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Archive for the ‘North Oakland Market Conditions’ Category

Interest rates are low- super low. How low? Low enough you can pay today’s prices for a smaller payment than 2008 prices with 2008 interest rates.

Last week’s rates for a 30 fixed with 20% down and a half point was 3.625%. With good credit of course. A few weeks ago you could get a conventional mortgage for only 3.5%

But they won’t stay this low forever. As the housing market, and economy in general, improve the rates will go up. I doubt they will ever get back up to the 9+% they were when I got my license, but to put things in perspective the average rate during peak price time of 2003, 04, 05 was right around 5.8%. The National Association of Realtors (NAR) projects interest rates will get as high as 5.4% by the end of 2015.

What this means for you, the home buyer: If you can afford a $500,000 house today you will only be able to afford $405,000 at the same payment. You don’t like what you’re looking at for $150,000 today, be prepared to stay under $120,000 if NAR is right.

See the charts below for an idea of how your buying power diminishes as interest rates go up.

buyers purchasing power 300k March 2015buyers purchasing power 150k March 2015buyers purchasing power 500k March 2015Jackie@JackieHawley.com
(248)736-6407
www.Search-The-MLS.net

www.MiRelocation.com

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Oxford MI Home Sales- Trend or Anomaly?

Trend!

You can see from the charts below, the average sales price every month in 2013 beat the same month from the previous year.

oxford average sales price by month 2012 and 2013

When you compare 2012 to 2011 you can see the lines criss crossing, but 2012 prices were higher than 2011 more times than not.

oxford average sales price by month 2011 and 2012

When you compare 2010 and 2011 (below) you get a criss crossing but with 2010 coming out on top more than 2011 indicating 2010 through 2012 were stabilizing with improvement.

oxford average sales price by month 2010 and 2011

Prices have been increasing and more higher dollar homes have been selling. There has also been a huge reduction in distressed home sales (short sales and foreclosures). Distressed sales only made up about 25% of the total sales in 2012; in 2009 distresses sales made up 58% of the total sales in Oxford MI. Low inventory is also contributing to the rise in home prices. On Feb. 20, 2014 there were only 103 active listings- that’s about a 3 month inventory.

Prices have continued to escalate into 2014. January sales are up by a couple units, over a half million in volume and the average sales price is up a little over 3 1/2%. Hopefully this continues through the year and beyond.

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Oxford MI Homes for Sale

Area Parks and State Land

Oxford MI Home Sales Data

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Oxford MI home sales – units, prices and total sales volume were up significantly (2013 over 2012). Unit sales in 2013 were up 16% from 2012. The average sales price was up 21% from 2012 and up 26% from 2011. Volume sales were up almost 22 million from 2012 and distressed sales were down significantly.

The lack of short sales and foreclosure sales have helped with the price increase as well as a very low inventory. On Jan. 18, 2014 there were only 116 active listings in Oxford and Oxford Township. In Jan. 2007 there was an average of 283 listings in Oxford.

I believe the prices will stabilize a bit as more home owners have enough equity to sell. But the inventory needs to probably triple. There are also more buyers than in the past- many who lost their home a few years ago are back in the market to purchase. Interest rates are still very low, qualifying many who might not be able to afford to live in Oxford if the rates were at 6 or 7%.

For a more accurate look at what your house may be worth you need to look more locally; I have a handful of subs and several lake communities linked below with current sales data.

Oakland County Neighborhoods

Oakland County Lakes

Below are some charts and graphs with Oxford MI/Oxford Township sales data.

Jackie Hawley
ReMax Encore, Clarkston MI
Cell: (248) 736-6407

Jackie@JackieHawley.com

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Residential sales data from Realcomp MLS excluding lease transactions, condo and vacant land

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Oakland County Home Prices on the Rise BUT Housing Is Cheaper

When most Oakland County MI home buyers purchase a house they are buying under a certain house payment amount. Many factors go into that amount including home price, property taxes, mortgage interest rate. Your mortgage pre-approval is really an approval for a certain monthly payment- principle, interest, taxes and insurance or PITI. The purchase price in your pre-approval letter should be qualified with a cap on the interest rate and property taxes.

