2014 Year End Marker Update: Waterford & White Lake

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Waterford Michigan 2014 Market Update

  • 943 Single Family Homes sold in 2014
  • 149 Condos Sold in 2014
  • Sales ranged from $19,500 – $867,000
  • Average Sales Price $142,000
  • Average Price per SqFt $95
  • Sales Price to List Price Ratio 95%
  • Average Days on Market 52

White Lake Michigan 2014 Market Update

  • 391 Single Family Homes sold in 2014
  • 20 Condos Sold in 2014
  • Sales ranged from $32,000 – 563,000
  • Average Sales Price $220,000
  • Average Price per SqFt $116
  • Sales Price to List Price Ratio 95%
  • Average Days on Market 60

 

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

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Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
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2014 Year End Market Update: Walled Lake, Wixom, Novi

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Walled Lake Michigan 2014 Market Update

  • 43 Single Family Homes sold in 2014
  • 72 Condos Sold in 2014
  • Sales ranged from $48,000 – $649,000
  • Average Sales Price $144,280
  • Average Price per SqFt $104
  • Sales Price to List Price Ratio 96%
  • Average Days on Market 54

Wixom Michigan 2014 Market Update

  • 4111 Single Family Homes sold in 2014
  • 38 Condos Sold in 2014
  • Sales ranged from $43,000  – $365,000
  • Average Sales Price $203,000
  • Average Price per SqFt $111
  • Sales Price to List Price Ratio 98%
  • Average Days on Market 38

Novi Michigan 2014 Market Update

  • 487 Single Family Homes sold in 2014
  • 307 Condos sold in 2014
  • Sales ranged from $49,000 – $1,600,000
  • Average Sales Price $296,000
  • Average Price per SqFt $132
  • Sales Price to List Price Ratio 97%
  • Average Days on Market 38

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

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Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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2014 Year End Market Update: Bloomfield, Birmingham, Southfield

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Bloomfield Township Michigan 2014 Market Update

  • 550 Single Family Homes sold in 2014
  • 167 Condos Sold in 2014
  • Sales ranged from $35,000 – $3,100,000
  • Average Sales Price $425,685
  • Average Price per SqFt $155
  • Sales Price to List Price Ratio 94%
  • Average Days on Market 63

Birmingham Michigan 2014 Market Update

  • 438 Single Family Homes sold in 2014
  • 121 Condos Sold in 2014
  • Sales ranged from $52,000  – $3,100,000
  • Average Sales Price $535,202
  • Average Price per SqFt $234
  • Sales Price to List Price Ratio 94%
  • Average Days on Market 63

Southfield Michigan 2014 Market Update

  • 572Single Family Homes sold in 2014
  • 160 Condos sold in 2014
  • Sales ranged from $13,000 – $368,000
  • Average Sales Price $104,000
  • Average Price per SqFt $161
  • Sales Price to List Price Ratio 97%
  • Average Days on Market 53

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

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Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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2014 Year End Market Update: Sylvan Lake, Keego Harbor, and Orchard Lake

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Sylvan Lake Michigan 2014 Market Update

  • 38 Single Family Homes sold in 2014
  • 0 Condos Sold in 2014
  • Sales ranged from $110,000 – $970,000
  • Average Sales Price $225,000
  • Average Price per SqFt $136
  • Sales Price to List Price Ratio 94%
  • Average Days on Market 51

Orchard Lake Michigan 2014 Market Update

  • 14 Single Family Homes sold in 2014
  • 0 Condos Sold in 2014
  • Sales ranged from $159,900 – $4,300,000
  • Average Sales Price $1,000,000
  • Average Price per SqFt $229
  • Sales Price to List Price Ratio 90%
  • Average Days on Market 99

Keego Harbor Michigan 2014 Market Update

  • 29 Single Family Homes sold in 2014
  • 5 Condos sold in 2014
  • Sales ranged from $37,500 – $400,000
  • Average Sales Price $125,500
  • Average Price per SqFt $93
  • Sales Price to List Price Ratio 96%
  • Average Days on Market 57

