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Request a showing today or submit any real estate questions here and I will quickly be in touch. Thank you for visiting my website! - Chris Lynn | Good Company Realty
Ferndale is a lovely city in the northern part of the Detroit Metropolitan area in Michigan. The city has a population of 19,140 and probably all its inhabitants consider it a charming place. Ferndale is known for its friendly and accepting community and progressive policies. Apart from being very safe, Ferndale has a lively downtown and a buzzing nightlife, attracting visitors from all over the area. With its diverse and culturally rich population, Ferndale is a great place for families and an excellent place to live for anyone. And the list doesn't stop here! Ferndale is extremely walkable, animal-friendly, and the cherry on top: it has a great commute to downtown Detroit.
There are so many reasons to consider Ferndale a great place to live. Hosting several festivals all year round, there's always something to do in this city. Many things make a newcomer feel at home in no time, from the open and accepting community and positive vibes to the amenities and opportunities all around. Curious about moving into a lovely and supportive community? Let's see what else is there!
In 2022, Ferndale has been named one of the best places to live for first-time homebuyers in the entire country. Among all the cities in the United States, getting a place in the top ten is really something out of the ordinary. The smaller brother of the neighboring Royal Oak, Ferndale earned its title with several great qualities.
So, what makes Ferndale such a great place to live? The young and progressive community, for example! Almost 16% of Ferndalers are young millennials who bring fresh and cool vibes to the city. Ferndale has an excellent location, being close to just about everything. The commute time is excellent, making it attractive for many professionals who want a job in the Motor City. The booming downtown area makes Ferndale a perfect spot for foodies, as there are so many great places to eat and drink.
Ferndale is the place if you're looking for a place with plenty to do and still maintaining that nice small-town feel. Less crowded, with a somewhat cheaper cost of living than other options in the surroundings, this city makes a reasonable choice in 2023 too.
The housing market currently is very competitive in Ferndale, with homes selling after around 30 days on the market. The inventory is currently a little tighter than usual, but it's nothing out of the ordinary since we're still in the cold season. Inventory usually increases around April, with the season lasting until October-November. The tighter inventory drives the prices slightly up, but the housing market in Ferndale is still very affordable. The median price of a new listing is currently $250,000. The price per square foot is $221, which is still a reasonable price on the market.
Ferndale is an excellent place to live for just about anyone looking for a city with a friendly small-town feel and a notoriously accepting and helpful community. The booming downtown, with its many and diverse shops, restaurants, and coffee shops, has something to offer for everyone. The excellent location allows Ferndalers to commute without difficulties just about anywhere, and the affordable real estate market attracts many young professionals to the city. If you feel like Ferndale would make a good place to call home, feel free to reach out to me for more information on what it's like to live here! I look forward to sharing it with you!
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Please contact me at your convenience with any questions or to schedule a showing for Royal Oak, Ferndale or any homes in the many wonderful nearby communities! - Chris Lynn | Good Company Realty
The US housing market began the year in a state of rebalance, with many buyers and sellers remaining cautious while they wait to see where the market is headed. Nationally, pending sales rose 2.5% month-to-month, marking the first increase since May, while sales of existing homes fell 1.5% as of last measure, according to the National Association of Realtors® (NAR). Demand for housing persists, but higher mortgage interest rates have cut into housing affordability, with total home sales down 17.8% last year compared to 2021.
Closed Sales decreased 29.0 percent for Residential homes and 34.6 percent for Condo homes. Pending Sales decreased 12.5 percent for Residential homes and 22.0 percent for Condo homes. Inventory increased 15.8 percent for Residential homes and 13.0 percent for Condo homes.
The Median Sales Price increased 1.0 percent to $210,000 for Residential homes but decreased 5.2 percent to $208,625 for Condo homes. Days on Market increased 19.4 percent for Residential homes and 16.7 percent for Condo homes. Months Supply of Inventory increased 33.3 percent for Residential homes and 30.8 percent for Condo homes.