Example: Borrower is approved for a mortgage amount of $400,000 wih an interest rate not to exceed 3.7% and property taxes not to exceed $5,000.

This means you cannot mortgage $400,000 if the property taxes are $7500 or the interest rate goes up to 4.5%. Conversly, you can mortgage over $400,000 if the property taxes are $2000 and/or the interest rate is 3.2%. The goal is to keep the house payment under a certain $$ amount.

Though home prices in Oakland County have been on the rise, property taxes have been on the decline, and mortgage interest rates are still low.

Another example: I had an Oakland County home listing in 2007 for $400,000. At that time the property taxes were $6203/year and the average interest rate in 2007 was 6.34%. The average intersest rate in 2012 was a mere 3.66% with the months of November and December boasting interest rates of 3.35%. Property taxes for that house were only $4429 or $148 less per month than in 2007. You would need to pay $600,000 today for that same Oakland County house to have the same payment as the buyer in 2007. Another way to look at it is the seller would have had to come down to $295,000 for the buyer to have the same payment as he would if he bought for $400,000 today.

Or $295K sale price in 2007 = $400K sale price in today

Or $600K sale price today = $400K sale price in 2007

2013 will be a good year to purchase your Oakland County Michigan home. Prices are on the rise, but still quite low, and take advantage of the low property taxes and super low mortgage interest rates.

Jackie Hawley, Realtor
ReMax Encore, Clarkston

My direct line at the office is 1-800-401-1444.

My cell number is 248-736-6407.

And my email address is Jackie@JackieHawley.com

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Homes for Sale in Oakland County MI
Homes for Sale in Clarkston MI
Homes for Sale in Lake Orion MI
Homes for Sale in Oxford MI
Homes for Sale in Waterford MI
Homes for Sale in Lapeer MI

www.ClarkstonMichiganRealEstate.com
www.OaklandCountyMichiganLakes.com
www.LakeOrionLakeFrontRealEstate.com

www.MiRelocation.com

Preparing Your Home for Sale
Why List With Me

Marketing Your Home

Choosing a Buyer’s Agent

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Lake Oakland Lakefront Home Sales Real Estate Sales Clarkston and Waterford Michigan

Home prices on all sports Lake Oakland are up from last year- both median and average sales prices. More houses have sold in 2012 than in 2011 and a smaller percentage of those homes are short sales and foreclosures. There are currently 6 homes for sale on Lake Oakland and none of those are distressed listings.

Unit Sales:

2011- 12
2012- 17

Average Sale Price:

2011- $223,320
2012- $313,341

Median Sale Price:

2011- $181,000
2012- $245,000

Foreclosures (units):

2011- 4
2012- 5

Short Sales (units):

2011- 1
2012- 1

There are currently 6 active listings on Lake Oakland– ranging in asking price from $260,000-$1,599,000- all are normal listings (not foreclosures or short sales).

Lake Oakland is a 235 acre all sports lake located in Waterford and Clarkston, MI.

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.

Cell: (248)736-6407

Jackie@JackieHawley.com

www.SearchMichiganMLSListings.com

www.LakeOaklandHomes.com

Sylvan and Otter Lake

www.OaklandCountyMichiganLakes.com

Waterford MI Lakefront Homes For Sale

Clarkston MI Lakefront Homes For Sale

White Lake/Highland MI Lakefront Homes For Sale

Lake Orion/Oxford/Addison MI Lakefront Homes For Sale

Lapeer MI Lakefront Homes For Sale

www.LakeOaklandHomes.com

www.MacedayLake.com

www.LakeOrionLakeFrontRealEstate.com

For Sellers- www.JHawleyAndAssoc.com

For Sellers- www.AreaRealEstateExperts.com

www.ClarkstonMichiganRealEstate.com

www.MiRelocation.com

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Lower Straits Lake Commerce Twp MI Lakefront Home Sales

Median sales price on all sports Lower Straits Lake and the average sales price on Lower Straits Lake are both more than doubled this year over last year. This doesn’t mean prices went up over 100% in just a year’s time. But if you are a higher end buyer or seller you will probably have less appraisal issues than in the past.