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

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Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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2014 Year End Market Update: Franklin, Bingham Farms, Beverly Hills Michigan

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Franklin Michigan 2014 Market Update

  • 48 Single Family Homes sold in 2014
  • 3 Condos Sold in 2014
  • Sales ranged from $175,000 – $2,100,000
  • Average Sales Price $553,000
  • Average Price per SqFt $173
  • Sales Price to List Price Ratio 93%
  • Average Days on Market 86

Bingham Farms Michigan 2014 Market Update

  • 11 Single Family Homes sold in 2014
  • 13 Condos Sold in 2014
  • Sales ranged from $150,000 – $984,000
  • Average Sales Price $408,000
  • Average Price per SqFt $152
  • Sales Price to List Price Ratio 94%
  • Average Days on Market 36

Beverly Hills Michigan 2014 Market Update

  • 171 Single Family Homes sold in 2014
  • 6 Condos sold in 2014
  • Sales ranged from $105,000 – $875,000
  • Average Sales Price $327,000
  • Average Price per SqFt $160
  • Sales Price to List Price Ratio 96%
  • Average Days on Market 41

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

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Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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2014 Year End Market Update: Royal Oak, Berkley, Huntington Woods

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

Royal Oak Michigan 2014 Market Update

  • 1244 Single Family Homes sold in 2014
  • 175 Condos Sold in 2014
  • Sales ranged from $22,000 – $605,000
  • Average Sales Price $204,000
  • Average Price per SqFt $150
  • Sales Price to List Price Ratio 97%
  • Average Days on Market 47

Berkley Michigan 2014 Market Update

  • 379 Single Family Homes sold in 2014
  • 1 Condos Sold in 2014
  • Sales ranged from $48,000 – $391,000
  • Average Sales Price $170,000
  • Average Price per SqFt $140
  • Sales Price to List Price Ratio 98%
  • Average Days on Market 49

Huntington Woods Michigan 2014 Market Update

  • 99 Single Family Homes sold in 2014
  • 0 Condos sold in 2014
  • Sales ranged from $144,000-$762,000
  • Average Sales Price $331,000
  • Average Price per SqFt $172
  • Sales Price to List Price Ratio 97%
  • Average Days on Market 43

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

[contact-form to=’margo@movewithmargo.com’ subject=’Free CMA Request from your Blog’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Address’ type=’text’ required=’1’/][contact-field label=’Comment’ type=’textarea’/][/contact-form]

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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2014 Year End Market Update: West Bloomfield, Commerce Township, Farmington Hills

2014 was another productive year in Real Estate growth. Oakland County as a whole is up about 17% from last year. While there were about 4000 less homes sold in 2014 as compared to 2013, the average sales price is up from $109,000 to $131,000. The time it takes to sell a home has improved also down to 41 days from 66 in 2013! This data is through November 2014, as Decembers #’s aren’t published until mid January, but should be relatively the same.

West Bloomfield Michigan 2014 Market Update

  • 665 Single Family Homes sold in 2014
  • 224 Condos Sold in 2014
  • Sales ranged from $16,000 – $3,600,000
  • Average Sales Price $285,000
  • Average Price per SqFt $117
  • Sales Price to List Price Ratio 94%
  • Average Days on Market 58

Farmington Hills Michigan 2014 Market Update

  • 783 Single Family Homes sold in 2014
  • 223 Condos Sold in 2014
  • Sales ranged from $15,000 – $2,400,000
  • Average Sales Price $207,000
  • Average Price per SqFt $101
  • Sales Price to List Price Ratio 95%
  • Average Days on Market 47

Commerce Township Michigan 2014 Market Update

  • 457 Single Family Homes sold in 2014
  • 129 Condos sold in 2014
  • Sales ranged from $25,000 – $1,100,000
  • Average Sales Price $234,000
  • Average Price per SqFt $120
  • Sales Price to List Price Ratio 97%
  • Average Days on Market 54

If you would like a complimentary market analysis of your property, please fill out the form below and we will email one over!

