Lake Orion MI, Homes Sold and For Sale Report For April 2017

Homes Sold and For Sale Report For April 2017.

May 5, 2017

Lake Orion (48359,48360,48362) had 76 homes sold at an average sale price of $287,000.00 that’s up 3.8% from last year at this time. Days on market continue to decrease, 19 days on average. Total new listings were at 99 properties.

This Market Has Affected Your Home’s Value!

We invite you to find out the new value of your home for free now at:

TeamSuccessListing.FreeHomeValues.net
homes

 

 

 

You can also see new homes for sale near you and get much more information here:

TeamSuccessListing.net 
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We hope you find this helpful and, as always, if you are considering selling your home we would love to meet with you soon to show you what comparable properties have recently sold for, give you an estimate of your home’s current market value and review with you our marketing program.

homesBest Wishes,

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628

New Home Sales In Lake Orion Near 10 Year High

positive reports show there is a need for new single-family homes…”

New-home sales jumped to the highest level in nearly a decade, with sales of new single-family homes climbing 12.4 percent month-over-month and reaching a seasonally adjusted annual rate of 654,000, the Commerce Department reported Tuesday. That marks the highest level since October 2007.

home salesLow mortgage rates, improving income growth, and steady job creation have helped propel home buying for both new and existing homes. New-home sales have posted strong gains since the beginning of this year, up 13.3 percent compared to a year ago. Sales of existing homes also reached their strongest pace in nearly a decade, though they slipped in July, according to the National Association of REALTORS®.

“Positive reports show there is a need for new single-family homes, buoyed by increased household formation, job gains, and attractive mortgage rates,” says Robert Dietz, chief economist for the National Association of Home Builders. “The uptick in demand should translate into increased housing production throughout 2016 and into next year.”

Still, while new-home sales have posted strong gains, they remain far below the peak set in July 2005 of 1.39 million. In fact, July is the first month since early 2008 that new-home sales have climbed above the 600,000 mark. The median sales price of a new home last month was $294,600, down from $296,000 a year earlier.

The Commerce Department also showed a 4.3-month supply of new homes available by the end of the month, which is the fewest number of homes for sale in three years.

By region, new-home sales rose by the highest percentage in the Northeast, up 40 percent month-over-month. They also were up 18.1 percent in the South and 1.2 percent in the Midwest. In the West, sales remained unchanged.
References: National Association of Home Builders, Wall Street Journal

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Phone 810-338-0628
teamsuccesslisting@gmail.com
www.teamsuccesslisting.com
www.teamsuccesslisting.net

How Much Is My Lake Orion Home Worth?

Your local Realtor, Team Success Listing, offers free home valuation reports to your community. Average home value is $256,316.00 / that’s up 5.3%.

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Lapeer Office   810-338-0628
teamsuccesslisting@gmail.com
Team Success Listing Website
Find Out Your Home’s Value Instantly

Home Sales Up As First-Time Buyers In Lake Orion Re-Emerge

first-time buyers comprised 33 percent of the market last month, the highest level since July 2012“…

First-time home buyers flooded the market last month, reaching their greatest share in nearly four years, according to NAR’s latest housing report. Existing-home sales climbed across the country in June, except for the Northeast, as the summer continued to see high demand.

home salesExisting-home sales rose 1.1 percent to a seasonally adjusted annual rate of 5.57 million in June, NAR reported. Sales are now up 3 percent compared to a year ago and are at the highest annual pace since February 2007.

“Existing sales rose again last month as more traditional buyers and fewer investors were able to close on a home despite many competitive areas with unrelenting supply and demand imbalances,” says Lawrence Yun, NAR’s chief economist. “Sustained job growth as well as this year’s descent in mortgage rates is undoubtedly driving the appetite for home purchases.”

That said, Yun cautions whether the current sales pace can stretch much higher amid a still very limited number of homes for sale and rising home prices.

First-Time Buyer Rebound

First-time buyers comprised 33 percent of the market last month, the highest level since July 2012 (34 percent at the time), NAR reports.

“The modest bump in June sales to first-time buyers can be attributed to mortgage rates near all-time lows and perhaps a hopeful indication that more affordable, lower-priced homes are beginning to make their way onto the market,” says Yun. “The odds of closing on a home are definitely higher right now for first-time buyers living in metro areas with tamer price growth and greater entry-level supply – particularly areas in the Midwest and parts of the South.”

5 Stats to Gauge the Market

Here is an overview of more key indicators from NAR’s latest housing report:

1. Prices: Median-existing-home prices for all housing types in June was $247,700, increasing 4.8 percent from a year ago. June’s median price surpasses May’s peak median sales price of $238,900.

