Buyers Find Great Value in Lake St Clair Waterfront Property
Buyers Find Great Value in Lake St Clair Waterfront Property
The market we have in 2010 offers the best prices along with some of the best mortgage interest rates in history, suiting a wide variety of Purchasers.
A number of people have asked me if I would buy or sell in this market. I always have the same answer. Yes! Of course the values have significantly dropped, but don't forget that even though you, as a Seller might be taking a hit on your current home due to the market decline, the home you are purchasing is more than likely in the same boat. A majority of waterfront homes currently are selling for the same price they did when they were built back in the 70's and 80's, and some for even less!
In 2009, there were approximately 76 waterfront homes listed along Lake St Clair in the Macomb County area, ranging from $72,500 all the way to $1.5 million dollars. The average list price was right around $229,900. There were 124 waterfront homes which sold, ranging from as low as $27,000 up to $285,000, with an average sales price of $152,706. The average time on the market was around 3 months.
Now, so far in 2010 there have been 80 waterfront homes listed around Lake Saint Clair. The prices range from under $49,900 all the way up to just under 1 million. We have had 8 waterfront properties that have sold with an average price of just over $145,000! The only thing you should be debating these days is what you are going to offer, since in this challenging market sellers are pricing aggressively to make a quick sale. Typically, the home only averages 19 days on the market before it's sold.
For those who decide that purchasing is not an option, there are plenty of waterfront homes available for lease. Some even offer lease with option or land contract terms. Don't think that just because there might be a slight glitch on your credit that you'll be turned away. You're not alone! Sometimes a letter, explaining your surcumstances, sent along with your lease application helps out a lot. Not everyone judges by just looking at the credit reports. Sometimes the owner might just ask for a larger security deposit. Not a big deal, just treat the home with respect and it will come back to you in the end.
For more information regaarding the real estate market surrounding Lake St Clair, Contact Kevin J. Paton of TeamPaton, Coldwell Banker Weir Manuel, 47766 Van Dyke, Shelby Twp. MI 48317, Office: (586)739-7300,
Direct: (586)843-6326, Fax: (586)726-4514, WWW.TEAMPATON.COM