Category Archives: Novi

Oakland County Real Estate: Year End Market Update

We hope you have a happy and healthy 2016! Another year has come and gone..

For the most part, the market has begun to stabilize, the fast paced rise in values we’ve seen in years past is no more. Most area’s are only up a few dollars per SqFt as far as average sales price & the time it takes to sell a home has increased slightly. 

2016 will likely complete the shift from a sellers market to a balanced market. As the market balances we will probably see less and less multiple offer situations and bidding wars on the same property, especially as the sellers who have been holding onto their homes start putting them on the market. 

It is however, still a great time to buy and sell, because interest rates remain low. Keep in mind at the peak of the market before things crashed back in 2005/2006 interest rates we’re 2%+ higher then they are now. So while home values are back close to those 2005/2006 #’s – The interest rates are lower meaning buyers can afford more.

If rates rise back up to 2005/2006 levels, mortgage payments will go up about $125 per $100,000 – So what a buyer can afford today may not be realistic anymore. 

Here is a city by city breakdown of the sales in our immediate market area. Your city not listed? Feel free to Contact Me for a report. 
View past years #s by clicking on the city name

Berkley, Michigan
2014: 404 Homes Averaging $141/SqFt and 49 Days On Market
2015:  413 Homes Averaging $150/SqFt and 41 Days On Market

Beverly Hills, Michigan
2014: 175 Homes Averaging $160/SqFt and 42 Days On Market
2015: 191 Homes Averaging $168/SqFt and 46 Days On Market

Birmingham, Michigan
2014: 445 Homes Averaging $235/SqFt and 67 Days On Market
2015: 495 Homes Averaging $241/SqFt and 87 Days On Market

Bloomfield Township, Michigan
2014: 559 Homes Averaging $166/SqFt and 73 Days On Market
2015: 618 Homes Averaging $168/SqFt and 82 Days On Market

Commerce Township, Michigan
2014: 468 Homes Averaging $122/SqFt and 60 Days on Market
2015: 475 Homes Averaging $129/SqFt and 54 Days on Market

Farmington Hills, Michigan
2014: 785 Homes Averaging $106/SqFt and 52 Days on Market
2015: 826 Homes Averaging $110/SqFt and 55 Days on Market

Franklin, Michigan
2014: 50 Homes Averaging $165/SqFt and 85 Days On Market
2015: 52 Homes Averaging $158/SqFt and 88 Days On Market

Northville, Michigan
2014: 40 Homes Averaging $152/SqFt and 45 Days On Market
2015: 47 Homes Averaging $159/SqFt and 48 Days On Market

Novi, Michigan
2014: 496 Homes Averaging $140/SqFt and 41 Days On Market
2015:  533 Homes Averaging $142/SqFt and 51 Days On Market

Oak Park, Michigan
2014: 234 Homes Averaging $68/SqFt and 43 Days On Market
2015: 327 Homes Averaging $76/SqFt and 39 Days On Market

Royal Oak, Michigan
2014: 1293 Homes Averaging $151/SqFt and 46 Days on Market
2015: 1408 Homes Averaging $158/SqFt and 48 Days On Market

Southfield, Michigan
2014: 518 Homes Averaging $69/SqFt and 48 Days On Market
2015: 554 Homes Averaging $77/SqFt and 46 Days On Market

Walled Lake, Michigan
2014: 44 Homes Averaging $117/SqFt and 74 Days On Market
2015: 39 Homes Averaging $111/SqFt and 36 Days On Market

Waterford, Michigan
2014: 905 Homes Averaging $101/SqFt and 53 Days On Market
2015:1052 Homes Averaging $106/SqFt and 54 Days On Market

West Bloomfield, Michigan
2014: 683 Homes Averaging $121/SqFt and 63 Days On Market
2015: 741 Homes Averaging $125/Sqft and 71 Days On Market

White Lake, Michigan
2014: 384 Homes Averaging $117/SqFt and 61 Days On Market
2015: 394 Homes Averaging $128/Sqft and 75 Days On Market

Wixom, Michigan
2014: 114 Homes Averaging $114/SqFt and 44 Days On Market
2015: 153 Homes Averaging $124/Sqft and 57 Days On Market

