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Archive for October, 2012

 Oakland County MI Real Estate– What is Affordable Today May Not Be Affordable Next Spring

Prices are on the rise in North Oakland County MI. They have been for a while now- long enough to trust this is probably a trend and not a fluke. Lake Orion average sales price is up 10% from last year and last year was up 5% from the year before.

The data is similar in the surrounding North Oakland and Lapeer areas. The average sales price in Lapeer County is up 8%. The average sales price in Oxford, MI is up 5%. I searched a larger area of North Oakland CountyOrion, Oxford, Clarkston and Brandon school districts and the average sales price is up 6% from last year and up 10% from 2010. I have more data if you would like to see it. But you get the idea. Prices are going up.

Interest rates are low. I don’t know that they can go any lower, nor do I know how long they will stay this low.

If you’ve been looking for a home in Oakland County MI or Lapeer MI for quite a while and you’re not finding what you want, you may need to change your criteria. With prices on the rise, what is selling for $80K now will be going for $85K or $90K next spring. That’s an example. Prices are increasing in all price ranges. Lakefront prices are especially escalating.

So assuming prices continue to increase, you will have less to pick from for the same price months into the future. And if interest rates go up at all, you will be looking in a lower price range, too.

Search the MLS

What to Expect From Your Oakland County Buyer’s Agent

Financing Your Oakland County Home Purchase

Buying an Oakland County Foreclosure or Short Sale

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

www.MiRelocation.com

www.MacedayLake.com

www.OaklandCountyMichiganLakes.com

www.LakeOaklandHomes.com

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I advertise my listings on Zillow- it’s a great site for my Oakland County home listings to get exposure. Zillow is one of several sites I advertise on.

Many of my Oakland County home buyers look for houses on Zillow and those same home buyers inevitably check the value of prospective homes with Zillow’s famous “zestimate.”

A zestimate basically takes the sale prices of homes in a certain radius and average the prices and calculate by price per square foot. Some may be on the water, some may be on main roads, some may be on acreage, foreclosures are included. It’s an average of ALL houses in the area.

As your Oakland County agent, I will advise you as to the value of any houses you consider making an offer on. I will give my opinion as to what I think it will appraise for and what I think market value is. The ultimate value is up to you.

I wish it was as easy averaging the sales within a half mile or mile and coming up with a price!

So you want to look at Oakland County MI homes on Zillow? Look away! But PLEASE ignore the zestimates!

Search the MLS

Oakland County MI Homes For Sale

What To Expect From Your Oakland County Buyer’s Agent

Financing and The Importance of a Pre-Approval

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

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The Appraisal Contingency as a Negotiating Tool- Southeast MI Home Purchase

There is so much more to writing an offer to purchase a home in Southeast MI than in days of yore. At one time pretty much price ruled. Strength of buyer was important, but not as much as today. Today there are many more factors to consider in a Southeast MI real estate transaction– is it a short sale, bank owned or good old fashioned non-distressed homeowner/seller?

You see more Southeast Michigan houses go pending then back on the market (sometimes this will happen multiple times with one house) than I ever remember seeing. Appraisals are coming in low causing the financing to fall apart. Short sales get denied. The list of reasons for dying sales can go on and on.

The more contingencies an offer has, the more chances the sale has to die. Low appraisals is probably one of the biggest reasons sales don’t close. No matter if buyer, seller and all agents involved know the house is worth every dime the buyer is paying and may even be a bit under priced, there is never a guarantee the house will appraise.

Where as one time the prime motivator was price, now removal of obstacles to closing have also become prime motivators. And the appraisal contingency is probably the biggest obstacle that can be removed.

I have used it to negotiate for the buyer in multiple offer situations. I have used it on the seller side to improve our chances to close. Often times a seller will take a slightly lower offer if the odds of closing are greatly increased. Of course cash negates the need for an appraisal. When a mortgage is involved, an appraisal is probably necessary. But if the buyer has the cash to pay the difference between the sale price and the appraised price, he can remove the appraisal contingency to make his offer stronger. Or remove it with limitations. Recently one of my buyers beat out another offer by agreeing to pay up to $10K difference on a low appraisal. So if the seller takes our $140K offer we would agree to close even if the house appraised at $130K.

With a lack of inventory, when you find the house you want, the goal is more to win and obtain that house as your new home. Until the inventory at least triples, getting the seller to come down on price will be a distant second to winning and getting the house you want.

Writing the Offer

More About Appraisals

The Home Inspection

Oakland County MI Homes for Sale

Search the MLS

Jackie Hawley, Realtor
Remax Encore
Cell: (248) 736-6407

Jackie@JackieHawley.com

www.MiRelocation.com

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What is the job of a buyer’s agent in Southeast Michigan?

Many agents seem to have the idea that the primary job of a buyer’s agent is to get the seller to come down on his asking price. The more you can get the seller down, the better you’ve done your job. NOT!!

Here in the North Oakland County and surrounding areas there is such a lack of inventory that when you (the buyer) find a house the objective at this point is to get the house. flexingThere’s a good chance you will be in a multiple offer situation. Or if you wait too long you will be in a multiple offer situation. Why would you want to settle for your second or third choice of home because you lost out on the house you really wanted- but your agent felt the need to flex and either encouraged you to write a low offer or didn’t try to talk you out of low balling?

My job as a buyer’s agent is to find you the best house for your wants and needs for a price you are comfortable with, then make sure you get the house and go through as little stress as possible. Sometimes that means paying asking price or over. A well priced home in North Oakland County– specifically the Clarkston, Lake Orion and Oxford MI areas will sell quickly and for close to asking price or over.

