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Good Market? Bad Market? It's All a Matter of Perspective

By
Real Estate Agent with Coldwell Banker Professionals

It's funny that 8, 10, 12 years ago when home prices in Southeast Michigan were going up so fast that when we finally peaked around 2004 or 2005 the average, regular, middle class person couldn't really afford to buy a house in the Lake Orion/Oxford area, everybody considered that to be a good market. For sellers it was great. For existing home owners it was great- they saw equity building faster than any other investment they could sink their money in. It was beautiful times for real estate agents, loan officers, title companies, home inspectors...

But- was it a good market for buyers?

It's all a matter of perspective. Today a couple both working full time at McDonalds can afford a pretty nice house in the same Orion/Oxford area. You can get a house in Oxford Lakes sub for under $130K- it lake orion real estate oxford michigan real estatewill probably need some work, but better than an apartment. I sold a house on Sherry Dr in Lake Orion a few months back for $53K- not a huge house but 3 bedrooms, partially finished basement, huge fenced yard and just about everything was on the newer side. The buyer put in a new well- I think she paid $5K for the well so still less than $60K total into the place. Her house payment is way less than the cheapest apartment rent in the area. You can get onto an all sports lake for less than $150K and if you're willing to really put some time and money into a house you can get one for under $100K.

Interest rates are super low. FHA financing is still around and requires a minimal amount to close. In some price ranges, your income tax return might be enough to cover a down payment. Go into Oxford or Lapeer there is still 100% financing available. Property taxes are dropping- townships seem to be dropping assessments across the board and getting closer to true value. There are tax incentives galore for fixing up a house (The topic of a future post).

Good market or bad market? From the buyer perspective it's the same market it was for sellers in the mid 90's through about 2004 or 2005.

For more information about buying in North Oakland County or Lapeer County please don't hesitate to contact me.

Jackie Hawley
Keller Williams Realty
Cell: 248-736-6407
Email:
Jackie@JackieHawley.com
Web: www.MiRelocation.com
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Posted by

Jackie Hawley, Realtor, ePro

ReMax Encore
Cell: (248)736-6406
Jackie@JackieHawley.com 
www.MiRelocation.com 

 

Comments (1)

Jason Channell
Diadem Property Inspections - Serving Southeast Michigan - Troy, MI
The House Sleuth

Thanks for the reminder. It is a matter of perspective. With all the negative press nowadays, it is easy to forget perspective.

Aug 29, 2010 01:10 PM