Clarkston, MI Real Estate News

By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Clarkston MI Home Sales Are Up- AGAIN!! 2011 home sales in Clarkston MI were up in units, average sales price and total dollar volume from 2010. And 2010 was better than 2009. Is this a trend? Will 2012 be a better year than 2011? If you were waiting until the market hit rock bottom to buy, you may want to consider hopping off that fence. Inventory is low and you need to be ready when "that" house hits the market. Interest rates are also low. The annual average interest rate on a 30 year fixed mortgage was 4.45% paying .7 of a point. Almost a percent and a half lower than the hey days of 2003-2004-2005. Some interesting facts: 419 closed sales in 2011 416 closed sales in 2010 353 closed sales in 2009 That's 16% increase in unit sales from 2009. Average Sales Price: 2011- $193,935 2010- ...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Am I Overpaying? Is the listing overpriced? What is the house worth? All questions, or variations of questions, most buyers ask when buying a house in Clarkston, MI. They are valid questions with not easy or pat answer. The value of the home depends on your point of view. Webster defines "value" as "a fair return or equivalent in goods, services, or money for something exchanged" or "the monetary worth of something." Out of everything that is currently on the market: Is it the best house for you, with an asking price you would be comfortable paying? If you were assured the asking price is fair, would you feel like you were settling with this particular house? If the house is everything you were hoping for in your price range, then you're not overpaying. Websters defines "market value" a...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
When a potential seller makes an appointment to meet with me about selling their Clarkston MI home I am typically asked "how long will this take?" and "are you going to take pictures?" There are two ways a listing can happen. The 1 step approach or 2 step. On the 1 step listing, I have comparable sales pulled in advance. When I get to your house I go through the house measuring rooms and taking notes. Then we sit down and discuss how I market a home, my experience, we go over comparable sales and discuss price, discuss your motivations and time lines, and then I answer any questions you may have. At that point if you decide to list your house with me I fill out the listing agreement while you fill out the disclosures. Then I take photos. I take photos of every room and multiple photos o...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Short sales in Clarkston Michigan - click here for the very basics including my attempt to define exactly what a short sale is and the basic steps involved. Below is more about what to expect throughout the short sale transaction. Short sale listings can be some of the best bargains available in Clarkston MI, but there are things about short sales that the Clarkston MI home buyer should be aware of prior to even looking at houses. Be prepared to wait 3-6 months (sometimes longer) for short sale approval Be aware the lien holders may not agree to the payoff required to proceed with your offer. After 3-6+ months your offer may be countered or outright rejected Don't expect appliances to stay Don't expect the seller to pay for repairs DO expect to close pretty quickly once the short sale i...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
I want to start out by stating this post IS NOT for the potential Clarkston short sale seller. Short sales, and what I like to call a normal sale, are 2 completely different animals. Most Clarkston MI short sale sellers NEED to sell and are upside down on their mortgage. The regular seller may or may not NEED to sell but either way, they either have equity or have the money to make up the difference if they are upside down on their mortgage. But this post is for the "regular" or "normal" Clarkston home owner who has at least been toying with the idea of selling for whatever reason. If you have been thinking of upgrading you may be able to buy that house you couldn't afford back in 2003 or 2004. You may be able to purchase that home you dreamed about back then for the same or less than y...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Low Ball to me means way under market value- NOT way under the asking price. As an experienced agent, I KNOW WHEN I HAVE AN OVERPRICED LISTING! But the point of this post is about coming in way under MARKET VALUE and insisting I jump and present in the next 2 hours because you, the buyer's agent, have a warped idea that I MUST present all offers. Buyer's agent- put yourself in my shoes. I have a properly priced listing. Just hit the market with an asking price of $150,000. The sold comps show that it is worth $150,000 and I have no fear of it appraising. Why would I waste my time meeting with the sellers to present a $75,000 offer? Worse- if your idea of "representing" your buyer spreads to other buyer's agents, I would be spending all my time presenting stupid offers. If the house is o...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Homes for sale on all sports Lake Oakland and Woodhull Lake There are currently 9 homes for sale on Lake Oakland and Woodhull Lake ranging in price from $169,900-$899,000. Lake Oakland and Woodhull lakes connect for a total of 370 acres. Excellent location covering Independence Township and Waterford Township.Call Jackie for a list of homes for sale on Lake Oakland and Woodhull Lake. (248)736-6407 Clarkston Lakefront Homes Waterford Lakefront Homes Search The MLS- No Registration Required  If you would like a more custom search or information about buying real estate in this buyer's market please call: Jackie HawleyKeller Williams Realty, Clarkston MI Cell: (248) 736-6407 Jackie@JackieHawley.com Buying Real Estate In Oakland County Michigan Writing the Offer Financing The Home Inspectio...