Archive for the ‘Lakefront Real Estate’ Category

What Exactly Are Lakefront Taxes?

I’m in the middle of a home search for a buyer transferring to Oakland County Michigan. I came across a listing that states you can get lakefront home without the lakefront taxes. In reality it’s an off the water house with a separate parcel on the water with a dock, but that’s not the issue. The issue is- What the hell are lakefront taxes??!!

Taxes in Michigan are based on the taxable value. The taxable value is based on what the state equalized value (SEV) was at the time of purchase. The SEV is supposed to equal half of market value. There is NOT EXTRA TAX FOR BEING ON A LAKE!! Your assessment may be higher than if you live in the same house off the water. MAY be higher. The same house on 20 acres may be valued higher than if it were on the lake and taxed accordingly.

At times I have buyer clients comment about paying lake taxes. I understand when someone who doesn’t earn a living selling real estate has misconceptions about how homes are taxed. However, it is inexcusable when fellow “professionals” don’t know what they’re talking about and even go so far as to publish their ignorance for all to read.

Jump ahead a day. After writing what’s above I have spoken to a few Realtors who I respect ,and a couple of them thought there was a higher tax on the water. So I called Independence Township to verify. Got laughed at and told there is no special tax for living on a lake- just an assessment to reflect the value of living on the water.

For more about calculating your new property taxes when you purchase your home

How the current taxes can affect your buying power

Search the MLS

Jackie Hawley, Realtor
ReMax Encore, Clarkston

Cell: (248)736-6407




Read Full Post »

How Much Does The Interest Rate Really Affect Your Buying Power?

I am going through old listings that couldn’t sell at the owner’s desired price and through files of home owners who didn’t try to sell after getting a market analysis (CMA) for their home because of the value at that time. The good news for those homeowners is that prices are coming up in the Clarkston area and have been for the past couple years. But for buyers- if you look at your payment instead of price- prices are still very low.

As an example I just pulled up a listing I had in 2007 that was asking $400,000. At that time the interest rate for mortgages was at an average of 6.34%. When I checked the Freddie Mac web site I found the average interest rate last month was 3.92%.

What does this mean from the buyer perspective? If you would have bought that particular house for $305,000 in 2007 your payment (principle and interest) would be the same as if you were to pay $400,000 today. That’s a hundred thousand dollars worth of buying power just in the difference in the interest rate.

But it gets better!!! The property taxes on that house have dropped from just over $6k/year to just over $4600/year. That’s $116/month savings in your house payment.

Interest rates are not going to stay this low forever. Home prices are on the rise– not skyrocketing, but steadily rising. If you have been holding off buying waiting for the market to hit bottom I think we may be there- especially when you factor in the mortgage interest rate and property taxes. AND the cherry on top is the fact that your property taxes will be capped to 5% or the rate of inflation as long as the house is your primary residence. So for the example above it will take quite a while before property taxes are back at 2007 amounts.

Clarkston Lakefront Homes For Sale

Waterford Lakefront Homes For Sale

Lake Orion Lakefront Homes For Sale

For Buyers

For Sellers

Search The MLS

Buing a Foreclosure or Short Sale

Jackie Hawley
ReMax Encore, Clarkston

Cell: (248) 736-6407


Read Full Post »

up north cottage in lapeer or tuscola countyLooking For That Up North Cottage Without Going Too Far North? You don’t need to go any farther north than Lapeer County or Tuscola Countyin the Thumb area of Michigan to find that perfect get away or second home. Or possibly that retirement home.

You can get a little 700 sq. ft. cottage on 2 ½ acres on the Cass River for as low as $74,400.

There are a handful of houses on 200+ acre all sports Murphy Lake which boasts state land on about 40% of its shoreline.

There are a few lake houses on acreage in the $150,000.

And if your pockets are deeper and can spend somewhere between a million two and two and a half million you can get a waterfront home on 50-160 acres. Call Jackie for a list of homes for sale in Lapeer County (248)736-6407

Lapeer County Lakefront Homes

Lapeer, Michigan

Search The MLS- No Registration Required

If you would like a more custom search or information about buying real estate in this buyer’s market please call:

Jackie Hawley with Keller Williams Realty, Clarkston

Direct line: 1-800-401-1444

cell: 248-736-6407



Read Full Post »

Commonly Asked Questions About the North Oakland County and Lapeer County Home Purchase- What is an All Sports Lake?

water skiier all sports lake oakland county mi all sports lake lapeer miTo those of you who may live on a lake, this may sound like a silly question, but it is a question I get asked fairly often. Some want to know if they can water ski AND jet ski. I had one client who thought that the term all sports meant he could duck hunt on the lake. AH- bet that one never occurred to you. But if you hunt and don’t water ski this make perfect since. Duck hunting IS a sport. Unfortunately for my client he wasn’t allowed to duck hunt on the all sports lake near his house.

There are lakes locally in North Oakland County and Lapeer County that swan all sports lake oakland county mi all sports lake lapeer miare on state land and often times hunting, including duck hunting, is allowed during the proper hunting season with a license.

As far as all sports lakes go- the term typically means that water skiing and jet skiing are allowed. There may be rules to each specific lake- no wake areas, quiet hours, etc. Non sports lakes typically allow electric motors but before purchasing on any lake you should have your Realtor find out the rules, usually found in the by laws for the homes on that particular lake.

Oakland MI County Lakes

Oakland County MI Lakefront Homes for Sale

Lapeer County Lakefront Homes for Sale

Lake Lapeer

Read Full Post »