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Lake front homes in Oakland County fall 2017 real estate outlook

Written by Posted On Monday, 02 October 2017 15:09

Well Fall is hitting here in Michigan.  The weather is starting to get cooler, some of the trees are dropping leaves, and others are starting to change colors.  Docks are coming out of the lake, and others are sitting empty because the boats are headed for storage.  It is an yearly ritual here in Southeastern Michigan.  So you are probably wondering what is going on in the Metro Detroit lake real estate market.  First I am going to talk about what normally goes on in the market at this time of the year.  Lake homes in Oakland County have a different type of sales period than regular homes.  About this time in the fall some lake home owners will pull their listing off the market to wait for the spring to re-list it.  There are fewer lakefront homes being listed at this time of the year.  The homes that get listed at this time of the year are either homes that the owners have relocation plans, or home owners that wanted to get one more year of lake living in before they sold it.

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It is a strong lake front real estate market in Metro Detroit.  The trend of sales prices of lakefront homes is still up.  Higher priced lake homes over a million dollars are selling though those with big lake frontage or acreage are selling first.  There are buyers in the wings looking to make a move but just can't find the lake home of their dreams.  I am still seeing many lake home owners over pricing their homes and sitting on them all year and having them unsold in the fall.  Pricing is still key.  Remember lake buyers look in multiple cities and areas.  So your competition is just not on your lake. 

It is still a great time to sell a waterfront property in Oakland County and Southeastern Michigan.  There is still a very limited amount of homes for sale in all of Metro Detroit and it is the same way with lakefront properties.  There are just not a lot of listings to chose from.  I myself probably have 15 buyers looking for a lake home in a particular price range.  There are just so few nice home under $400,000 out there.  Over the last few years prices have jumped dramatically in lake real estate.  A few years back you could find a decent lake home for under $300,000.  It is much harder to find such a home today.  You also could find a cottage on a big all sports lake in the low $200,000 range.  Now there is just a handful of those homes popping up and the demand is high.  There is usually a buying frenzy for those homes. 

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If you are a lake home buyer what I suggest to you in these times (Fall 2017) is too get set up on an automatic email to receive new listings daily or automatically.  Look at them as soon as you get them.  Then get out and see the house quickly.  Just a few homes hitting the market and to get one you have to get out there and act fast.  Do not be disappointed at the amount of listings.  It will be this way until spring, however you may find your dream home in the middle of winter.  There are still new listings coming to the market each week.  So stay in the game.

If you are a lake home seller, of course the early spring is the best time to sell.  The good homes usually get top dollar.  However if you list high or over price the home, you most likely will have the home sitting all year.  So long as the interest rates stay low I predict that the market will be the same.  Low inventory simply because lake homes do not turn over quickly as some regular homes do.  I see the continuance of the cycle of small inventory, high demand especially in the under $400,000 price range.  If your home is ready to sell I would probably list it for a couple of months this year yet to see if you can get it sold with less competition than you will have in the spring.  Buyers are out there and waiting for that right house to pop up.  There will still be a good opportunity to sell yet this year.

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