2. Housing inventory: Unsold inventory is at a 4.6-month supply at the current sales pace, down from 4.7-months in May. Total housing inventory last month dropped 0.9 percent to 2.12 million existing homes available for sale. Inventory is 5.8 percent lower than a year ago.

first time buyers3. Days on the market: Forty-eight percent of homes sold in June were on the market for less than a month. Properties, on average, stayed on the market for 34 days in June, unchanged from a year ago. Short sales were on the market the longest amount of time at a median of 156 days; foreclosures sold in 49 days; and non-distressed homes sold in 30 days.

4. Distressed sales: Foreclosures and short sales accounted for 6 percent of sales in June, down from 8 percent a year ago. In June, four percent of June sales were foreclosures, and 2 percent were short sales. Foreclosures sold, on average, for a discount of 11 percent below market value; short sales were discounted on average 18 percent.

5. All-cash sales: All-cash sales comprised 22 percent of transactions in June, unchanged from a year ago. Individual investors, who account for a bulk of cash sales, purchased 11 percent of homes in June, the lowest share since July 2009.
References: National Association of Realtors, RealtorMag 

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
teamsuccesslisting@gmail.com
Team Success Listing Website
Find Out Your Home’s Value Instantly

Lake Orion! Home For Sale, 1090 Seabury Dr.

1090 SEABURY Drive, Lake Orion, MI

Just Listed

Property Description

Lake Orion! 3 bedroom, 2 full bath Cape Cod in the Bunny Run Country Club subdivision. 1595 square foot home with wood burning fireplace in living room, updates, just painted throughout, appliances and door wall to deck. First floor master bedroom and laundry, 2 car attached heated garage, shed and lake privileges, state land within walking distance. This home is move-in ready and sellers are ready to go!



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This Summer, Lake Orion Homes Are Selling Faster

“Continuing this spring’s trend, pent-up demand from buyers who weren’t able to purchase a home”…

Homes for sale in June are selling 2 percent more quickly than last year as prices soar to record highs, according to new data on inventory and user activity on realtor.com®.

The median age of inventory nationwide for June is projected to be 65 days, which is 2 percent less than a year ago. One-third of the 300 medium to large markets surveyed posted a month-over-month

drop in days that homes spent on the market. Some markets even posted a double-digit drop.

“Continuing this spring’s trend, pent-up demand from buyers who weren’t able to purchase a home last year, combined with low inventory, pushed up prices and got homes to sell quickly,” realtor.com®’s report notes.

For-sale inventory typically increases this time of season, however, total inventory still remains lower than last year at this time. An estimated 525,000 new listings are expected to come onto the market by the end of the month. Still, compared with June 2015, listing inventory dropped 5 percent.

The low inventories are pushing up home prices. The median home list price was $252,000 in June – 8 percent higher than a year ago, realtor.com® reports.

“However, much of the effect of higher prices is being offset by mortgage rates that are the lowest we’ve seen in three years,” Smoke notes.
References: RealtorMag, Realtor.com 

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
donaldhorne.realtor@gmail.com
Team Success Listing Website
Find Out Your Home’s Value Instantly

In Lake Orion, Mortgage Applications Rose 2.3%

The Buyers Are Coming … Mortgage rates may have inched up slightly but that didn’t seem to deter home buyers from shopping for a loan last week.

Mortgage application volume rose 2.3 percent week-over-week on a seasonally adjusted basis, driven by an uptick in home purchase applications, the Mortgage Bankers Association reports. Mortgage applications are nearly 24 percent higher than they were a year ago.

lake orion mortgages After a short dip, mortgage applications for home purchases reversed course last week and rose 5 percent. Purchase applications are 17 percent higher than a year ago.

Purchase applications got back on track last week, resuming the level of activity observed throughout most of April and May,” says Lynn Fisher, MBA vice president of research and economics. MBA also reported that the average loan size for purchase applications rose to a survey high last week, reaching $307,700.

Meanwhile, applications for refinancings mostly held flat last week, budging just 0.4 percent during the week. MBA reports the average on a 30-year fixed-rate mortgage rose to 3.85 percent last week, up from 3.82 percent the prior week.
References: RealtorMag, CNBC

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
donaldhorne.realtor@gmail.com
Team Success Listing’s
Find Out Your Home’s Value

Problems Home Sellers Try to Hide, Lake Orion MI

How to spot the top problems home sellers try to hide, Lake Orion MI.

Whether you’re a seasoned house hunter or a first-time buyer, the process of purchasing a home has plenty of pitfalls. And while you may assume that sellers are being upfront, it’s not uncommon for them to gloss over some of their home’s shortcomings.

“All homeowners sign a disclosure document about their property so buyers know what they’re getting into; however, it can be very tempting for some to tell white lies or conveniently forget facts,” says Wendy Flynn, owner of Wendy Flynn Realty in College Station, TX. “In fact, a very large number of real estate lawsuits stem from owners misrepresenting their property.”

