The Preserve, Lake Orion MI- Home Prices UP Again!
Good news for homeowner in The Preserve in southern Lake Orion MI. Median sales prices were up 3 1/2% from last year and up 7.3% from 2009!
List price to sale price percentage ranged from .4% of asking price to 7.8% of asking price and one house sold for 3% over the list price. There was only 1 foreclosure listing and no short sales. Sale prices ranged from $212,000-$274,000.
The good news for buyers:
Compared to many areas there were relatively few distressed sales even in the worst of times
Prices never got so low as to change the socio/economic make up of the sub
Interest rates are so low you get about $100K in buying power
Number 3 is quite interesting. Let's look at 3760 Acadia. Last year it sold for $274,000 which gives you a payment of about $1010 (20% down, principle and interest, 3.92% interest rate which was the average for Jan 2012). If you were to pay that same price at 2000's interest rates you would have a payment of about $1616. Put another way- at the 8.05% interest rate of 2000 you would need to have paid $170,000 to have the same payment as 2011's buyer.
The good news for sellers is that prices are up the past couple years.
The even better news for buyers is that with interest rates it feels like prices have kept going down. And when a buyer gets approved for their mortgage they are truely getting approved for a certain house payment and those payments are super low.
Keller Williams Realty, Clarkston
Cell: (248) 736-6407