There are different negotiating strategies depending on the type of sale and the motivations of both the buyer and seller. For example the motivation of a short sale seller will be different than a non-distressed seller. The short sale seller may place more importance on free possession after the closing whereas a non-distressed seller may be more interested in sale pricepeacock

But the one thing all buyers and sellers have in common is getting to the closing table – not watching their agents flex and strut. It doesn’t matter how much of a peacock you agent is if you don’t get the house you want.

 If you are considering purchasing a home in Southeast Michigan please don’t hesitate to contact the Jackie Hawley team. We have buyer specialists who are professional and always put your interests first.

Search the MLS

What to Expect From a Buyer’s Agent

Financing and the Importance of a Pre-Approval

The Home Inspection

Clarkston MI Homes for Sale

Clarkston Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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Oxford MI Real Estate– Oxford Home Sales Are Up

Oxford MI home sales are up 6%. The average sales price in Oxford is up 6% and the median home sales price is also up 14%. There has been $3,775,250 more in residential real estate sales so far in 2012 versus the same time frame in 2011 (the first 3 quarters). Listing inventory (Oxford homes for sale) is very low.

On Oct. 24, 2012 there were only 90 homes for sale in Oxford MI. With an average of 22 sales per month that is less than a 5 month supply of active listings.

Distressed home sales (short sales and foreclosures) are down in Oxford with distressed sales making up 42% of the total sales. In 2011 distressed sales made up 59% of the total home sales in Oxford, MI.

Total Sales Oxford MI (units):

2012: 195
2011: 183

Distressed Sales (units) Oxford MI:

2012: 82
2011: 108

Average Sales Price Oxford MI:

2012: $170,750
2011: $161,317

Median Sales Price Oxford MI:

2012: $169,000
2011: $145,040

Sales Volume Oxford MI Home Sales:

2012: $33,296,330
2011: $29,521,080

The decline in distressed home sales contributes to the increase in overall home prices. And this is a catch 22 in a good way- the more Oxford home prices go up the less under water houses there are so less distressed home sales. As Martha Stewart would say: This is a good thing for the Oxford MI home owner. Or potential Oxford MI home buyer.

Search the MLS

What to Expect From a Buyer’s Agent

Financing and the Importance of a Pre-Approval

The Home Inspection

Oxford MI Homes for Sale

Oxford Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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Clarkston MI Real Estate– Clarkston Home Sales Are Up

Clarkston MI home sales are up 21%. Themedian Clarkston home sales price is also up 5%. There has been $16,259,850 more in residential real estate sales so far in 2012 versus the same time frame in 2011 (the first 3 quarters). Listing inventory (Clarkston homes for sale) is very low.

On Oct. 24, 2012 there were only 133 homes for sale in Clarkston MI. With an average of 44 sales per month that is about a 3 month supply of active listings.

Distressed home sales (short sales and foreclosures) are down in Clarkston with distressed sales making up 38% of the total sales. In 2011 distressed sales made up 50% of the total home sales in Clarkston, MI.

Total Sales Clarkston MI (units):

2012: 398
2011: 316

Distressed Sales (units) Clarkston MI:

2012: 150
2011: 158

Average Sales Price Clarkston MI:

2012: $197,215
2011: $196,936

Median Sales Price Clarkston MI:

2012: $167,500
2011: $158,500

Sales Volume Clarkston MI Home Sales:

2012: $78,491,560
2011: $62,231,710

The decline in distressed home sales contributes to the increase in overall home prices. And this is a catch 22 in a good way- the more Clarkston home prices go up, the less under water houses there are, so less distressed home sales. As Martha Stewart would say: This is a good thing for the Clarkston MI home owner. Or potential Clarkston MI home buyer.

Search the MLS

What to Expect From a Buyer’s Agent

Financing and the Importance of a Pre-Approval

The Home Inspection

Clarkston MI Homes for Sale

Clarkston Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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Lake Orion MI Real Estate– Lake Orion Home Sales Are Up

Lake Orion MI home sales are up 9%. The average sales price in Lake Orion is up 10% and the median home sales price is also up 10%. There has been $11,501,670 more in residential real estate sales so far in 2012 versus the same time frame in 2011 (the first 3 quarters). Listing inventory (Lake Orion homes for sale) is very low.

On Oct. 14, 2012 there were only 105 homes for sale in Lake Orion MI. With an average of 39 sales per month that is less than a 3 month supply of active listings.

Distressed home sales (short sales and foreclosures) are down in Lake Orion with distressed sales making up 42% of the total sales. In 2011 distressed sales made up 52% of the total home sales in Lake Orion, MI.

Total Sales Lake Orion MI (units):

2012: 347
2011: 316

Distressed Sales (units) Lake Orion MI:

2012: 145
2011: 165

Average Sales Price Lake Orion MI:

2012: $184,197
2011: $165,869

Median Sales Price Lake Orion MI:

2012: $157,000
2011: $140,795

Sales Volume Lake Orion MI Home Sales:

2012: $63,916,380
2011: $52,414,710

The decline in distressed home sales contributes to the increase in overall home prices. And this is a catch 22 in a good way- the more Lake Orion home prices go up, the less under water houses there are, so less distressed home sales. As Martha Stewart would say: This is a good thing for the Lake Orion MI home owner. Or potential Lake Orion MI home buyer.

Search the MLS

What to Expect From a Buyer’s Agent

Financing and the Importance of a Pre-Approval

The Home Inspection

Lake Orion MI Homes for Sale

Lake Orion Lakefront Homes

Jackie Hawley, Realtor
ReMax Encore, Clarkston MI

Jackie@JackieHawley.com

Cell: (248)736-6407

www.MiRelocation.com

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