Archive for the ‘Waterford Michigan’ Category

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.

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Buing a Foreclosure or Short Sale

Jackie Hawley
ReMax Encore, Clarkston

Cell: (248) 736-6407



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Pontiac Lake Recreation Area, White Lake Township MI- Outdoor Fun For All

pontiac lake recreation areaWhether it’s fishing, boating, hiking, horse back riding, hunting, camping, fishing, target shooting, snowmobiling or cross country skiing, Pontiac Lake Recreation Areais the place for you. 3745 acres surrounding all sports Pontiac Lake on 3 sides is located just minutes off M-59 in Waterford and White Lake MI. Pontiac Lake Recreation Area has a boat launch and beach right on all sports Pontiac Lake. Pontiac Lake Rec Area also features a beach house, playgrounds, picnic areas with table and fire pits, picnic shelters that are handicap assessable and a shooting/archery range.

Hunting is allowed during the appropriate seasons. Pontiac Lake Rec Area boasts 17 miles of equestrian trails, 11 miles of trails for mountain biking, metal detecting areas and much more.

Excellent location in Southeast Michigan– eastern White Lake Township and western Waterford Township and minutes from expressways, shopping, airport, dining, etc.

Oakland County Park Info and Maps

Pontiac Lake Lakefront Real Estate

Oakland County MI Lakefront Real Estate

Jackie Hawley
ReMax Encore
cell: (248)736-6407

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