[contact-form to=’margo@movewithmargo.com’ subject=’Free CMA Request from your Blog’][contact-field label=’Name’ type=’name’ required=’1’/][contact-field label=’Email’ type=’email’ required=’1’/][contact-field label=’Address’ type=’text’ required=’1’/][contact-field label=’Comment’ type=’textarea’/][/contact-form]

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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5 Reasons You Shouldn’t Wait Until Spring to Buy a House

Current data suggests winter actually is the best time to be a home buyer, Here’s Why:
1. You’ll pay less!
Even though the market in general is still a “sellers market”, during the winter months it tends to favor the buyer more. Many buyers pause their home search during the winter either because     they’re too busy with the hollidays or simple don’t want to look at homes in the frigid winter weather. With these buyers out of your way you’re less likely to find yourself in a multiple offer over asking price situation, and may save thousands by avoiding it.
2. Better Interest Rates!
They are predicting the market and property values will continue to rise in 2015, Interest rates will likely do the same. As the market begins to rebound from the winter slow down in the spring, interest rates will probably go up as well. Many people thing a 1/4 percentage point isn’t really a big deal, but when you look at the big picture that 1/4 percent will cost you. You would be sinking an extra $5000 into a $100,000 house. That’s not including the extra closing costs you will pay for pre-paid interest.
3. Less Competition!
Since many buyers do hault their home search during the winter months, if you decide to break from the norm you’ll have a leg up against them. Sellers wont have their “pick of the litter” when it comes to home buyers, giving you a better advantage and a better chance at an accepted offer. You have more negotiating power when the seller has less options.
4.  Motivated Sellers!
Because the marke tends to slow down in the winter, many sellers also hold off on listing their homes unless they absolutely have to. That being send, the homes on the market tend to be sellers that have urgency to sell. Either their being relocated or possible going through a divorce, they have a genuine motivation to sell, and may be more negotiable when it comes to pricing.
5. Quicker Closings
Since the mortgage and title companies tent to be less busy in the winter too, you’ll be able to take advantage of a quicker and likely smoother closing, which will put keys in your hand sooner than expected! You may even get a better deal on closing costs! Because there’s less buyers in the winter, loan offices may be more likely to fight for your business because they too are slow. Which means even more savings for you!
So Lets get you moved! If I’m already sending you properties, take a look at your list and lets make a time to go out shopping. If I’m not, lets get you set up on a search. Click Here to send me your criteria and I’ll get you set up with an MLS search.

Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

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If you’re viewing this information on a site owned by someone other than Margo Borkin Real Estate, it has been stolen. Please report to us here.

How do Property Taxes work in Michigan

Property taxes can be confusing, ever for those of us that deal with them everyday! Here’s a brief and simple breakdown of the process.

All homes are assessed by the city/township to determine their value. They do this by using sales trends in the area. It is usually a vague, but reasonably accurate figure for an average house in the subject area. For this purpose, lets say the municipality has decided your home is worth $100,000.

Your SEV or State Equalized Value is 50% of your assessed value, so in this demonstration your SEV would be $50,000.  For this hypothetical lets say this is your first year at this house. In that case, your taxable value would also be $50,000 (we’ll get more into taxable value in a moment).

So now that we have your taxable value, which is the actual value they tax you on, lets talk dollars and cents.

Each city determines (and we vote on) a millage rate. This rate includes monies for the schools, monies for the city, for the county, etc. Each school district with-in a city will have a separate millage rate, and there is also a separate millage rate for principal residences vs. second/investment homes (non principal residences).

Now, Your millage rate is the dollars per thousand you pay in property taxes off of your taxable value. Lets say your millage rate is 25 and calculate your yearly taxes.