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Am I Overpaying? Is the listing overpriced? What is the house worth? All questions, or variations of questions, most buyers ask when buying a house. They are valid questions with not easy or pat answer. The value of the home depends on your point of view. Webster defines "value" as "a fair return or equivalent in goods, services, or money for something exchanged" or "the monetary worth of something." Out of everything that is currently on the market: Is it the best house for you, with an asking price you would be comfortable paying? If you were assured the asking price is fair, would you feel like you were settling with this particular house? If the house is everything you were hoping for in your price range, then you're not overpaying. Websters defines "market value" as "a price at whi...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Michigan Foreclosures- New Buyer Fee to Consider It is customary in Michigan real estate transactions for the seller to pay the transfer tax- both state and county- to the tune of .86 of a per cent of the sale price. Bank owned homes backed by Fannie Mae and Freddie Mac have been exempt from this fee until now. Fannie and Freddie are refusing to pay this fee and passing it on to the buyer and this includes sales that are currently pending. A little background: Up until now Freddie and Fannie have been exempt from this cost which is not exactly a puny little fee. For every $100,000 of house that is an $860 charge. There has always (probably not literally always) been a clause in the addendum to purchase Fannie and Freddie homes stating "Seller is exempt from payment of state taxes and ta...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Will They Sell on Land Contract? Would YOU give title to a 6 figure asset to someone with your credit history? I don't mean to sound snarky, but I probably get 2-3 inquiries a week asking about land contract terms. The call usually goes something like this: Caller: Will the seller at X address consider land contract terms? Me: How much downpayment do you have and how long of a term are you looking at? Caller will usually have somewhere between 2 payments to 10% on the high side. Me: Why don't you want to get a mortgage? Caller will usually not qualify for a mortgage because of a recent foreclosure, short sale and/or bankruptcy So.... If you fit the scenario above: Would YOU give title to your house to someone who has a few thousand dollars and bad credit? More About Land Contracts Are B...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Price, Location and Exposure??? NOT!!! It's ALL About PRICE! If you are trying to sell your Clarkston MI home in today's real estate market you have probably read that it's all location location location. Or possibly price, location and exposure. That last one is one third correct. It's all about price. Crappy location? Location can always be compensated for by price. Your Realtor took 1 photo and left the remarks section of the MLS listing blank? This too will reflect in the price. Is the house difficult to show? Price will take care of that. Does the house show poorly? Not clean or dated or delayed maintenance? This will also reflect in the price. No matter what market we're in, price has always been the cure all for deficiencies in a property (house, land, etc). To get the highest pr...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Are Foreclosure Sales (Bank Owned Homes) REALLY The Best Deals? Sometimes they are. Some bank owned homes are in pristine condition. Sometimes. Most of the time they are rough. Often times they are not mortgageable. Often times once you pay cash (money that is not making money elsewhere) and then you put cash into the house to make it livable you end up with a nice house with the same amount of money into it as the regular or non distressed sale you passed up because it "cost more." Some of what you need to consider before ruling out non-distressed homes: What type of mortgage do you qualify for or do you have all cash? Will you have the cash after the purchase to complete the repairs? Are you going to use a builder or do the work yourself and are you ready to disclose at re-sale that y...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Live in the Clarkston School District? GREAT Time to Sell! The average sales price for Clarkston MI homes is up 7.6% from last year and up 12.2% from 2009. Unit sales are up about 2 1/2% from last year and up over 22% from 2009. Distressed sales in Clarkston MI have been on the decline, contributing to the higher prices. Through July of 2011 distressed sales (short sales and foreclosures) have made up 56.7% of the closed sales in Clarkston MI. In 2010 distressed sales 59.6% of the total Clarkston sales which was an improvement from 2009 when over 64% of the sold homes in Clarkston were either a short sale or bank owned home.   There are currently only 211 active listings for sale in Clarkston or just over a 5 month inventory. Like in any market, some (many) of those homes are overpriced...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Lake Oakland Lakefront Real Estate Sales Lake Oakland is a 235 acre all sports lake in Waterford and Independence Townships in North Oakland County Michigan. The lake is located north of Walton Blvd and between Sashabaw and Clintonville Roads. Lake Oakland is about 65 feet at its deepest and is connected via canal to Woodhull Lake. There is a public access at the end of Dill Rd.  Lake Oakland,has always been a desirable lake to live on. In 2004 the lowest price house sold through the MLS was $282,150. In 2005 prices ranged from $250,000 - $1,275,000. In 2009 prices ranged from $50,000 - $655,000. There were 14 sales in 2010- 6 bank owned, 3 short sales and 5 regular sales. 2 of the 5 regular sales were houses that had sold earlier in the year as foreclosure listings then fixed up and re...
