Oakland County waterfront homes update

If you are going to buy an Oakland County MI waterfront home I wanted to give you an update of what is happening in the last 30 days.

Here are all the homes that have sold in the last 30 days in Oakland County waterfront homes.

 What is interesting is that there is no pattern on how you should bid.  Broken down:

1. 2 homes        Sold way over 10% of sale price 
2. 8 homes        Sold at over list price
3. 3 homes        Sold at list price
4. 8 homes        Sold under list price within 5% of list price
5. 10 homes      Sold between 5-10% of list price
6. 9 homes        Sold way over 10% list price              

So what that tells me as a real estate agent is that Oakland County waterfront homes are not being priced right.  The one lakefront home was listed at $115,500 and sold for $162,500.  So the key to you as a lakefront home buyeris to look at the comparables and bid accordingly.

There are many factors to consider when bidding.  One is how bad do you want the home?  Can you live without it?  Metro Detroit real estateinventory is low and I do not believe that is going to change in the next year.  So there will be slim pickings and your choices are going to be limited.  Especially if you want a specific lake.  So if you really want the lake home put your best foot forward and bid to win especially if it is new to the market.

If the home has been sitting on the market then that changes the whole bidding scenario.  If it is vacant it changes the whole scenario.  Just because it is a foreclosure doesn't mean to bid low.  I had several clients last year that lost real nice homes last year because they under bid.  They ended up "settling" for another home that wasn't their first choice.  Don't make that mistake.  Forget that it is a foreclosure and bid according to the comps especially if there are multiple bids.  

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