So, just to be on the safe side, here are some common cover-ups and how you can crack them.

Water damage

Water stains aren’t just ugly; they’re also signs of leaks, and a breeding ground for mold. And they’re fairly easy for homeowners to hide with strategic decoration or staging, according to Frank Baldassarre, owner of Ace Home Inspections on Staten Island, NY.

“Many sellers try to conceal water intrusion in the basement, for example, with a pile of cardboard boxes or suitcases,” he says. You could always ask the homeowner to move the furniture a few inches and shine a pocket flashlight around. If the home has obvious red flags (an odd odor or visible wall cracks), it’s not unreasonable to request removing a large picture frame to take a peek at what’s behind it.

Another popular tactic for concealing water damage: a coat of fresh paint.

“Always ask the homeowner when they last painted,” says Baldassarre. “If it was a year ago, they’re probably not trying to hide water stains.”

A contaminated backyard

If you’re looking at an older home—specifically, if it was built before 1975—odds are it used to run on oil. Back then, homeowners typically had large oil tanks installed in the basement or underground in the backyard to conserve space and maintain the home’s aesthetic.

“The problem is that oil can contaminate soil, and because it’s incredibly costly to remove, some people try to hide evidence of the tank,” says Baldassarre. “Recently, I arrived to a home inspection early and caught the homeowner sawing off the top of the fill pipe.”

So while walking through a home’s backyard, look for a small fill pipe sticking up from the ground (sometimes covered by patches of grass), a dead giveaway that an oil tank is on the premises. Or double-check by asking the seller if the home was heated with oil in the past.

A shaky foundation

If the paint job in a home looks a little uneven around the door frames or windows, take a closer to look to see if it’s concealing any jagged cracks in the wall, advises Flynn. Those zigzags can signify foundation problems, a costly and potentially dangerous situation for potential buyers.

A weak foundation can prevent cabinets and doors from closing, cause supporting beams to snap from stress, or even result in a poor home appraisal, which can affect your loan and the home’s resale value.

Another clue that the house has a weak foundation: “if you feel as though you’re suddenly walking up or down—even slightly—as you move through the home,” says Flynn.

Problem neighbors

Barking dogs, rocker teens, and blaring horns are all factors that can turn off potential buyers. That’s why some owners try to downplay these situations with well-timed open houses and neighborly negotiations.

“Homeowners have an obligation to disclose what are called ‘neighborhood nuisances,’ but if they don’t, buyers have to rely on their word,” says Carrie Benuska, a Realtor® at John Aaroe Group in Pasadena, CA. “I know people who have asked their neighbors to keep noisy dogs inside during showings or only open their homes during strategic times of the day.”

Even well-intentioned owners may not be candid if they’ve become accustomed to their environment. One workaround, suggests Benuska, is for buyers to take a stroll around the neighborhood at different times of the day to get a more authentic feel for the area. And don’t hesitate to make small talk with the locals, who can offer a more objective view of their surroundings.

Weird temperature changes

Anyone who’s lived in a home with a freezing bathroom or unusually warm bedroom knows that a temperature imbalance can result in avoiding a room altogether. That’s why tapping into your senses is key when viewing your potential new home.

“If you walk into a room and there’s a subtle shift in the atmosphere—maybe the air feels dry or damp—ask the owner what the room feels like throughout the seasons,” says Benuska. “The culprit is usually poor insulation, sometimes as a result of the owner adding a second room or floor to the home.” Oftentimes, an owner isn’t trying to outright conceal extension work. However, if the construction was done without a permit—“more common than you’d imagine,” says Benuska—you aren’t required to pay for the extra square footage.
References: Realtor.com, Elise Sole

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Oxford Office   248-969-8065
Lapeer Office   810-338-0628
donaldhorne.realtor@gmail.com
Team Success Listing’s
Find Out Your Home’s Value Instantly

Lake Orion Homes For Sale and Sold Report, April 2016

Homes For Sale and Sold Report for April 2016

 

May 18, 2016

Hello, we hope you had a great April!

April Sales Skyrocket!

Residential sales soar, average home price reaches 10 year record high. Average days on market was down by 2 days, year to date, from 56 to 54.

Lake Orion Report For April:
115 new listings, 35 sold homes, average sale price $361,000.

This has affected your home’s value!

We invite you to find out the new value of your home for FREE now at:

http://LakeOrion.FreeHomeValues.net

You can also see new homes for sale near you and get much more information here:

http://DonaldHorne.KnowsRealEstate.net

We hope you find this helpful and, as always, we appreciate your referrals and do not hesitate to let us know if you have any questions about anything related to real estate or your home!

Best Wishes,

Donald Horne
Associate Broker
Coldwell Banker Shooltz Realty / Team Success Listing
810-338-0628
donaldhorne.realtor@gmail.com