Lake Orion and Oxford MI Housing Inventory is Low but There are Still a Few Gems if You Look
The housing inventory in Lake Orion and Oxford MI is currently low. A couple years ago there was about a year and a half’s worth of inventory. Now there’s about a 4 month inventory, and after you toss out the grossly overpriced listings that exist in every market, and the dumps which are a great deal for a very small, specialized sector of the buyer pool, there isn’t a whole lot to choose from.
Today I showed homes to 3 sets of buyers; 1 couple looking for a nice home and needing to keep their house payment under $950/month and 2 investors who want to buy rentals. I admit I only showed each investor 1 house each- 1 was a 2 bedroom for under $60K and it needed absolutely nothing on the interior. The porch could use some boards replaced and paint, but the interior had been gutted and all was new- granite counters in the kitchen and bath, new carpet, nice hardwood floors, new windows, new roof, updated electrical- everything. Lake Orion schools and 5 minutes from I-75. It will probably rent for $900-$1000/month. Not a bad deal.
The other investor looked at a house in Oxford asking $35K. It needs work and she has to go back with someone to figure the extent of the work. Even if $20K is needed you’re still looking at a small payment for a 1400 sq. ft. house on an acre - a house that will probably rent for $1000-$1200/month.
What surprised me the most was the condition of the homes I showed the couple looking for a home. We looked at 5 houses- 1 bank owned, 2 short sales and 2 regular sales. All had at least 3 bedrooms, 2 full baths, basement and garage. 1 was a lakefront. 3 were quite nice and the other 2 would be if they had their basements waterproofed. All of these homes were in Lake Orion and Oxford. Even the 2 houses with water issues in the basements would be pretty good deals if a buyer had the $5K-$10K cash after the closing to have the basements waterproofed. The most expensive house we looked at was $115,000. Taxes ran between $2,000-$3,000. All 5 houses would have sold for over $200,000 in 2004 or 2005. In fact one of them DID sell for over $200,000 in 2002- a couple years before prices peaked.
All in all it was a good day. And it’s nice to know that the small inventory isn’t all fixers.
Jackie Hawley
Keller Williams Realty
cell: (248)736-6407
Jackie@JackieHawley.com
Homes for Sale in Lake Orion MI