Wolverine Lake, Michigan
2014: 49 Homes Sold Averaging $103/SqFt and 37 Days On Market
2015: 55 Homes Sold Averaging $125/SqFt and 55 Days On Market

 

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2014 Year End Market Update: Walled Lake, Wixom, Novi

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Walled Lake Michigan 2014 Market Update

  • 43 Single Family Homes sold in 2014
  • 72 Condos Sold in 2014
  • Sales ranged from $48,000 – $649,000
  • Average Sales Price $144,280
  • Average Price per SqFt $104
  • Sales Price to List Price Ratio 96%
  • Average Days on Market 54

Wixom Michigan 2014 Market Update

  • 4111 Single Family Homes sold in 2014
  • 38 Condos Sold in 2014
  • Sales ranged from $43,000  – $365,000
  • Average Sales Price $203,000
  • Average Price per SqFt $111
  • Sales Price to List Price Ratio 98%
  • Average Days on Market 38

Novi Michigan 2014 Market Update

  • 487 Single Family Homes sold in 2014
  • 307 Condos sold in 2014
  • Sales ranged from $49,000 – $1,600,000
  • Average Sales Price $296,000
  • Average Price per SqFt $132
  • Sales Price to List Price Ratio 97%
  • Average Days on Market 38

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
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© Margo Borkin Real Estate
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5 Reasons You Shouldn’t Wait Until Spring to Buy a House

Current data suggests winter actually is the best time to be a home buyer, Here’s Why:
1. You’ll pay less!
Even though the market in general is still a “sellers market”, during the winter months it tends to favor the buyer more. Many buyers pause their home search during the winter either because     they’re too busy with the hollidays or simple don’t want to look at homes in the frigid winter weather. With these buyers out of your way you’re less likely to find yourself in a multiple offer over asking price situation, and may save thousands by avoiding it.
2. Better Interest Rates!
They are predicting the market and property values will continue to rise in 2015, Interest rates will likely do the same. As the market begins to rebound from the winter slow down in the spring, interest rates will probably go up as well. Many people thing a 1/4 percentage point isn’t really a big deal, but when you look at the big picture that 1/4 percent will cost you. You would be sinking an extra $5000 into a $100,000 house. That’s not including the extra closing costs you will pay for pre-paid interest.
3. Less Competition!
Since many buyers do hault their home search during the winter months, if you decide to break from the norm you’ll have a leg up against them. Sellers wont have their “pick of the litter” when it comes to home buyers, giving you a better advantage and a better chance at an accepted offer. You have more negotiating power when the seller has less options.
4.  Motivated Sellers!
Because the marke tends to slow down in the winter, many sellers also hold off on listing their homes unless they absolutely have to. That being send, the homes on the market tend to be sellers that have urgency to sell. Either their being relocated or possible going through a divorce, they have a genuine motivation to sell, and may be more negotiable when it comes to pricing.
5. Quicker Closings
Since the mortgage and title companies tent to be less busy in the winter too, you’ll be able to take advantage of a quicker and likely smoother closing, which will put keys in your hand sooner than expected! You may even get a better deal on closing costs! Because there’s less buyers in the winter, loan offices may be more likely to fight for your business because they too are slow. Which means even more savings for you!
So Lets get you moved! If I’m already sending you properties, take a look at your list and lets make a time to go out shopping. If I’m not, lets get you set up on a search. Click Here to send me your criteria and I’ll get you set up with an MLS search.

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

© Margo Borkin Real Estate
If you’re viewing this information on a site owned by someone other than Margo Borkin Real Estate, it has been stolen. Please report to us here.

Real Estate Scams Now Hitting Zillow, 5 Ways to Avoid Being Targeted

I’ve posted before about the ridiculous rental scams that plague unsuspecting home buyers. These scams were previously limited to sites like Craigslist, but have now taken to top name real estate sites like Zillow as well.  Zillow allows owners to post their for sale by owner, con artists are now abusing this privilege by using it as their new playground. Here’s what you need to do to steer clear:

5- If its too good to be true, its too good to be true.
I saw a for sale by owner house on Zillow today for $23,000 in Birmingham, MI. This was very clearly, false. A quick MLS search showed the home was actually valued and listed at $349,000. The scammers target homes that are listed, but clearly vacant, and then copy the listing and photos over to a new posting with an unbelievable price to lure you into giving them a cash down payment.
If the price isn’t in line with the market value, its not likely to be real.

