White Lake real estate & Lake homes update July 2014

There has been a slight turn in the White Lake real estate and lake homes market in the last few months.  It used to be more of a seller’s market last year.  It has become more of a buyer’s market this year.  However I will add in this caveat.  Good homes, updated lake homes that are move in ready and priced right sell quickly.  White Lake waterfront homes that are over priced sit and sit.  There are quite a few that have been on the market for over a year.  If the home has been on the market for over a year you know it is over priced.  So look at the price reductions and look at the local lake sold homes and price to see what the home should really be priced for.

Come enjoy Oakland County lakes at a local tiki hut

Come enjoy Oakland County lakes at a local tiki hut

In the last 60 days 17 lake homes in White Lake Township have sold. The average time on the market for these homes was 63 days and they sold for an average of $154 a square foot.  The lowest price per square foot was $104 and the highest was $257 and the next highest one sold for $204 a square foot.  So that basically tells me that if the home is in great shape you could get as high as $200 a square foot.  So a 2000 square foot home could fetch as high as $408,000.  I am throwing out the $257 a square foot home because that was for a tiny 857 square foot home on Pontiac Lake.  Somebody was able to get into a decent home on a large all sports lake for under $219,000.  Those types of deals are hard to find in waterfront homes in Oakland County.

The lowest priced lake home sold for $125,000 in the last 60 days.  It was a 657 square foot home that was 1 bedroom, 1 bath on Bogie Lake in White Lake Township.  This home sold in 7 days and sold at $190 a square foot.   The most expensive lakefront home that sold lately was a 2779 square foot home on a bay of Oxbow Lake.  The beautiful open layout home had 3 bedrooms, 3.1 bathrooms, and a 3 car garage.    It was a very nice home that sold at $202 a square foot.  Again it was updated, move in ready so it sold quickly and for top prices.

White Lake homes

White Lake homes

When selling your piece of White Lake real estate you have to remember that most buyers do not just look at one lake.  They may be looking at West Bloomfield Lake real estate, or a home on Watkins Lake in Waterford.  They are looking for the best deal.  Sure there are people that want to be on Brendel Lake, or Oxbow Lake.  That is the only lake they want to be on.  Then they may over pay for the house.  But the majority of lake buyers will not over pay and the home will sit.  It doesn’t matter that it is on White Lake.

But the worst part of this White Lake real estate update about lake homes is about the 54 homes currently on the market.  They have been on the market an average of 114 days and the average price per square foot is $178.  There are 20 of them that have been on the market over 100 days, 3 of them on the market for over 200 days, and 4 have been on the market for over a year.  This is not including homes that were on the market last year and taken off.  I had one last year that we had listed for over 60 days and received no offers.  Yet the seller now has relisted it at a price $20,000 higher than last year.  That doesn’t make any sense at all.  But that is what is happening in the local lake home market.   So of them are crazy.  We have 12 homes priced at over $200 a square foot and some in the $300 a square foot range.

If the home is not in excellent condition with a good spot on the lake it is not going to fetch $200 a square foot.  If there are not White Lake waterfront homes that have sold for over $257 a square foot how do you expect to get $300 or more a square foot.   That’s were we as realtors have to come in.  It’s our job to set reasonable expectations for a lake home.  We know that not being on an all sports lake affects the price.  We know which lakes demand top dollar and that canal front homes sell for less than a lakefront home.  Some lake home sellers see their home through rose colored glasses.  Some of those sellers will never be convinced that their house is worth less.  I just want to be the honest realtor and give you the truth.  So if you are looking to SELL your lakefront home and not just put it on the market, give me a call.  I will be glad to give you tips on what will help to get your lake home sold.  We know the local lake real estate market.  My cell phone is (248) 310-6239.

kayak

For all you lake home buyers out there I have an added incentive for you to choose me as your realtor.  Not only do I know the local lakes but I will buy you or credit you a new kayak or lawn mower when you use me as your realtor and close on a home!  An added bonus for you.  So email me at yesmyrealtor@gmail.com or call me today to get started on your lake home search!

Looking for a lake home in Waterford then you may like a Lake homes for sale on Lotus Lake in Waterford MI  or maybe a White Lake home with Huron Valley Schools is better for you like a piece of real estate on Sugden Lake in White Lake MI.    Or maybe you just want a home in Milford you can search Oakland County MI homes for sale

 

 

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Phone: (313) 310-9855 | Email: yesmyrealtor@gmail.com