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!

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

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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

Pending Home Sales Jump To 10 Year High

Pending Home Sales Jump To 10 Year High

Pending home sales posted a strong rebound in February, soaring to the highest level in nearly a year and the second highest level in more than a decade, the National Association of REALTORS® reported Wednesday. All major regions saw an uptick in sales contracts last month.

home sales jumpNAR’s Pending Home Sales Index, a forward-looking indicator based on contract signings, rose 5.5 percent month over month to an 112.3 reading in February. The index is now 2.6 percent higher than a year ago and is at the highest level since last April (113.6) and the second highest since May 2006 (112.5).

“Buyers came back in force last month as a modest, seasonal uptick in listings were enough to fuel an increase in contract signings throughout the country,” says Lawrence Yun, NAR’s chief economist. “The stock market’s continued rise and steady hiring in most markets is spurring significant interest in buying, as well as the expectation from some households that delaying their home search may mean paying higher interest rates later this year.”

Further, the warmer-than-usual weather across the country may have helped give an earlier start to the spring buying season. Yun notes that last month was the warmest February in decades, which may have also “played a role in kick-starting prospective buyers’ house hunt.”

Yun expects activity to fluctuate over the spring season, however, as the lack of supply continues to limit the number of homes sold, particularly in the lower and mid-market price ranges.

“The homes most buyers are in the market for are unfortunately the most difficult to find and ultimately buy,” Yun says. “The country’s healthy labor market is translating to greater job security, but affordability is not improving because home prices in some areas are still outpacing incomes by three times or more because of tight supply. How much new and existing inventory there is on the market this spring will determine if sales can reach their full potential and finally start reversing the nation’s low home ownership rate.”
References: Realtor Magazine, NAR

Are you considering selling your home? If you are, 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.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
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Here Come 59 Million Buyers!

Here Come 59 Million Buyers!

One in four U.S. adults say they are considering buying a home this year, which extrapolates to a whopping 59 million people, according to a recent survey by Bankrate.com.

Minorities are expected to be big buyers this year. More than two in five black survey respondents said they were considering buying a home. That is more than double the percentage of potential white buyers.

Also, older millennials and Generation X – which encompasses the ages of 27 to 52 – are showing more willingness to either become homeowners or trade up to a new home, the survey showed.

Young adults have mostly delayed home ownership. “They have been stymied by stagnant wages, student loans, and a lack of available starter homes,” Lewis says. “If enough affordable homes are put on the market, we might see a surge of first-time home buyers in their early to mid-30s.”

Lewis notes, however, what many people say is not always what they’ll be able to do. Rising mortgage rates and an uptick in home prices could prevent some would-be home buyers from saving enough for a down payment and limited inventories could delay their efforts in finding a suitable home to buy.

About 6 million new and existing homes were sold last year, according to the National Association of REALTORS® and U.S. Census data.
References: Realtor.com, Realtor Magazine

Are you considering selling your home? If you are, 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.

Donald Horne, Broker / Owner
Team Success Listing LLC
teamsuccesslisting@gmail.com
810-338-0628
www.teamsuccesslisting.com
(blog / website)
www.teamsuccesslisting.net
(listings / search)

Lapeer MI, Homes Sold and For Sale Report For April 2017

Lapeer MI, Homes Sold and For Sale Report For April 2017

May 19, 2017

Lapeer (48446) had 14 homes sold at an average sale price of $177,000.00 that’s up 16.2% from last year at this time. Days on market continue to decrease, 38 days on average. Total new listings were at 38 properties.

This information has affected your home’s value!

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

http://TeamSuccessListing.FreeHomeValues.net

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

http://TeamSuccessListing.net 

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

 

More Housing Markets Move Into “Buy” Zone

The U.S. housing market is moving deeper into “buy territory,” which indicates that the majority of housing markets remain a sound investment, according to a newly released national index by Florida Atlantic University and Florida International University.

“Housing prices, in general, continue to slow and when considered in light of the recent trends in the Buy vs. Rent Index signal that ownership remains an excellent investment for the majority of Americans,” says Ken Johnson, a real estate economist and an author of the index, the Beracha, Hardin & Johnson Buy vs. Rent Index.

The index shows that owning a home trumps renting a comparable property as well as investing rent savings in a portfolio of stocks and bonds.

Fifteen of the 23 metro markets tracked in the index favored ownership over renting.