4- Verify All Data
Before meeting with the “seller” get their name, phone number, email and whatever other information you can get and google it all. See if you find any inconsistencies. Google the address of the property and see if its listed somewhere else for a different price. Check the address in the white pages and see who it lists as living there. BUT that usually isn’t even enough, a recent craigslist scam had the con artists actually signing their emails with the real owners name!

3- Read Between The Lines
A majority of these scams come from our of the country, places such as Nigeria. When reading their emails, you will usually see inconsistencies in their English and the way they write. Many times they are using translating software that translates their emails into English, but since most languages don’t translate word for word, you are usually able to tell if that is the case.

2- Never Give Cash
You should never in any large transaction be it a car or a house, give someone cash. It should always be a money order or certified check that is attached to a tracking #. A lot of times con artists will insist on cash only, that is a good indicator they are scamming you. Asking you to wire money is also a very good hint that it’s a scam. The tracking #s on money orders and certified checks still don’t trace down the person, but it’s a step in the right direction if you do find yourself in a bad situation.

And the #1 piece of advise to avoid a real estate scam

1- Hire a Realtor!
As a renter/buyer you don’t pay the realtors commission, so there is no benefit to you of not using a professional in your house hunt and is you’re best change against avoiding a scam.
NOTE: Zillow (and most sites) have a “FLAG LISTING” or “REPORT LISTING” option. If you suspect a listing is fake, flag it! They will investigate and remove it.

 

Margo Borkin
Real Estate One
$10,000,000 Sold in 2013

6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 | 248-419-0930 fax
2013 Hour Magazine Real Estate ALL STAR –
Presidents Council of Excellence

Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Pinterest

November Market Update from Real Estate One President

Hi Friends! Below is our monthly market update from President of Brokerage Services here at Real Estate One, Dan Elsea.

Like September, October was a pleasant surprise outperforming our expectations in terms of homes sold. We continue to see the same trends: For Sale inventories are increasing and the rate of appreciation is still strong, but at lower rates. Most of the strength in the market is in the under $500,000 segments. We have seen a rather significant drop in showing activity in the upper end markets (over $500,000) with showings per listing dropping over 30% compared to October of last year. In part, this is influenced by more listings to choose from which spreads buyers across a larger inventory. For upper end sellers, it means fewer showings per week (under one per week versus near two last year on average) and a slower pace for offers. The rate of showings per listing has fallen across the other price ranges as well (about 20%), but not as dramatic as the upper end markets. The actual number of showings in the $300,000 to $500,000 price range has actually risen over the past 90 days, showing that there are still pent-up buyers entering the market, but since there are more listings on the market in the $300-500k market it will still seem slow to a seller even with those additional buyers.

For the next few months the market will feel quite a bit slower due to a combination of more listings on the market and the normal seasonal showing activity slowdown. There will still be a brisk rate of sales compared to historical winter months. Depending on our winter weather, we may actually see a nice jump in winter sales in early 2015 compared to this past winter (no winter could be tougher than the last one, so winter activity will be no worse, only equal or better).

Looking at things from a historical perspective shows how far we have come from the 2008 market bottom. Reflecting back on the 90’s, we can see what to expect once the market settles back to normal. Case-Shiller appreciation rates are typically the most accurate, although we feel its numbers for Southeast Michigan are low compared to what we see happening. With that being said, the data does represent a good trend line since the early 90’s.
Real Estate Market Update

 

 

 

 

There is a concern in the market that the pent-up demand created by the housing recession has been released, with the expectation of falling sales and values as we move back to a less frenzied “catch up” market.  The chart below takes a stab at showing where that pent-up demand went. The chart uses national data, but we applied our local flavor, adjusting for foreclosure rates (we were higher than most) and rate of recovery (we were faster than most). It shows that the market got ahead of itself compared to the historical normal sales rates in 2004-2006 and then fell significantly below the norm in 2007-2012. The combined “downs” (in red) exceed the “ups” (in green) showing that it is logical there is still some of that demand projected to be released over the next 3-4 years. Assuming our economy continues in a positive direction, housing demand should be either equal to or above the historical trend over the next few years.
Real Estate Market Update