low and negotiations inevitably end with buyer and seller not coming to terms and about 5%-8% apart. That translates to $10K or $20K apart.

I get the feeling the asking price was over those buyers’ purchase abilities. So the agent ends the negotiations with something along the lines of “good luck getting it sold” followed up with something derogatory about the house.

Guess what- prices are going up. Inventory is low. Those houses DID sell within a month or two of your so called offer for the same or more than our lowest counter. And they appraised. And they closed.

At $3.50/gallon, I hope you aren’t still driving those buyers around, writing low offers on “overpriced” houses.

Buyer’s agents need to educate their buyers.

Prices in North Oakland and Lapeer counties have been increasing- sharply. What you can buy for $200,000 today will probably get $210,000 or even $220,000 this summer.

Interest rates are good, and the longer you wait to buy the more you are chancing an increase in interest rates.

Houses are selling on average within 2%-3% of the asking price.

Inventory is low and has been for quite a while. If you’re good at $120,000 today but don’t like any of the houses out there for $120,000, or can’t get anybody asking $140,000 to come down $20,000, you may be forced to buy a house this summer for $120,000 that would sell for $110,000 today.

If a house is slightly overpriced today won’t be this summer. Not every seller has the same motivations. Some want to sell quickly. Some want to sell for top dollar and we are now in a market where patience can be profitable.

 

Thinking of Selling? –Professional Home Evaluation 
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Jackie Hawley, Realtor
ReMax Encore, Clarkston MI
Cell: (248)736-6407

Jackie@JackieHawley.com  

www.MiRelocation.com

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Lake Oakland Lakefront Real Estate- Rising Prices- Low Inventory

So far there have been 4 closed sales this year on Lake Oakland in Clarkston and Waterford MI with prices ranging from $245,000-$751,871 with an average sales price of $414,218.

Last year the average sales price on Lake Oakland was $223,320 and in 2010 the average sales price was $194,677.

3 of the 4 sales this year were “normal” sales with only one bank owned home compared to last year when half the sales on lake Oakland were distressed sales and 64% of the sales in 2010 were distressed sales.

Houses are selling quickly and close to asking price. I had a buyer client get into a bidding war a couple weeks ago and our over asking price offer with a very strong buyer lost out.

There are currently 8 sales pending and 8 active listings on Lake Oakland.

For More Information About Lake Oakland

Oakland County Lakes

Search The MLS

Selling Your Lake Oakland Home

Jackie Hawley

ReMax Encore, Clarkston

Cell: 248-736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

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Clarkston MI Home Sales Up- AGAIN!! Can we stop calling this a declining market?

I’ve been hearing on the news lately how foreclosure filings are up in the Detroit area. I wish the media would separate Oakland County from the Detroit area. What exactly is the “Detroit Area” anyway? When listening to the news it seems to range from anywhere in Southeast Michigan to all of Michigan. Sometimes I think they just make stuff up.

The “true” housing stats are as follows- at least for the Clarkston area.

Sales are up from last year. Sales are up from 2010 and 2009.

The first quarter sales for the “Clarkston area” which I define by searching the MLS for Clarkston schools with sales over $10,000 to weed out the lease sales are as follows:

2012: 129 units sold 2011: 101 units sold 2010: 106 units sold 2009: 65 units sold

The average sales price in 2012 was $180,975 The average sales price in 2011 was $178,612 The average sales price in 2010 was $170,918 The average sales price in 2009 was $164,820

The amount of bank owned sales and short sales were about the same each year but considering the total unit sales have been up, the per cent of distressed sales are down. The average sales price for the distressed sales are also down.

In 2012 bank owned sales made up 33% of the total sales and short sales made up 16% of the total sales. In 2011 bank owned sales made up 47% of the total sales and short sales made up 23% of the total sales.

The average sales price of the bank owned sale in 2012 was down to $97,745 opposed to $134,139 in 2011.

As of yesterday (May1) there were only 164 active listings in the Clarkston school district. On Jan 5, 2009 there were 359 active listings in the Clarkston school district.

So basically unit sales are up 22% from last year and up 50% from 2009. The average sales price is up 1.3% from last year and up 9% from 2009. Distressed sales are down from last year and there is a huge shortage of homes for sale. Cash sales made up 23% of the total sales in the first quarter of 2012 and 9% of non-distressed sales were cash sales.

Thinking of selling? This is a great time- we have buyers and no houses to sell them. I’ve been showing a LOT of crap. Just because the inventory is low does NOT mean you can ask any price. Properly priced homes sell quickly – the trick is to price in a manner that you can get top dollar for this market and still sell quickly.

If you are thinking of selling your Clarkston MI home, please don’t hesitate to call.

Marketing Your Home

Why Choose Me to Sell Your Home

Preparing Your Home for Sale

Jackie Hawley
ReMax Encore, Clarkston MI
Jackie@JackieHawley.com
Cell: 248-736-6407
www.MiRelocation.com

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North Oakland County Homes- The Faster They Sell The Higher They Sell For

The quick sales tend to be the appraisals I sweat out the most. A well priced house will sell quickly. The best prices I’ve gotten for sellers have been the quickest sales.

Last year I listed a 4 bedroom colonial in Wyngate, Clarkston MI. It was the highest priced sale in the sub in 2011- the highest price since Sept 2010. We got 2 offers the first weekend and took the cash offer so we wouldn’t have to worry about an appraisal.

We listed a house in Stonegate, Clarkston MI, Springfield Township last year and priced it on the high side. It sold in the first week and was the highest sale since May 2008, and the first time that sub sold for above $300K since June 2008. It paved the way for other sales. 2 other homes sold for over $300,000 shortly after ours sold.

I had a listing in Waldon Creek, Clarkston. I put into the MLS on a Friday night before a blizzard, and that house still had 13 or 14 showings that weekend and 4 offers. Again, we got top dollar for the neighborhood.

I just listed a 4 bedroom colonial in Paint Creek Ridge in Lake Orion and I expect the same results as above.

There is a shortage of nice homes for sale in North Oakland County and when a good listing hits the market, it sells quickly and a bit high. Multiple offers and quick sales are common on nice, undistressed properties that are properly priced. And they tend to sell a bit on the high side.

Right now the inventory is low in North Oakland County– about a 3 to 4 month supply depending on where you are. And a large percentage of what is on the market is nasty, or over priced, or both…

If you’re selling, it is important to list with an agent with the experience and market knowledge to price your house so it sells quickly and for the highest possible price. There’s a fine line between pricing to get a sale price a bit on the high side, and overpricing a home. There are ways to keep a sale together if you sell your house for a bit over appraised value. And as I’ve written before, there is a difference between appraised value and market value.

I have a track record of getting top dollar for my listings and smooth closings. If you are considering selling your North Oakland County home please don’t hesitate to contact me.

Jackie Hawley
(248) 736-6407
Jackie@JackieHawley.com

What if the Appraisal is Low?

Price, Location, Exposure?? – It’s All In The Price

Why List With Me

Marketing Your Home

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