$50,000 (taxable value) / $1000 = 50
50 x 25 (millage rate) = $1250

You can view millage rates on Oakland County’s website at:
http://www.oakgov.com/mgtbud/equal/Pages/info_pub/apport_equal_rpt.aspx

Taxable Value

Here’s where things get a little tricky. In Michigan, we are on a “cap rate” type of system. The city/county can only raise your taxable value by the inflation rate NOT the actual increased value of the house. So if values in the area went up 20%, but the inflation rate for that year was 1.016, they can not raise you any more than 1.016. You’re SEV will still go up the full amount, but your taxable will only go up the rate of inflation. This is where your SEV and Taxable begin to not match up. However, anytime there is a deed transfer, the cap is removed and the properties value is reassessed. So here is a scenario.

Its now your 2nd year in your house. Home values have been going up, now your house is valued at $120,000!! The tax assessment you get in the mail will read an SEV of $60,000, but the inflation rate multiplier this year is 1.016, so your taxable value reads $50,800 and you are only taxed on that $50,800. Now, if you had made any additions to your property that year they can adjust your taxable in excess of the inflation rate, for the addition only, it will not reset your whole SEV.

For more details on the inflation rate multiplier from the State of Michigan click here

Appealing your Taxes

During our most recent recession, tax appeals were much needed. The municipalities were not keeping up with the rapid decline of home values, and many people were grossly over assessed and needed to appeal.  Now that everything has stabilized most everyone’s SEVs are in line and there is no longer much need to appeal taxes.

If you do feel you are unfairly assessed, the time to appeal is in March. You will receive your assessment early/mid march laying our what you will be assessed at for the next year. That statement will tell you the appeal procedure and dates for your city. You will need to justify your claim, it is suggested you take with you either comparables from a realtor or an appraisal if you have one. Please note, your assessed value is the value of your home on December 31st of the previous year.

You will only see a reduction in your actual taxes if the new SEV is lower than your current taxable value. So there isn’t too much of a reason to appeal unless you think both figures are too high.

If you have any questions about you property taxes or would like comparables for an appeal, contact us below.

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Margo Borkin
Real Estate One
$14,000,000 Sold in 2014
6960 Orchard Lake #150 West Bloomfield, MI 48322 | 248-419-3160 |
2014 Hour Magazine ALL STAR – Presidents Council of Excellence
Website ::: Facebook ::: Twitter ::: Google+ ::: Linked In ::: Blog ::: Pinterest

© Margo Borkin Real Estate
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Happy Thanksgiving! Turkeys: Fact or Myth?

FACT OR MYTH? Turkey Makes you Sleepy?

MYTH: It’s most likely the combination of overeating, probably alcohol consumption and general holiday stress that makes you drowsy on turkey day. There is no evidence to suggest the amino acid previously to blame for your food coma actually makes you tired. There are actually higher levels of the AA in Chicken!

FACT OR MYTH? The original Thanksgiving didn’t include Turkey?

FACT: While there are no official records or documentations, experts believe that Venison and Fowl were the main dishes at the first Thanksgiving feast.

FACT OR MYTH? Turkey Day has always been in November?

MYTH: The original Thanksgiving is believed to have been sometime in September or October.

FACT OR MYTH? You’ll get food poisoning by stuffing the turkey?

MOSTLY MYTH: While it is possible if you don’t properly cook them, it is highly unlikely if you do it right. The stuffing should be 165 degrees when done (and the thigh 180 degrees)

FACT OR MYTH? Basting a turkey keeps it moist!

MYTH: The basting liquid, for the most part, can’t even penetrate the turkeys skin. Basting actually does more harm than good as you lose cooking heat every time you open the oven door. It does make for a nice color and flavor to the skin though. Want a super moist turkey? Brine it overnight first!

FACT OR MYTH? You should wash your turkey before cooking.

MYTH: Experts are now saying this (same for chicken) does more harm than good. When washing the turkey you likely splash water around, spreading any possible bacteria around your kitchen (and really don’t wash off the bird anyway). If you cook the turkey properly, you have a very little chance of bacteria on the bird.