Here is a monthly update on lakefront homes for sale in Commerce Bloomfield Michigan. The great news for sellers is lakefront home prices are slowly moving back up. But sometimes we get a hiccup and the house we are trying to sell has appraisal issues. That is holding down prices on lakefront homes in West Bloomfield. It is usually the buyer’s bank’s appraisers that . The bank’s appraisers are still very tight and are still keeping the lid on lakefront home prices from spiralling up quicker. Sometimes they are not appraising the lakefront home for even what the buyer is willing to pay. So if I was listing a lakefront home in the area what I recommend to all sellers is to list it at the high end of the price range. But you still have to be smart. You can’t be greedy and price yourself out of the market. We still have some sellers that want to do that. I know a seller that over priced a Waterford lakefront home. He had it listed last year and it did not sell. He listed it again at the same over the top price. But it needed a kitchen update badly and had an odd layout. It is overpriced for the market. Either he will have to lower the price or put in a new kitchen to get what he wants.
As a West Bloomfield lakefront home buyer I think it is a great time to buy. Yes lakefront homes for sale in West Bloomfield Michigan have gone up in price but they are going to continue to go up. With these low rates many lakefront homes are still going to have a very, very reasonable mortgage payment. There are many beautiful lakes in the city like Union Lake West Bloomfield, Walnut Lake West Bloomfield, or Pine Lake West Bloomfield to name a few. West Bloomfield homes tend to draw a higher price because of the nearness to Telegraph, M-5, and the West Bloomfield School System.
If you think you should wait for a year before you buy it could cost you a hundred dollars or more a month in increased mortgage payments if the interest rates go up. I will say that it is sometimes to find that right house with everything you want in this 2013 real estate market. You have to be patient and be out there looking quickly at homes. We have a limited supply of lakefront homes and quite a few buyers, so it can be challenging to find a home.
If you would like more information on local lakes go to my website Lakefront homes for sale in Oakland County Michigan