“Many of the hardest hit metropolitan areas during the real estate crash are showing signs of resilience as the cost of ownership relative to the cost of renting remains more in balance at this time,” says Eli Beracha, co-author of the index and an assistant professor of real estate at Florida International University.

Rents and home prices are rising across the country, which could impact housing affordability.

“Continuing near-record low mortgage rates, however, are providing a tailwind for ownership,” Johnson says. “There does not appear to be any interest in loosening underwriting standards or offering teaser loans as a panacea to the issue of affordability this time around. That’s another sign that we are learning how to deal with cyclical behavior in our housing markets.”
References: RealtorMag, Florida Atlantic University 

Donald Horne, Team Success Listing
Associate Broker-Coldwell Banker Shooltz Realty
Phone 810-338-0628
teamsuccesslisting@gmail.com
www.teamsuccesslisting.com
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Lapeer Housing Affordability Is Improving, slightly

nearly one in five U.S. housing markets was not affordable by historic standards” …

Eighteen percent of U.S. housing markets were less affordable than normal in the second quarter of 2016. That’s down slightly from affordability levels a year ago, when 20 percent of markets exceeded their normal affordability levels according to RealtyTrac.

Their housing affordability index is based on the percentage of average wages required to make monthly house payments on a median-priced home with a 30-year fixed-rate mortgage and a 3

percent down payment (including property taxes and insurance).

Of the 417 counties they studied, 74 had an affordability index below 100 in the second quarter, which means buying a median-priced home was less affordable than the historically normal level for the county dating back to the first quarter of 2005.

“Although nearly one in five U.S. housing markets was not affordable by historic standards in the second quarter, the good news is that affordability is improving compared to a year ago in the majority of markets thanks to a combination of slowing home price appreciation and accelerating wage growth, along with falling interest rates,” says Daren Blomquist, senior vice president at RealtyTrac. “The average interest rate on a 30-year fixed rate mortgage is down 37 basis points from a year ago, while annual wage growth accelerated compared to a year ago in 72 percent of the markets we analyzed and annual home price growth slowed compared to a year ago in 68 percent of the markets, including bellwether markets such as Los Angeles County, Miami-Dade County, Brooklyn, Dallas County, and San Francisco County.”

In San Francisco County, for example, annual home price appreciation slowed to 2 percent in the second quarter compared to a whopping 21 percent in the second quarter of 2015, even while annual wage growth increased from 5 percent to 6 percent, Blomquist notes.

“Affordability constraints are beginning to rein in home price appreciation even while wage growth is gaining speed in an increasing number of markets,” Blomquist says.

The following markets are the most affordable by the absolute standard of percentage of wages needed to purchase a median-priced home, according to RealtyTrac’s report: Clayton County, Ga., in the Atlanta metro area (10.4 percent of average weekly wages to buy a median-priced home); Wayne County, Mich., in the Detroit metro area (10.9 percent); Baltimore City, Md. (11.6 percent); Bay County, Mich., in the Bay City metro area (12.3 percent); and Rock Island County, Ill. in the Davenport-Moline-Rock Island metro area (12.4 percent).
References: RealtorMag, Realty Trac

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

Home Sales At Highest Pace In 9 Years

“this spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver”…

All major U.S. regions except the Midwest saw an uptick in existing-home sales last month, the National Association of REALTORS® reported Wednesday. As tight inventories continue to plague many markets, the median sales price for all housing types climbed to an all-time high of $239,700 in May — up 4.7 percent from a year earlier — as buyer demand outweighs housing supply.

home salesTotal existing-home sales, which are completed transactions for single-family homes, townhomes, condos, and co-ops, increased 1.8 percent month-over-month to a seasonally adjusted annual rate of 5.53 million in May. Sales are now up 4.5 percent from a year ago and are at the highest annual pace since February 2007. This is the third consecutive month for gains in existing-home sales.

“This spring’s sustained period of ultra-low mortgage rates has certainly been a worthy incentive to buy a home, but the primary driver in the increase in sales is more home owners realizing the equity they’ve accumulated in recent years and finally deciding to trade up or downsize,” says Lawrence Yun, NAR’s chief economist. “With first-time buyers still struggling to enter the market, repeat buyers using the proceeds from the sale of their previous home as their down payment are making up the bulk of home purchases right now.”

