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Posts Tagged ‘home prices’

Oxford Michigan Homes- Prices Up! Inventory Down!

Does this mean Oxford Michigan real estate has reached rock bottom? Who knows? What I can state is that at the end of August:

Unit sales are up 17.5%

Median sales price is up 15%

Total sales volume through August 2010 was $30,807,690 vs $22,988,190 in 2009. In fact the total sales volume is up slightly from 2007 and 2008, too.

oxford michigan home sales data

Active listings on 9/18/2010- 119 with a median asking price of $189,900
Active listings on 9/28/2009- 165 with a median asking price of $238,500

Bank owned sales are on the decline:
Through August 2010: 71 bank owned sales or 41.5% of total sales
Through August 2009: 70 bank owned sales or 49.6% of total sales

Short sales are on the increase:
Through August 2010 there were 33 short sales or 19.3% of total sales
Through August 2009 there were 14 short sales or 9.9% of total sales

The decrease in foreclosure sales in Oxford Michigan has contributed to the increase in the median sales price. Many of the bank owned homes are on the lower end of the price spectrum. There are still deals to be had- private home owners need to price their homes like a foreclosure in order to sell. Interest rates are low. Property taxes have been dropping and are more in line with the true value of Oxford Michigan homes

We will not know when we’ve hit the bottom until we’ve passed it. But whether you buy at the bottom of the curve or a just near the bottom, this is a great time to buy that home you may not have been able to afford in the past. It is also a great time to buy investment properties- using cheap money to buy cheap houses in an environment where rental demand is high.

Specific Neighborhood Sales Data

Oakland County Michigan Lakefront Homes For Sale

Oxford Michigan Homes For Sale

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Lakes of Indianwood, Oxford Michigan

Lakes Of Indianwood Oxford Michigan Lake Orion MichiganLakes of Indianwood is an upscale subdivision (higher priced, larger homes) covering Orion and Oxford townships in North Oakland County Michigan. The majority of the lots are heavily wooded – some waterfront. There are approximately 90 acres of lakes and streams, 125 acres of wetlands (aka waterfowl habitats), and the Polly Ann Trial runs through the sub.

House ages range from the early to mid 90’s until now, and there are still vacant lots available. The entire subdivision is in the Lake Orion school district. Lakes of Indianwood is serviced by city sewer and community water, underground utilities. There is no duplication of houses throughout the subdivision. The minimum square footage requirements are 2400 for a ranch, 2700 for a one and a half story, and 3000 sq. ft. for a two story home. 65% brick, stone, dryvit or a combination is a requirement on all elevations.

“Back in the day” it wasn’t uncommon to see sales in the $600,000-$900,000 range and even sales over Lakes Of Indianwood Oxford Michigan Lake Orion Michigana million.

2009 there were 14 houses sold ranging in price from $267,300-$459,000. In 2005 the MLS reported 12 sales ranging from $420,000-$839,000 – only 2 houses in 2009 sold for more than the cheapest house in 2005

There have been 16 closings so far this year (as of 9/18/2010) ranging in price from $210,000- $545,000- 3 bank owned and 1 short sale. There are currently no houses pending. As of 9/18/2010 there are 6 houses for sale. None of the houses currently for sale are short sales or bank owned. Asking prices range from $379,900 to $629,900 with the 6th house up for auction asking $4,698,000.

Search for homes for sale in Lakes of Indianwood

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You Are One of Multiple Offers! Is the Other Agent Lying?

I believe it would be a pretty accurate statement that the general consensus is that the housing market in Southeast Michigan is still in the crapper. That’s not to say it’s a “bad” market- that’s all relative. Unit sales are up and prices in some areas look like they may be stabilizing, but still a lot of homeowners out there who are upside down on their mortgages. I don’t think we’ve seen the end of foreclosuresshort sale listings are on the rise, unemployment is still high and one number I can’t find is the underemployment rate.

Crapper! So with all this horrible housing market combined with this crappy economy, with the media blasting to the world that sellers are desperate and bank owned homes are being given away- how can there be multiple offers on a house? Is the other agent lying? How often has a buyer’s agent heard that question? And how can we blame our buyers for asking?