So far this year there have been 3 less sales on Lower Straits Lakes than all of 2011.

Distressed sales are down. Way down. In 2011 distressed sales (foreclosures and short sales) made up 44% of all sales on Lower Straits Lake. So far in 2012 there has only been 1 distressed sale on Lower Straits Lake or 17% of lake sales.

Unit Sales:

2011- 9
2012- 6

Average Sale Price:

2011- $535,222
2012- $1,173,250

Median Sale Price:

2011- $388,000
2012- $999,500

Sales Volume:

2011- $4,817,000
2012- $7,038,500

Foreclosures (units):

2011- 0
2012- 1

Short Sales (units):

2011- 4
2012- 0

There are currently 4 active listings on Lower Straits Lake– ranging in asking price from $895,000-$1,699,000. 1 short sale and the rest are normal listings.

Lower Straits Lake is a 235 acre all sports lake located in Commerce Township in Oakland County, MI.

Compliments of Jackie Hawley, Realtor of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.

Cell: (248)736-6407

Jackie@JackieHawley.com

www.SearchMichiganMLSListings.com

Lower Straits Lake

www.OaklandCountyMichiganLakes.com

Waterford MI Lakefront Homes For Sale

Clarkston MI Lakefront Homes For Sale

White Lake/Highland MI Lakefront Homes For Sale

Lake Orion/Oxford/Addison MI Lakefront Homes For Sale

Lapeer MI Lakefront Homes For Sale

www.LakeOaklandHomes.com

www.MacedayLake.com

Sylvan and Otter Lake

www.LakeOrionLakeFrontRealEstate.com

For Sellers- www.JHawleyAndAssoc.com

For Sellers- www.AreaRealEstateExperts.com

www.ClarkstonMichiganRealEstate.com

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Sylvan Lake Otter Lake Lakefront Home Sales Real Estate Sales

Waterford, West Bloomfield and the Village of Sylvan Lake Michigan

Median sales price on all sports Sylvan and Otter Lakes is up 31% from last year. Average sales price on Sylvan and Otter Lakes is up 26% from last year.

So far this year there have been 8 more sales on Sylvan and Otter Lakes than all of 2011.

Distressed sales are down. Way down. In 2011 distressed sales (foreclosures and short sales) made up 47% of all sales on Sylvan and Otter Lake. So far in 2012 there have only been 3 distressed sales on Sylvan and Otter Lake or 13% of lake sales.

Unit Sales:

2011- 15
2012- 23

Average Sale Price:

2011- $251,157
2012- $337,604

Median Sale Price:

2011- $202,500
2012- $295,000

Sales Volume:

2011- $3,767,352
2012- $7,764,900

Foreclosures (units):

2011- 5
2012- 3

Short Sales (units):

2011- 2
2012- 0

There are currently 8 active listings on Sylvan and Otter Lake– ranging in asking price from $95,000-$725,000. 1 short sale and the rest are normal listings.

Sylvan and Otter Lake is a 530 acre all sports lake located in Waterford and West Bloomfield Townships and the Village of Sylvan Lake, MI.

Compliments of Jackie Hawley of the JHawley and Associates Real Estate Team at ReMax Encore in Clarkston MI.

Cell: (248)736-6407

Jackie@JackieHawley.com

www.SearchMichiganMLSListings.com

Sylvan and Otter Lake

www.OaklandCountyMichiganLakes.com

Waterford MI Lakefront Homes For Sale

Clarkston MI Lakefront Homes For Sale

White Lake/Highland MI Lakefront Homes For Sale

Lake Orion/Oxford/Addison MI Lakefront Homes For Sale

Lapeer MI Lakefront Homes For Sale

www.LakeOaklandHomes.com

www.MacedayLake.com

www.LakeOrionLakeFrontRealEstate.com

For Sellers- www.JHawleyAndAssoc.com

For Sellers- www.AreaRealEstateExperts.com

www.ClarkstonMichiganRealEstate.com

www.MiRelocation.com

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