White Lake Michigan Real Estate Update Nov 2014

So what is happening in the White Lake Township real estate market in November?  When moving to White Lake Michigan it is always smart to know what homes are selling for and how fast they are selling.  Why how fast?  Knowing how fast the homes are selling or how long they are sitting on the market determines whether it is a seller’s market/ hot market or a buyer’s market/ slower market.  If it is a seller’s market you may have to react fast.  You may have to go out and see the home quickly.  You may not have time to sit and think about whether to buy the home.  You may have to put in an offer right away because the home may get sold quickly.  You may encounter a multiple bid situation in a seller’s market.  You also may have to pay more than list price in a seller’s market.

A buyer’s market is the opposite.  Homes are sitting on the market longer.  You have room to negotiate what the purchase price will be.  The seller is a little more willing to negotiate if they want to sell the home in a buyer’s market.    So knowing how long a White Lake Township home is on the market will help you when you are selling and buying.  It does not matter if it is a lake house in White Lake MI or a home off the lake.  Knowing the length of times homes are sitting on the market makes sense to people looking to buy or sell a home.

In the last 30 days sold homes in the community were only on the market an average of 40 days.  That still makes it a strong market for the homes that are priced right and selling.  I can tell you that most of those homes that sold were in good to excellent condition.  There were 12 Lakefront homes in White Lake Township that sold in the last 30 days.   They have only been on the market an average of 48 days.  The good lake houses that are priced right are selling.  The over priced ones and the lake homes that need work because of the average or below average condition will sit on the market.   Right now there are 145 White Lake homes for sale that have been on the market an average of 110 days.  So if you are looking to sell your White Lake home it may take an average of 110 days or more to sell.  There is about a 3 month supply of homes on the market.  So yes it is still a seller‘s market, but there is a lot more room to negotiate and many seller’s are going to have to accept less than they are asking.

This is what is going on in the White Lake real estate market in November 2014.  If you are looking for a good realtor give me a call I know the market.  My phone is (248) 310-6239