Dear Mr./Ms. Buyer,

Most of the agents in the Oakland and Lapeer County areas are REALTORS, which means they belong to the National Association of Realtors, aka the NAR. The NAR has a code of ethics that prohibits agents from southeast michigan real estate southeast michigan homeslying about pertinent facts and we’re supposed to treat everybody honestly. There might be an occasional agent who would lie in an attempt to squeeze more out of you, but if I ever caught one lying to me about multiple offers, I would take them up on ethics charges in a heartbeat. I promise.

The fact is that our inventory is low and much of what is for sale is overpriced. So the few, properly priced homes are receiving competing bids and often selling at or over asking price.

So unlike the skit on an old Cheech and Chong 8 track (that I can’t play- no working 8 track player) this is one instance of even though is looks like crap, smells like crap and tastes like crap– it really isn’t crap.

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It’s funny that 8, 10, 12 years ago when home prices in Southeast Michigan were going up so fast that when we finally peaked around 2004 or 2005 the average, regular, middle class person couldn’t really afford to buy a house in the Lake Orion/Oxford area, everybody considered that to be a good market. For sellers it was great. For existing home owners it was great- they saw equity building faster than any other investment they could sink their money in. It was beautiful times for real estate agents, loan officers, title companies, home inspectors…

But- was it a good market for buyers?

It’s all a matter of perspective. Today a couple both working full time at McDonalds can afford a pretty nice house in the same Orion/Oxford area. You can get a house in Oxford Lakes sub for under $130K- it will probably need some work, but better than an apartment. I sold a house on Sherry Dr in Lake Orion a few months back for $53K– not a huge house but 3 bedrooms, partially finished basement, huge fenced yard and just about everything was on the newer side. The buyer put in a new well- I think she paid $5K for the well so still less than $60K total into the place. Her house payment is way less than the cheapest apartment rent in the area. You can get onto an all sports lake for less than $150K and if you’re willing to really put some time and money into a house you can get one for under $100K.

Interest rates are super low. FHA financing is still around and requires a minimal amount to close. In some price ranges, your income tax return might be enough to cover a down payment. Go into Oxford or Lapeer there is still 100% financing available. Property taxes are dropping- townships seem to be dropping assessments across the board and getting closer to true value. There are tax incentives galore for fixing up a house (The topic of a future post).

Good market or bad market? From the buyer perspective it’s the same market it was for sellers in the mid 90’s through about 2004 or 2005.

For more information about buying in North Oakland County or Lapeer County please don’t hesitate to contact me.

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Home sales in Lake Orion Michigan are up, average/median prices are down- but not the 28% prices were down last year. The good news for Lake Orion Michigan home owners is that even though prices are dropping, it’s more like a gentle glide than the deadly plummet of the past few years.  For the first 7 months of the year average sale prices are down 8% and median prices are only down 3.8%.

Good news for home sellers. For home buyers it is data that needs to be studied if one is trying to gage the bottom of the market.

What could be the reason for the slow down on the price drops? Could the increase in short sales have something to do with it? The bank owned sales are on the decline and short sale listings are on the increase. There were 91 bank owned sales through the first 7 months of this year and 93 through July of last year. But there were 59 more total closings this year. There were also 49 short sale closings this year compared to 18 for the same time frame last  year. Many home owners in all price ranges are learning of alternatives to foreclosure and one of the more popular alternatives is a short sale.

The bank owned homes tend to be much cheaper (and often time very beat up) and drag down area prices with them. While the median sale price for all sales in Lake Orion Michigan was $146,700 the median sale price for foreclosures was $95,000.

For very detailed, very dry, very complete data for Lake Orion Michigan market conditions please just click this sentence.

Future sales will help show if this is a trend. And for those who are trying to gage the bottom- unless you’re a cash buyer you also need to consider the mortgage interest rates.

Jackie Hawley
Keller Williams Realty
www.MiRelocation.com
email: Jackie@JackieHawley.com
cell: 248-736-6407

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