Buying a Home

Just Sold: Downtown Plymouth Contemporary Home Backing to Woods and Creek – 200 North Sheldon Road

| BAKE REAL ESTATE

200 N SheldonWe are pleased to announce the completed sale of another Plymouth home.  200 North Sheldon Road in the City of Plymouth is a 3 Bedroom, 3.5 Bathroom home that enjoys a 150′ x 181′ lot with a grassy rear yard,  woods, and a creek.  A natural setting like this within the City combined with a newer built home is a rare combination.  The house itself sits well back from the road and you are just a short walk to downtown Plymouth shops, restaurants, and events.  Inside the home, you’ll find many modern amenities including Granite countertops, Stainless Steel appliances, Great Room with Cathedral Ceiling, First Floor Master Bedroom with 10′ x 9′ walk-in Closet and en-suite Full Bathroom. The attached 2 car garage enters into a partially finished walkout Lower Level with a full bathroom.

This slideshow requires JavaScript.

To learn more about this home and homes like it, please visit our Plymouth and Northville Real Estate homepage at  www.bobbake.com or simply contact Carrie, Plymouth and Northville Associate Broker, at 734-788-2398 –  carrie@bobbake.com or Patrick, Plymouth and Northville REALTOR,at  734-272-8375 – patrick@bobbake.com.

If you have a home to sell in the Plymouth and Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process.

Carrie Bake Interview in the Plymouth Observer and Northville Record

| BAKE REAL ESTATE

1463 SheridanThe Northville Record and the Plymouth Observer recently interviewed Bob and Carrie about their background and experience as Brokers in the area during the recent recession.   In the article, Carrie discusses how our team helped clients having to buy and sell in difficult times.  Many homeowners were faced with financial struggles during the recession making our responsibility as Realtors even more critical as people were forced to sell, relocate, or downsize. There isn’t an online version of the article yet but you can download a scanned copy here –> observer article.

City of Northville Home Values Sharply Higher in 2013

| BAKE REAL ESTATE

Screen Shot 2013-09-09 at 4.11.29 PM

206 W Dunlap Northville

This year in the City of Northville, we’ve seen a sharp increase in not just home prices, but also the number of homes selling above $500,000.  Prices haven’t surpassed the pre-recession peak yet but the trend is positive.  With the local economy growing and homeowners now more secure in their jobs and with their businesses, there are fewer sellers and more buyers. Buyers who were holding off on purchasing due to uncertainty about jobs and the economy have returned to the market.  While Sellers have recovered some or all of their equity and are in a better position to sell.

Data Source: RealComp

The BAKE Real Estate Group is Pleased to Announce the Addition of our Newest Team Member: Stephanie Brown, REALTOR

| Carrie

P4

We are pleased to announce Stephanie Brown is joining the BAKE Real Estate Group at Coldwell Banker Weir Manuel in Plymouth as an Associate REALTOR.

Previously, Stephanie led Front Desk duties at Coldwell Banker Weir Manuel in Plymouth supporting one of the area’s most productive Real Estate Brokerages. Now, she will be applying her Real Estate experience and recently earned Real Estate Salesperson license, to residential sales in the Plymouth-Canton, Northville & Novi Markets.

Stephanie is a 2009 graduate of Salem High School, in Canton, Michigan. She has proven to be very detail-oriented, calm under pressure, and hard-working – essential qualities for a successful career in real estate.

Stephanie will be training and working alongside 45-year industry veteran Bob Bake (Associate Broker), Bob’s daughter Carrie Bake (Associate Broker), and son-in-law, Patrick Wong (REALTOR), as she expands her Real Estate career. You will be seeing more of Stephanie around town showing houses, joining us at client meetings, and our Open Houses in the future.  Please join us in welcoming Stephanie to our team.

Stephanie can be contacted via email at stephanie@bobbake.com or on her cell phone at 734-620-4536.

