Waterfront homes for sale Oakland County MI real estate update Aug 2014

So what is happening in Oakland County Lakefront homes? 64 lakefront homes sold last month. That seems like a lot of lake homes doesn’t it? Well it is just a small fraction of how many lake homes there are on the market in Oakland County Michigan. Right now there are over 413 Oakland County waterfront homes for sale.  Of the 43 lake homes that sold they were on the market an average of 47 days. If you look at all the other homes that are currently on the market then you will see that the current list of lake homes have been on the market for an average of 114 days. So the ones that are selling are selling in a third of the time.

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Waterfront home for sale Oakland County MI

Waterfront home for sale Oakland County MI

oaklk2 587 EASTLAKE TRAIL Walnut Lakefront Contemporary

So why are some lake homes selling right now and why are other sitting? Two of the biggest reasons are price and condition.   An overpriced Oakland County waterfront will sit. I have seen some on the market for over three years. Some of these homes statistics are not being recorded correctly because they have taken the homes off the last year and then re-listed this year. So some of these homes have been on the market longer so the average of 114 days would be much longer. I know some of the homes have been on the market over 720 days. Simply because they are overpriced. Way overpriced. They will never sell at the prices they are listed at.

West Bloomfield Lake home for sale

West Bloomfield Lake home for sale

I was at a West Bloomfield lakefront home today. The owner had an appraisal of $725,000 on her home. Yet she listed it at $850,000. She had lowered the price $75,000 and wanted to know why it wasn’t selling. She thought her agent was doing a bad job. He wasn’t doing a bad job of marketing. She had just overpriced the home. It was never going to sell because she had listed the lake home for far more than it was worth. She was going to sit and sit on that house.  Nothing the real estate agent was going to do was going to sell it.  The only chance she had to sell it is if there was a buyer that absolutely loved it and had a ton of cash.  It probably would not appraise the second time either.  So her deal would probably fall apart when it came to the mortgage.  Over pricing a home is sort of like fishing for panfish with a 6 inch lure.  You aren’t going to catch dinner.  Sure you might get lucky and catch that monster fish in the lake.  But the odds are very slim.

The second reason homes do not sell is because of the condition or priced too high for a condition. If your home is not in excellent condition then you can’t expect to get top dollar for it. You can’t expect to get the top price per square foot. Yet lake home sellers expect that all the time.  If your home is run down and nothing has been done in it since you bought it 25 years ago, do not expect to get the highest price on the lake.

waterfront home for sale Bloomfield Township MI

waterfront home for sale Bloomfield Township MI

In today’s Oakland County waterfront home market buyers love homes that have updated kitchen and baths, that are freshly painted, and the flooring is in good to excellent condition. For the 64 lakefront homes that sold last month the average sold price per square foot is $167. There were only 2 waterfront homes in all of Oakland County that sold over $275 a square foot. There wasn’t a square foot price of a sold home over S500.00 yet there are quite a few lake homes that are priced way over that square footage range. Sadly I am seeing so many home sellers not paying attention to recent sold prices. They are looking through their rose colored glasses and think their home is worth the same prices. They forget about their odd layouts, their poor lake frontage, or their small lake frontage. All of these items factor into a price of a lake home. It is very common that lake home owners realistically look at their home. Especially if it is a fixer upper. Fixer uppers sell for a lot less and take much longer to sell. So look at the average sales price per square foot of $167. Sellers have to look at the high sold prices per square foot too.

How does those lake homes really compare to yours? That is why you need to be realistic. If you really want to sell you have to be priced right for the condition of the home.

The key is do you really want to sell?  Call me on my cell to set up a time for us to talk (248) 310-6239

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