Real Estate Market Conditions for Lake Orion MI/Orion Township Michigan - A Great Time to Buy!

Jackie Hawley — Thu, 29 Nov 2007 02:43:00 GMT

We're nearing the end of 2007 and it's still a strong buyer's market in Lake Orion/Orion Township in southeast Michigan. So if you are thinking about purchasing your first home, or upgrading from your current home, you really couldn't have picked a better time. Real estate has always been a great investment and always will be. Up until a few years ago houses were selling like gang busters and prices were escalating so fast it was almost unreal. Buyers would see what the seller had paid years earlier and the statement, "I wish I had bought back then" was not uncommon to a Realtor's ears. Well, now is the "back then" for future buyers.

Real Estate is cyclic and right now we are on the down swing. In Orion Township the average sales price in 2006 was 5% lower than the average sales price in 2003. And so far in 2007 prices are down from 2006. For more detailed statistics just click on this sentence. Have prices hit rock bottom? Probably not. But we are probably getting pretty close. Homeowners who bought in the past few years are already selling at a loss. Realistically, how much can the average person actually bring to a closing?

Will those prices of yesteryear ever come back? Of course they will. Remember what your parents paid for their first house? Real estate is probably the most stable investment available. Like any investment- buy low and sell high. Below is another chart showing median sale prices for Michigan between 1940 and 2000. Remember the 80's here in Michigan? As you will see below, the median sales price in 1990 was still significantly higher than in 1980. Lake Orion, MI in particular has a lot to offer. Terrific location with easy access to the Metro Detroit area. Great Lakes Crossing would never have been built if some very extensive and expensive studies hadn't shown the Orion area to be not only stable, but growing. Mclaren broke ground in neighboring Independence Township at Sashabaw and I-75. Beaumont put a facility in Orion a few years back. Pontiac Osteopathic in Oxford has expansion plans.

One thing these charts don't take into consideration is the plethora of benefits that come with home ownership such as the tax deductions, the pride of owning your own home as opposed to renting, etc.

For more information about purchasing a home or vacant land in Lake Orion, MI please don't hesitate to call Jackie Hawleyat Keller Williams Realty, Clarkston Michigan. My toll free number is (800)401-1444 or I can be reached on my cell phone at (248)736-6407.

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Real Estate Market Conditions for Lake Orion MI/Orion Township Michigan - A Great Time to Buy!