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By Robin Cutler and Kay Pearson, Clarkston, Michigan Real Estate
(Real Estate One)
Absorption Rate Graphs are completed by "The Pearson Group" for several areas.  We often post these charts for buyers and sellers to view and always provide the charts to each seller at the time a home is being listed.  The Absorption Rate Reports reveal the supply and demand in areas and often reveal a variety of variables that can be helpful to sellers who want to assure their home is competitively priced and it can also help buyers understand if they are dealing with a "Buyers" or "Sellers" market. "Absorption Rate" is the mathematical representation of the relationship between supply and demand. The total amount of available homes is divided by the total amount of homes sold in the previous months. The resulting number represents the number of months it would take, at that same pace...
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By Robin Cutler and Kay Pearson, Clarkston, Michigan Real Estate
(Real Estate One)
 The homes included only a few of the homes sold in the Clarkston area.  It has been obvious to our Group that the majority of homes sold recently sold very close to list price.  Our buyers are finding themselves in multiple offer situations often.  The new price point is a great opportunity for buyers but buyers need to carefully review the market values with their Realtor and make a strong offer based on their desire and ability to purchase Review a variety of our recent reports for North Oakland County Real Estate Michigan Real Estate Matters - North Oakland County 2nd Quarter "The Pearson Group"Robin Cutler and Kay Pearsonwww.KayPearson.comKayPearson@MaxBroock.comRobinCutler@RealEstateOne.com        
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Does the Buyer Have a Right to a Home Inspection? No. You have the right to bear arms, you have the right to free speech and assembly... There is no right to a home inspection in a real estate transaction. There is, however, a legal obligation to live up to the terms of the fully executed purchase agreement (not a lawyer). The offer to purchase will either be contingent on a home inspection or it won't. If the offer isn't subject to a home inspection, then the seller doesn't have to let the buyer inspect. In fact, the seller shouldn't let the buyer inspect. Sometimes a buyer will waive the inspection contingency to make their offer stronger. But those terms should be spelled out in the purchase agreement. For Sellers For Buyers Search the MLS What is a Home Warranty and Who Pays for it?...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Just Sold! 8944 Stonegate, Clarkston MI- 5 Days on the Market Highest Price in Stonegate Sub! Prestigious Stonegate is an upscale Clarkston neighborhood conveniently located off Dixie Highway about 5 minutes from I-75. Large lots, mature trees, Clarkston schools. We listed 8944 Stonegate toward the end of a week and had come to terms by the end of the first weekend! A sweet 4 bedroom home built in 1996 on a 1 acre landscaped yard backing to a common area sold for $330,000 or $114.78/square foot. Prices in Stonegatehave ranged from $225,000-$220,000 in the past year and a half. There is currently 1 home pending with an asking price of $329,000 and 2 homes for sale with asking prices of $324,900 and $340,000. If you have a 4 bedroom home in the Clarkston school district and are thinking o...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
Clarkston MI- Are Final Water Bills Settled At Close or Possession? The question above, or variations of it, was a search term that was used a few times to find my seller blog this week. It's a good question. After selling real estate for a while it's easy to forget that most sellers only go through this every few years at most and often times as long as 10, 15 or 20 years since the previous real estate transaction. The correct technical answer is- whatever is written in the purchase agreement. Typically any past due bill will be paid at close and if there is any possession after closing, then there is a dollar amount escrowed until the seller moves out and a final water bill issued. The bill is paid out of the escrowed money and the rest returned to the seller. If there is no possessio...
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By Jackie Hawley, Southeast Michigan Real Estate
(Coldwell Banker Professionals)
What Is A Home Warranty And Who Pays For It? I was going over an offer to purchase with one of my sellers recently and one of the things the buyer was asking for was for the seller to supply a 1 year home warranty. The seller asked if this meant she was responsible for any repairs in the house for the next year. And her question is quite common; I'd say 7 out of 10 sellers ask that same question. So to the first part of the question- What is a home warranty? Basically a home warranty is an insurance policy that covers the house for 1 plus year after closing. Policies vary in costs; the one our office endorses starts at $375 for a 1 year policy with a $100 deductible. They tend to cover things such as heating systems, water heater, appliances, well pump, plumbing and such. Now this doesn...
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