Detroit Real Estate

Currently there are 74 West Bloomfield Lake access homes for sale.  You can have access to a West Bloomfield lake and have a beautiful house at a lower price.  Many West Bloomfield lakes have lake associations that have beaches and areas to enjoy the lake even though the lake is private.

When you look at a lake access home check what type of access is available to you.

Here is the current list of West Bloomfield Lake access homes for sale.

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Basement type codes  A=finished, B=unfinished, C=partially finished, D=walkout, I=daylight

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More West Bloomfield Lake front home real estate information

Cass Lake

Upper Straits Lake

Middle Straits Lake

Our Metro Detroit real estate market is what I would call "stable".  Our local housing inventory has been relatively staying the same. Our local MLS has been averaging between 44 -46,000 home listings.  Here is a quick explanation of what a change in housing inventory would mean.   If the housing inventory was growing, it  means homes are not selling as fast, that demand may be down.  More homes would be coming on the market than were selling. Metro Detroit home prices may drop because there is less demand.

If housing inventory was going down it means the real estate market is ''hotter".  That homes are selling faster than they are coming on the market.  It may mean that home prices may be rising.   There may be fewer buyers at that time of the year.

But the Metro Detroit real estate inventory and market prices are relatively stable.  Neither going up in price dramatically or going down quickly.  Which is good for both buyers and sellers.   The investment firm was trying to gauge what the end of the first time home buyers was having on the market.

Another thing that hasn't changed in the last few months is the amount of foreclosures and short sales.  It has been about a 50% split between private owned home sales and the combination of short sales and foreclosures sales.

So as of right now there has been no drastic change in our market because of the end of the first time home buyer credit.

The reasons there are so few Metro Detroit foreclosures in Michigan are because:

1.) Banks are trying to work out solutions with current Metro Detroit home owners and renters.  I have heard stories of renters being able to continue renting the foreclosed property for up to a year later.  So instead of being sold as a foreclosure the renters are getting a chance to buy them or a few home owners are being able to work it out. 

2.) Some banks have merged with other banks.  Bank of America has gobbled up Countrywide.  Wells Fargo has swallowed up other banks.  But in this merger mania has come confusion.  I personally know somebody that has a Countrywide loan that has not been foreclosed on after 2 years.  He has lived in the house for 2 years free!  Some banks I think don't have a clue where the properties paperwork is at.  Which trust holds it.  So if they can't figure out the title work they are not putting it on the market. 

3.) Many Metro Detroit foreclosure properties have come to the market slowly because of Jennifer Granholm's moratorium on foreclosures, and Fannie Mae's moratorium on foreclosures.  It basically gave many foreclosures another 6 months of being in limbo. 

4.)  There I believe is a slowing in the number of Metro Detroit Michigan foreclosures. 

It wasn't unusual for most Metro Detroit Michigan suburbs to have 10 -20 foreclosures.  Now some cities have less than 5.  So don't sit back and wait for just foreclosures.  Look at everything in your price range.  Sometimes the Metro Detroit short sales are good deals if you have the patience.

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 Here is a breakdown of Novi homes for sale.  A couple of years ago you would have never found a home in Novi under $125,000.  Now we have 8 Novi homes for sale listed under $100,000.  The average time on the market for Novi homes is 158 days. 

 I always say the longer the house is on the market the more likely the house is over priced.  All homes will sell if priced right.  The home will sell when it becomes a value.  I would say those homes in the $700 - $750,000 range are over priced for what they are. 

More Novi real estate information

     City of Novi data

     Novi Subdivisions

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 Oakland County real estate

 Here is January's Median sale prices and the number of sales.  Now there is an interesting statistic.... the median sales price was up.  That is a good sign for the metro Detroit real estate market.

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