As sales slow, time on market is increasing, with the average home spending 26 days on market as of last measure, according to NAR. Seller concessions have made a comeback, giving buyers more time and negotiating power when shopping for a home. Although home prices remain high, mortgage rates declined steadily throughout January, falling to their lowest level since September, sparking a recent surge in mortgage demand. Lower rates should aid in affordability and may soon lead to an uptick in market activity ahead of the spring selling season.
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Please contact me directly if you have any real estate questions or need assistance with buying, selling or renting a home. I'm always here to help! Check back next month for the next market update! - Chris Lynn
Wondering What Your Hazel Park MI Home is Worth?Get an INSTANT property valuation emailed to you now that provides an estimated range of what your Hazel Park MI home could sell for in today's market! This report uses data from recent home sales in your neighborhood.
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Get an INSTANT property valuation emailed to you now that provides an estimated range of what your Royal Oak MI home could sell for in today's market! This report uses data from recent home sales in your neighborhood.
Begin by simply filling out the form below or contact me directly...
Royal Oak, a suburb of Detroit, is a city in Oakland County in the state of Michigan. With a population of around 59,000, the city has the charm of a small town but experiences the amenities of a large metropolis.
Often called the "City of Trees" due to the multitude of flora that paints Royal Oak's landscape, it is a unique city that offers its residents and visitors a diverse culture, exciting places to visit, and a dense suburban feel.
Its dedication to tree planting and preservation has earned the city of Royal Oak the National Arbor Day Foundation distinction of "Tree City USA" every year since1976.
It was also named one of Apartment Therapy's Coolest Suburbs in America in 2019. This award-winning city is an excellent place for raising a family, young professionals, and active retirees, but also for investors.
The safe, friendly neighborhoods make Royal Oak, MI one of the best places to live and work. These laid-back neighborhoods are only a few minutes away from the vibrant downtown, eclectic nightlife, chain stores and high-end restaurants.
Let's see some exciting things about Royal Oak's history and the reasons why it is a good place to live.
Early settlers of Royal Oak, MI were farmers who planted crops around the area as agriculture was the primary occupation of that time. The development of the railroad brought logging, milling, and other industries, as well as steady growth, to the city.
Michigan Governor Lewis Cass gave the name of the city in 1819. He and several companions explored the Michigan area to see whether it was suitable for living. They found a desirable site of higher ground near the intersections of Main, Rochester and Crooks Roads.
They came across a majestic oak tree with a trunk considerably wider than most oak trees. Its large branches reminded Cass of the legend of the royal oak tree, under which King Charles II of England hid from enemies in 1660. Cass and his companions named the tree the " Royal Oak ", so Royal Oak received its name.
Royal Oak was incorporated as a village in 1891 and was reincorporated as a city in 1921. It was the time the population grew to more than 6,000 due to the new jobs created by the booming auto industry. Since then, it has encountered steady growth, making the city a great place to live today.
Royal Oak, MI is a truly unique place with something for everyone, making it a great place to call home. Several factors make a city a good place to live.
One of the most important is affordability. The cost of living in Royal Oak is lower than the national average and most cities in the state.
While some areas can be higher than others on a state and federal level, the overall standard of housing costs, utilities, groceries, health care, transportation, and miscellaneous goods and services are less expensive.
Also, Royal Oak is a safe place to live. The crime rate is relatively low compared to other cities of its size, and there are many things to do in the city that are family-friendly.
Another critical factor is the poverty rate. Royal Oak has a lower poverty rate than other cities in the U.S.
Royal Oak is the place for you if you're looking for entertainment. With its vibrant downtown, various restaurants, and bars suited for any taste, you will never run out of things to do.
It is a city where you will experience an eclectic mix of quiet, tree-lined neighborhoods and a one-of-a-kind downtown, allowing the residents to enjoy the tranquility of the suburbs and the city's fast-paced life at the same time.
