Foreclosure in Lake Orion>Question Details

Midnights In…, Both Buyer and Seller in Lake Orion, MI

If Lakefront Homes in Oakland County have kept the value, why has Lake Orion dropped so badly?

Asked by Midnights In Michigan- LS, Lake Orion, MI Sun Sep 30, 2007

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Lisa, All homes in Oakland County have lost value from their peak in 2004. This is only because of the large number of foreclosures on the market. Please be patient, lakefront home values will be the first to rise.
2 votes Thank Flag Link Sun Sep 30, 2007
I agree with Gary. No area of Oakland County has been exempt from a decline in value, especially over the last 18 months.
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1 vote Thank Flag Link Sun Sep 30, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
It must have to do with the job outlook in the area. If job outlook drops quite a bit, prices to drop accordingly..................
0 votes Thank Flag Link Wed Aug 12, 2009
To answer your question, there are many factors. Sometimes a few miles in geography makes a huge difference.

$589,000 is an odd price point by the way. $575,000 to $599,900 is one slice of a pie. How did you come up with that price? If you are offering a 5% co-op, you must realize that a buyer is simply going to knock off 5% to 10% anyway OFF almost any price (no matter how reasonable and aggressive it may sound) *That's why they are shopping "By Owner."

Consider interviewing a few different agents. Look at the big picture. Is a matter of what you pay or what you NET here? I think you realize that you have money to work with in teh transaction. Now what you do with it is entirely up to you.
0 votes Thank Flag Link Thu Jan 3, 2008
If you are offering a cop op commision of up to 5% why don't you just list it with a broker because it will cost you the same amount of money and your home will now be exposed to thousands of more buyers and will most likely sell faster for more.
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0 votes Thank Flag Link Fri Nov 23, 2007

Personally we are not seeing much sell right now by owner. With the relative lack of buyers, it is hard for a by owner to reach them. The buyers are working with agents and the agents are looking in the MLS for homes to sell. It is not impossible, but the odds are probably stacked against you. Of course, I hope it works out for you this way, and I understand you have tried listing in t he past.

When builders are in a market, still trying to sell new homes at a price less than the homes they sold a few years ago, this pushes prices down. That is quite common right now.
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0 votes Thank Flag Link Mon Oct 1, 2007
Maureen Fran…, Real Estate Pro in Birmingham, MI
FYI- I have it by owner at $589,900.00 with 4% commission maybe 5% if anyone is interested in looking at it.
0 votes Thank Flag Link Sun Sep 30, 2007
L, Maureen specializes in Luxury homes and is someone I would also recommend.
0 votes Thank Flag Link Sun Sep 30, 2007
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