Oakland County real estate update

So what is happening in the Oakland County real estate market in June of 2014.  The real estate market is varying from city to city.  Some areas of Oakland County are red hot.  Other areas are just luke warm.  If you broke down Oakland County according to top schools you will find that they are most likely going to be the hot real estate areas.  Areas like West Bloomfield, Bloomfield Hills, Novi are going to be hot because they have good schools.  Then you will notice that areas or cities around these top cities are also very active.  These areas are where you are going to find homes selling at or above list price if they are in good or excellent condition.  The move in ready and homes that are updated are fetching the best prices.

 So many of the good lake homes get sold before the average buyer even gets to see them.  I have seen homes sell in under a week.  The good lake homes go quick.  If you want the latest lake home listings emailed to you daily so you can look at them at your leisure.

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The areas with poor schools like Pontiac are going to have the lowest values and are not going to have buyers waiting in line to buy homes in the city.  Areas and cities that buyers have the perception that the schools are below average or not the “best” will have a lower number of buyers wanting to live there.  You would be surprised how a city’s school system affects the perception of even young buyers.  Unfortunately as a realtor we see this happen all the time.  I have a buyers tell me that they will not buy in Waterford or other cities because of the schools.  You will find that many of the cities that are what I call fringe cities of Detroit have just “average” schools.  Those cities are not the hot cities.  You will find less expensive homes and in many cases you are not going to be fighting multiple buyers to get a home.

Of course the cities and townships that are hard to get to or farther away from the main freeways or business areas are not hot areas.  Rose Township, White Lake Township, Highland Township are good communities but they are just harder to drive to.  So buyers that work in Southfield or Troy are not going to be picking Highland or White Lake.  Those communities real estate markets are not going to be as hot as communities such a Troy, Rochester, or Commerce.  The ease of hopping on a freeway or getting to work makes a difference.

So If you are looking for a community with a great school system you will be most likely be jumping into a market with multiple bids.  The key is to get out and see the homes quick.  Check the comps and then bid according to how bad you want the house and within a common sense range of recent sold homes.

Give me a call whether you want to buy or sell your home at (248)310-6239. If you buy a home through me as your realtor I will buy you a new kayak or new lawnmower.

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