Royal Oak is an inner-ring suburb of the city of Detroit in Oakland County, Michigan. Located along the Woodward Corridor and served by Interstate 75 and Interstate 696, Royal Oak, MI, has an excellent location that attracts many people to the area. Only about 3 miles (4.8km) north of Detroit's city limits, a 25 min drive from downtown Detroit, and 35 minutes to the airport, Royal Oak is a less crazy and more affordable alternative to living in the Motor City.
With one of the largest downtowns in Detroit's suburbs, home to Detroit Zoo and festivals, Royal Oak is an exciting and popular place to move to.
Royal Oak is like a bigger brother to the neighboring Ferndale, making it a fitting place for young professionals and families alike. It has a very good downtown, without feeling crowded, a vibrant nightlife, and lots of things going on in a small area. There are many coffee shops, breweries, and shops available. Festivals, like the Art, Beats & Eats take place here, and the whole city is very comfortably walkable. Considering what it offers, the prices are pretty reasonable, making it an affordable choice compared to Detroit.
When it comes to real estate, there's a large variety you can choose from. There are older buildings like bungalows and colonials alongside newly constructed properties. And there are many new buildings constructed in the old styles to fit the landscape. Lots are usually small here, so if you're looking for a large estate, this is probably not the perfect place for you (though there are nearby communities that do offer such larger lots). Compensating the usually small lots, you're allowed to have a fence, which is otherwise uncommon in Michigan, so that's a plus.
The extra feature of Royal Oak, attracting many young people, is that it has those cool high-rise condos/lofts too, unlike most of the places in the area.
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Please contact me at your convenience with any questions or to schedule a showing for Royal Oak, Ferndale or any homes in the many wonderful nearby communities! - Chris Lynn | Good Company Realty
Housing affordability continues to be a major roadblock for market participants, with mortgage rates more than double compared to this time last year. Buyers are delaying home purchases in hopes rates will drop, while many sellers are holding off on listing their homes due to weakening buyer demand, unwilling to trade in their current lower rates for significantly higher borrowing costs on their next property. As a result, existing-home and pending home sales have continued to slow as we move into winter.
Closed Sales decreased 31.1 percent for Residential homes and 31.0 percent for Condo homes. Pending Sales decreased 31.2 percent for Residential homes and 28.2 percent for Condo homes. Inventory increased 11.6 percent for Residential homes and 3.6 percent for Condo homes.
The Median Sales Price remained flat for Residential homes and increased 14.3 percent to $240,000 for Condo homes. Days on Market increased 22.2 percent for Residential homes and 9.4 percent for Condo homes. Months Supply of Inventory increased 25.0 percent for Residential homes and 18.8 percent for Condo homes.
With home sales down, nationwide housing inventory was at 3.3 months’ supply heading into November, up from 2.4 months from this time last year, according to the National Association of REALTORS®. Although buyers have more options to choose from, home prices remain high, and soaring borrowing costs have caused monthly payments to increase significantly, with the average homebuyer paying 77% more on their loan per month compared to the same period a year ago, according to Realtor.com.
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Please contact me directly if you have any real estate questions or need assistance with buying, selling or renting a home. I'm always here to help! Check back next month for the next market update! - Chris Lynn
Buyers May Have More Power Than They Realize Right Now—Here’s Why
There’s no denying that the cost of buying a house has risen, but if you dig into the data, you’ll find that many homebuyers might actually be in the driver’s seat right now.
In October, home prices continued to drop from the record-high prices we saw in the summer, according to a recent report from Realtor.com®. Plus, the number of houses on the market is up nationally 33.5% year over year, according to our data. Houses are lingering on the market, too, for 51 days on average—which is 6 more days than last year. That shift means that sellers are more likely to price homes competitively.
