Real estate & Lakefront homes in Oakland County – Fall 2017 market update

Yes the weather is turning and fall has arrived here in Southeastern Michigan.  We are starting to see more fog rising off the lakes because the water is warmer than the air.  The weather is starting to get cooler, some of the trees are dropping leaves, and others are starting to change colors.  We are having to put a coat or sweat shirt on the boat because once the sun goes down it really gets cool when you are on the lake.  Most of the jet skis have gone off the lake.  Docks are coming out of the lake, and others are sitting empty because the boats are  already in storage.  It is an yearly ritual here in the metro Detroit area and in SE Michigan.  So you are probably wondering what is going on in the Southeastern Michigan lake real estate market.  First I am going to talk about what normally goes on in the market at this time of the year.  Lake homes in Oakland County have a different type of sales period than regular homes.  About this time in the fall some lake home owners will pull their listing off the market to wait for the spring to re-list it.  There are fewer lakefront homes being listed at this time of the year.  The homes that get listed at this time of the year are either homes that the owners have relocation plans, or home owners that wanted to get one more year of lake living in before they sold it.

Fishing on Cass Lake in Oakland County

Another beautiful fishing day on Pontiac Lake in White Lake Township

It is still a great time to sell a waterfront property in Oakland County and Southeastern Michigan.  There is still a very limited amount of homes for sale in all of Metro Detroit and it is the same way with lakefront properties.  There are just not a lot of listings to chose from.  So that is an advantage to the seller, and harder for the buyer.  The buyer has less to choose from.  I myself probably have 15 buyers looking for a lake home in a particular price range.  There are just so few nice home under $400,000 out there and there is a larger number of buyers in that price range.  Over the last few years prices have jumped dramatically in lake real estate.  A few years back you could find a decent lake home for under $300,000.  It is much harder to find such a home today.  You also could find a cottage on a big all sports lake in the low $200,000 range.  Now there is just a handful of those homes popping up and the demand is high.  There is usually a buying frenzy for those homes. 

If you are a lake home buyer what I suggest to you in these times (Fall 2017) is too get set up on an automatic email to recieve new listings daily or automatically.  Look at them as soon as you get them.  Then get out and see the house quickly.  Just a few homes hitting the market and to get one you have to get out there and act fast.  Do not be dissappointed at the amount of listings.  It will be this way until spring, however you may find your dream home in the middle of winter.  There are still new listings coming to the market each week.  So stay in the game.  Be ready to act on anything that come up.  The old adage of ” you snooze….you lose” is true in this market. 

Drone view of Wolverine Lake in Oakland County

If you are a lake home seller, of course the early spring is the best time to sell.  The good homes usually get top dollar.  However if you list high or over price the home, you most likely will have the home sitting all year.  So long as the interest rates stay low I predict that the market will be the same.  Low inventory simply because lake homes do not turn over quickly as some regular homes do.  I see the continuance of the cycle of small inventory, high demand especially in the under $400,000 price range.  If your home is ready to sell I would probably list it for a couple of months this year yet to see if you can get it sold with less competition than you will have in the spring.  Buyers are out there and waiting for that right house to pop up.  There will still be a good opportunity to sell yet this year. 

 

Russ Ravary your lakes area realtor

Russ Ravary Boating on White Lake

Get a nice gift when buying a home with Russ

 

My quote of the day is :

“Darkness cannot drive out darkness: only light can do that. Hate cannot drive out hate: only love can do that.”     Martin Luther King

Here is some links on past articles I have written here that may be a little harder to find.   Wondering home much lake prices have risen since 2012.  Check out Lake Orion sold waterfront homes as of 10/07/2012  For more info on Oxbow Lake in White Lake  click here.   Maybe you are looking for a more expensive exclusive lake than Pontiac Lake or Watkins Lake in Waterford….you may want to check out Lake Angelus lake homes and lake properties.  If you think most of the lakes are too small in the area then look at our biggest one…..Cass Lake water front homes

Genessee County waterfront homes for sale

 

 

 

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