Yun says sales likely will maintain their current pace throughout the summer, assuming there are no further decreases in job growth that could prompt a pause among repeat buyers.

Here’s a closer look at how existing-home sales performed in May, according to NAR’s latest housing report:

  • Home prices: The median existing-home price for all housing types was $239,700 in May, up 4.7 percent from a year ago. That also surpasses the previous peak in median sales prices of $236,300, set last June.
  • Days on the market: Properties spent less time on the market in May, selling, on average, after 32 days. That’s below the average time on market a year ago (40 days) and the shortest time since NAR began tracking such data in May 2011. Forty-nine percent of homes sold in May were on the market for less than a month, also the highest percentage since May 2011. Short sales were on the market the longest, at a median of 103 days in May, while foreclosures sold in 51 days. Non-distressed homes took 30 days.
  • Housing inventories: Total housing inventory at the end of May increased 1.4 percent month-over-month to 2.15 million existing homes for sale. That is 5.7 percent lower than a year ago. At the current sales pace, unsold inventory represents a 4.7-month supply.

“Existing inventory remains subdued throughout much of the country and continues to lag even last year’s deficient amount,” says Yun. “While new-home construction has thankfully crept higher so far this year, there’s still a glaring need for even more, to help alleviate the supply pressures that are severely limiting choices and pushing prices out of reach for plenty of prospective first-time buyers.”

  • All-cash sales: Buyers paying in cash accounted for 22 percent of all transactions in May, down from 24 percent a year ago. Individual investors account for the biggest bulk of all-cash sales. Investors purchased 13 percent of homes in May, down from 14 percent a year ago.
  • Distressed sales: Foreclosures and short sales dropped to 6 percent of all sales last month, down from 10 percent a year ago. Foreclosures comprised 5 percent of sales in May while short sales represented 1 percent of sales. On average, foreclosures sold for a discount of 12 percent below market value while short sales were discounted 11 percent.

Regional Snapshot

Here’s how existing-home sales fared across the country in May:

  • Northeast: existing-home sales rose 4.1 percent to an annual rate of 770,000, and are now 11.6 percent above a year ago. Median price: $268,600, which is 0.1 percent below May 2015.
  • Midwest: existing-home sales fell 6.5 percent to an annual rate of 1.3 million in May but are still 3.2 percent higher than a year ago. Median price: $190,000, up 4.8 percent from a year ago.
  • South: existing-home sales rose 4.6 percent to an annual rate of 2.28 million in May and are now 6.5 percent above a year ago. Median price: $211,500, up 5.9 percent from a year ago.
  • West: existing-home sales climbed 5.4 percent to an annual rate of 1.18 million in May but are still 1.7 percent lower than a year ago. Median price: $346,900, which is 7.7 percent above a year ago.
    References: RealtorMag, NAR 

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

 

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

Residential Home Sales and Average Sale Prices Still Soaring, July 2016 Report

Homes for Sale & Sold Report for July 2016

August 17, 2016

Residential Home Sales and Average Sale Prices Still Soaring!

Residential Real Estate Rally Continues as Average Sale Price Hits $191,000

Average residential and condo sales are down 5.7%, average residential and condo sale prices are up 6.3%, total number of listings on market are down 8.5% from last year. Average days on market until sold is at 41 days.

This has affected your home’s value!

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

http://TeamSuccessListing.FreeHomeValues.net

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

http://TeamSuccessListing.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

Homes For Sale and Sold / Local Market Update For November 2016

Dec 10, 2016

Oakland County:

New listings down 9.9% from November 2015
Closed sales up 13.8%
Days on market until sold is 21 days
Average sale price is $262,000 up 9.6%
Inventory of homes for sale down 36.2%
Months supply of inventory is 2.7 months

Lapeer County:

New listings down 44.3%
Closed sales up 14.1%
Days on market until sold is 40 days
Average sale price is $174,000 up 21.6%
Inventory of homes for sale down 42.7%
Months supply of inventory is 3.9 months

If you have been thinking about selling your home, now is the time to get in on the market and if you have been thinking about buying a home, don’t wait until interest rates start rising or inventory gets worse.

This information has affected your home’s value!

We would like to invite you to find out the new value of your home using today’s technology at a website we created that will provide you with your home’s new value at:

http://TeamSuccessListing.FreeHomeValues.net

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

http://TeamSuccessListing.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
teamsuccesslisting@gmail.com