CLIENT LOG IN

Margo Borkin

Persistent Perserverance, Consistent Results

248-419-3160
Cell: 248-318-4776
Fax: 248-419-0930
margo@movewithmargo.com
  • Menu
  • Home
  • About
    • About Margo Borkin
    • Client Reviews
    • Margo Vs The Market
    • Professional Resume
  • Communities
    • Berkley
    • Beverly Hills
    • Bingham Farms
    • Birmingham
    • Bloomfield Hills
    • Bloomfield Township
    • Commerce Township
    • Farmigton
    • Farmington Hills
    • Ferndale
    • Franklin
    • Huntington Woods
    • Keego Harbor
    • Novi
    • Oak Park
    • Orchard Lake
    • Royal Oak
    • Southfield
    • Sylvan Lake
    • Walled Lake
    • Waterford
    • West Bloomfield
    • White Lake
    • Wixom
    • Wolverine Lake
  • Property Search
    • Address Search
    • Basic Search
    • Advanced Search
    • Map Search
  • Home Buyers
  • Home Sellers
  • Blog
  • Contact

Southeast Michigan Summer 2019 Market Update

Southeast Michigan Real Estate Market Update

 

Is the Fixer Upper Era Over?

Despite HGTV showing everyone how to be a “Real Estate Expert” most buyers are gravitating towards turn key properties. The problem is, a majority of the inventory on the market needs work. Homeowners stopped updating during the recession which worked for the market then (everyone wanting a fixer upper), but now the busy lifestyle of most working families has put a hault on the fixer upper mentality.

The moral of the story, buyers want move in ready, and will pay a premium for it. Most updated properties are under contract in less than a week and buyers would rather wait for the next one than consider a home that needs finishing touches, mechanical updates, or even small repairs.

Home that lack recent updates that fit today’s style and trends, will take longer to sell, and generally require a lower asking price.

Southeast Michigan

Southeast Michigan Summer 2019 Market Update

 

On market inventories are the rise. As of June 1 inventory was 18% higher compared to the same time last year. The # of closed sales remains the same as last year, but the average price is up 2-3%. We’re still seeing seller’s market conditions in the entry to mid level price ranges, but supply levels jump in the over $500k price range, leaning this market in the buyers favor.

Southeast Michigan Summer 2019 Market Update

 

Oakland County

Oakland County Summer 2019 Market Update

In Oakland County specifically, there are almost 20% more homes on the market now than this time last year, but the number of closed sales is actually down about 3%. Pricing is pretty stable with a 1-2% jump in sale prices. Despite the increased inventory the market in Oakland County still favors the seller in the under $400k price ranges. $400k and up is more balanced with sales up slightly and values beginning to level out.

Summary

If you’re a seller with an active listing that has been on the market over 2 weeks, you should be looking at regular price reductions until activity is steady. Thinking about selling? Consider updates first. Buyers want home with major mechanical items recently updated and homes in move in condition. Paint and flooring at the very least will increase the appeal. Check out www.michiganhomevalues.net for an instant market analysis on your property to check out its current value. Buyers, if you’re not finding what you’re looking for you may need to look at increasing your budget. Move in ready homes are now top shelf merchandise, alternatively you could consider a fixer upper. While remodeling costs are also up, you’re going to absorb the cost whether you buy a higher priced already done home, or a cheaper fixer upper. If you’re just starting your home search. check out my Auto-Intelligent Home Search program to help you search the MLS in realtime & get results tailored to your needs AND wants.

Posted in: Housing Market Updates, Local Market Updates

© Margo Borkin Real Estate 2010

Post navigation

« Top 5 Reasons You Should NOT FSBO
Millennials Are Increasing the Demand for Condominiums »

Facebook

Comments Box SVG iconsUsed for the like, share, comment, and reaction icons
Margo Borkin Real Estate
3 weeks ago
Margo Borkin Real Estate

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
... See MoreSee Less

Message Page

8740 Wise Rd Commerce Twp.
4 Bedrooms
2 Baths
1682 SqFt
.61 Acres
Stop by and see for yourself!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
1 month ago
Margo Borkin Real Estate

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour! ... See MoreSee Less

Message Page

Join me this Sunday from 2-4pm at 6135 Anne in West Bloomfield for an open house tour!
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 9
  • Shares: 1
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 1
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
2 months ago
Margo Borkin Real Estate

... See MoreSee Less

View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Margo Borkin Real Estate
3 months ago
Margo Borkin Real Estate

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didn't think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while you're at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
... See MoreSee Less

Ahhh, spring is here, and with it longer days, warmer temps, and a return to outdoor living. Yesss! Spring also means it’s also time to give that home sweet home a serious once over. To help, here’s an April home maintenance checklist to get you started:⁣
⁣
Declutter, declutter, declutter. Yep, I’m beating that drum…again. You didnt think I’d have a home maintenance checklist without decluttering as numero uno, did you?⁣

Replace air filters and schedule a maintenance check of your cooling system to ensure it’s ready for the steamy months ahead.⁣

Wash windows and doors, and don’t forget your porches. Clean out corner cobwebs and spruce up your front porch or stoop with a colorful wreath, a cutesy welcome mat, and stately planters.⁣

Clean and organize your garage; while youre at it, go on and rinse out your trash cans and recycling bins.⁣

Rent or borrow a pressure washer to give your siding, sidewalk, and driveway a fresh look. Check for widening cracks and chipped paint as you go, making a note to come back and address them later.⁣

Clean and repair your gutters and downspouts to ensure they’re in prime condition for spring downpours.⁣

Test your sprinkler or irrigation system and give that lawnmower a good ole crank. (Trust me, your grass will thank you later!)⁣

Clear brush and fallen limbs away from the house and clean out your beds to make room for spring color.⁣
⁣
Join me in rolling out the welcome mat for the easy, breezy season ahead!⁣
View on Facebook
· Share
Share on Facebook Share on Twitter Share on Linked In Share by Email
View Comments
  • Likes: 0
  • Shares: 0
  • Comments: 0

Comment on Facebook

Load more

Blog by Category

  • Baby Boomers (25)
  • Buying Myths (108)
  • Demographics (38)
  • Distressed Properties (15)
  • Down Payments (58)
  • First Time Home Buyers (574)
  • For Agents (1)
  • For Buyers (838)
  • For Sellers (672)
  • Foreclosures (17)
  • FSBOs (30)
  • Gen Z (6)
  • Generation X (16)
  • Holidays (3)
  • Home Decor (1)
  • Home Maintenance (2)
  • Housing Market Updates (448)
  • Infographics (183)
  • Interest Rates (145)
  • Investment (1)
  • Local Market Updates (3)
  • Luxury Market (13)
  • Millennials (75)
  • Move-Up Buyers (629)
  • New Construction (30)
  • Pricing (207)
  • Rent vs. Buy (96)
  • Selling Myths (50)
  • Senior Market (15)
  • Short Sales (1)
  • Time-sensitive (6)
  • Uncategorized (14)
  • Weekend Wanderings (1)

Recent Posts

  • Ready to Buy in 2022?
  • What you can expect from me as a buyer
  • Is your home ready to sell? Answer these quick questions to find out!
  • What do I offer for free? Glad you asked!
  • Preparing Your Home for Winter