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Archive for March, 2012

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.

We are seeing this often on the buyer side, too. When something new hits the market, or an existing listing drops their price to where it should be, it can become like a feeding frenzy. Multiple offers are common and don’t be surprised if you are competing against cash offers. And don’t be surprised if you end up paying over asking price or lose out on your first choice of home to live in.

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 plan on buying a home in this current market, you need to come in with strong financing or proof of cash. You need to come in with a game plan. Are you able and willing to wait on a short sale? Negotiating a short sale is different than negotiating a normal sale or foreclosure. Negotiating a normal sale in 2012 is different than in years past. Seller motivation is different. Obstacles to the closing are different.

If you are considering buying a home or cottage in North Oakland, Lapeer or Genessee Counties please don’t hesitate to contact me.

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

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