Here is what is happening in the metro Detroit area real estate. Last fall starting in September and running through February of this year we have flat lined in the real estate business. Not as many calls, not as many listings, and not as many closed sales. Many people in and outside the industry are spinning it many different ways. Some economists and even some real estate agents are bearish. Calling for doom and gloom in the industry. However I do not feel that way at all.
Starter Homes & the lower price ranges
First of all we have very few listings especially in the lower price ranges. In the first time home buyer up to the $350,000 to $375,000 range we still have quite a few buyers out there looking for homes and a limited amount of inventory. What I have seen selling homes and trying to find homes is there are still multiple offer situations on the best homes. Everybody wants that updated and move in ready home. Buyers will pass up a dated and “needs work” home because they do not have the time, money, or the ability to do all the work. Today’s want more instant gratification on having the home in the condition they want. They do not want to have to save up the money to re do the kitchen, or have to deal with the mess.
So homes that have more updates, have granite counter tops, open layouts, newer bathrooms, newer flooring, new kitchens, and fresh paint are still selling fast. So if you are a seller many times it pays to make the house the best it can be. (feel free to call or text me on what will bring you the best return or what you should not do before you sell). There is no sense wasting money and time if you are not going to make the money back. I recently put up a home for sale on the east side. It was move in ready and updated. We had 22 showings, 8 offers, and all of them over list price. We had priced it at the very top of the market and we still got all the offers over list price. I have been involved with buyers trying to buy in that price range. I have been involved with other multiple offer situations. We have seen houses sell in a few days. So it is going to be tough to find a home if you do not put your best foot forward.
So it is still a hot market in the starter home market up to $350 to $375,000.
Lake homes in SE Michigan
Let’s talk about the lake market in SE Michigan. This market is crazy along with some of the sellers. In the past year I have seen some homes listed over $100,000 over the market price. Some of the homes that have these crazy high prices are still sitting. We are not lacking buyers for lake homes. We are lacking nice condition lake homes, and lake homes tat are well priced. Home buyers are not stupid. Sure they may come and look at the lake home, but they are not going to put an offer in on a very over priced home. Maybe once in a great while it happens to sell because somebody just has to be on the lake. But 95% of the cases the lake home just sits until the seller lowers the price. Just because it is the lowest priced house on the lake doesn’t mean that somebody will buy it if it is over priced.
However there is what I call “LAKE EFFECT’. Lake effect is when somebody want to be on the lake whether it is a specific lake in Oakland County or any lake. So sometimes people will over pay for a lake home in order to get on a specific lake. Sometimes they will over pay or just give in and buy a lake home because they want to be on the lake this summer. So a lake home can sit on the market and all of a sudden get an offer or even a couple of offers when it has sat on the market for months. It’s crazy but it happens all the time. I shake my head at it, but sometimes that is the only way some buyers get a lake home. They have to give up the dream of the “PERFECT” lake home.
If you need a real estate agent that is up to date on the local markets and what is happening feel free to call or text me at (248) 310-6239
Homes in Greenwood Oaks Sub in Novi are going to be what I call average homes. Just like homes in Golfview Meadows Sub in Livonia are. Not mega homes just regular homes that have owner occupants. Not a neighborhood that is near commercial buildings or have a lot of homes that are being rented. Just regular homes. If you do not know what owner occupants mean here is an explanation of owner occupant buyers mean.
Williams Lake homes in Waterford Twp is a decent size all sports lake. I really like the lake because they have a strong association. Other factors that I feel make it a good lake is that there are many families on the lake that have been on the lake for generations. Many times I run across buyers that want to be on the lake. Here is an explanation of what does Michigan all sports lake mean?
Feel free to call or email me with questions anytime. My cell is (248)310-6239 or email me at YesMyRealtor@gmail.com