Simply put, all of this adds up to a power shift in real estate. A year ago, sellers were calling all the shots and buyers were launching legendary bidding wars, waiving contingencies, and paying for homes in cash. But now, the shoe is on the other foot, and 92% of home sellers are accepting some buyer-friendly terms (frequently related to home inspections, financing, or appraisals), according to a Realtor.com survey.
So if you’re currently in the market for a home, here are the biggest silver linings to consider.
Fewer showings mean less chaos and a saner approach to homebuying.
“For the past year, every house I put up would have an offer over the listing price within the hour,” recalls Ami DiPierro, a real estate agent with Choice Residential Real Estate in Raleigh, NC. “It was very frustrating to see a home that matched your buyer and call the agent to see when showings would begin, and learn they were about to accept an offer.
“You can get in the door now and actually look at the house without worrying about overlapping appointments and incoming bids,” adds DiPierro.
It’s never good news for buyers—or sellers—when mortgage rates go up. But it’s important to keep it in perspective, especially as home prices are falling.
“Higher interest rates have two consequences on the real estate market,” says Cam Dowski, founder of We Buy Houses Chicago. “The first advantage is that they frequently reduce housing prices, which is advantageous for buyers. The second is that they deter some customers from entering the market, which benefits those who remain. The result is reduced buyer competition, which further reduces buyer risk, broadens buyer options, and lowers property prices.”
This time last year, desperate buyers were willing to waive finance contingencies, inspections, and more to snag their dream home. No more.
“We are finally in a position to be able to negotiate on the buyer’s behalf, rather than offering everything imaginable to the seller in hopes that their offer might be the chosen one,” says Fletch Newland, a real estate agent at Re/Max in the Seattle area.
“No more eliminating contingencies. No more paying $100,000-plus over the asking price when the price wasn’t below market value to begin with. No more having to decide minutes after the max allowable 15-minute showing window to make an offer, knowing that every hour they wait, the competition for that house will increase,” adds Newland. “Now the power is in the hands of the buyers. Houses are sitting and sellers are fretting.”
DePierro concurs: “Inspection waivers and appraisal waivers are no longer considered necessary to get an offer accepted,” she says. “Instead, we are starting to see addendums requiring a professional cleaning by closing, seller-paid closing costs, or seller-paid warranties.”
The number of days a home spends on the market directly affects its price, and the fact that the average days on the market has risen to 51 is a great bit of intel for buyers’ bargaining power.
Mike Hardy, a managing partner for national lender Churchill Mortgage, says many sellers get anxious if there are no offers after 30 days, causing them to make reductions and concessions that will end up benefiting a buyer.
“The list of strategies and advantages available to a buyer today that did not exist just a few months ago is quite lengthy,” Hardy says. “There’s less competition from others, which brings about price reduction possibilities, anxious sellers open to negotiating, you can lowball on the asking price, and more.”
Housing costs have shot up, but to combat the affordability issue, many home builders and sellers are offering mortgage rate buydown programs so buyers can nab a home now.
Some of the most popular buydown programs are the 2-1 buydown and the 3-2-1 buydown in which the seller or homebuilder pays some amount of money upfront to buy the rate down. Then, for the next few years of repayment, that rate goes up until it hits the original rate. For example, your seller can buy down your 7% rate to 4% at the start of the payment period. Then, after a year, that rate goes up to 5%, the following year 6%, and then 7%.
“Because a lot of people think that rates will be lower two years from now, it’s a good way, psychologically and economically, to get into a house at a start rate that’s lower than where rates are today,” says Michael Isaacs, the CEO of GO Mortgage.
Hardy says Churchill Mortgage offers a “rate relief” program to help buyers and sellers sweat through the stress together.
“It helps buyers and sellers work together to use a seller credit strategy, helping a buyer secure a significant reduction in rate,” Hardy says.
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Source: Realtor.com | By Kathleen Willcox | November 8, 2022
Royal Oak, MI is a truly unique place with something for everyone, making it a great place to call home. Several factors make a city a good place to live. 