The BAKE Real Estate Group, at Coldwell Banker Weir Manuel was founded by Associate Broker Bob Bake. Robert Bake Realtors, Inc. (established 1967) in downtown Plymouth, dominated the Plymouth/Northville real estate market between 1970 and 1996.  In 1996, Robert Bake Realtors merged with Coldwell Banker Schweitzer to create Coldwell Banker Schweitzer-Bake, located at 177 N. Main Street in downtown Plymouth. In 2009, Coldwell Banker Weir Manuel acquired Schweitzer-Bake and currently operates at the same Main Street office.

City of Plymouth Home Values Near Pre-Recession Highs

| BAKE REAL ESTATE

Screen Shot 2013-08-27 at 10.09.37 AM.png

As summer ends, this is a good time to add some perspective to what we’ve seen in the market so far this year. If you have bought or are trying to buy a house or condo in the City of Plymouth in 2013, this chart will not surprise you.  With homes selling quickly and often above asking price with multiple offers, values have been rising sharply this year. To see just how dramatic the increase has been, here is the price trend over past 10 years.  The data is just for the City of Plymouth (not the Township) and includes both homes and condos.  Not included are non-listed sales. But based on our knowledge of the market, the effect of non-listed data on the above chart would be negligible. csc_1972 As prices rise, we are seeing more people consider selling their homes which should ease the lack of available inventory. This however will be countered by the annual seasonal slowing of the market and higher and higher price expectations of sellers regardless of the location, condition, and layout of their home. Homes that have marginal locations, lack updates, and/or are priced too high will not sell quickly. So if you are trying to buy –  continue to expect some frustration as supply remains very limited in the City of Plymouth. I’ll be posting a similar chart for the City of Northville very soon.

Data Source: RealComp

The Best Public and Private Websites for your Home Search

| BAKE REAL ESTATE

If you’re searching for a home, you’ve probably done your online research and are familiar with websites such as Zillow, Trulia, Realtor.com, etc. But there are important differences among these sites that you should be aware of as they will impact your competitiveness as a buyer.

Accuracy – is the home for sale or is it already sold?

The main complaint we get from clients is that they find a house on one of the popular websites like Zillow, but the home is actually already sold.  In some cases, the home has been sold months or even years ago. But if you are in the market to buy a home vs. just looking, you need to have accurate and timely data.  I recommend using websites that derive their data and get updated regularly directly from the same MLS system that REALTORS use. Moveinmichigan.com and Realtor.com are both typically more accurate and up-to-date than anything else I’ve seen out there. The system I use as a REALTOR provides me with up to the second data on new listings and changed listings. So when a new home comes on the market, I will know instantly. When a home goes under contract (the seller has accepted an offer) and the listing broker changes the status from ‘active’ to ‘contingent’ or ‘pending’, the system is updated and we can check it. I expect that over time, the accuracy of all websites will improve to the point where there will be no meaningful difference which website you use but for now – make note of the above!

Accuracy – is the Zestimate or the Assessed Value meaningful?

Another piece of data that can confuse a potential home buyer is Zillow’s ‘Zestimate’ of a homes value.  In some cases, it can be accurate, but in other cases, it can be significantly different from a homes true market value in a fast changing market. I like to think of Zestimates or the State Equalized Value as a ‘Blue Book Value’.  It’s just one piece of data that you can use to triangulate the true market value of a home.  Each home is unique and evolves over time and markets can change quickly – so assigning a value using an algorithm can only be so accurate.  I would venture to say that newer homes with very common characteristics in a stable and predictable market can be more easily valued using automated tools, while older homes in unique and fast changing markets are more difficult.  Makes sense doesn’t it?

I also need to mention public data available from the City, Township, and County websites.  Here you might find data including size of home, tax history, sales, history, utility bill history, lot size, and much and more. Buyers often use the State Equalized Value as one measure of how much a home is worth. As long as that isn’t the only measure you look at, the SEV is definitely a single data point to consider when assigning value.  Keep in mind assessments LAG the true market as they are determined based on past data (from the previous year usually).

Usability

If you are just casually browsing for home online, than Zillow or Trulia will usually work just fine.  They have nice interfaces and a good look and feel – if you can get past all the advertising noise. However, if you are focused on accuracy, then Realtor.com or Moveinmichigan.com are recommended.  They aren’t as pretty but they have better content on available homes for sale.

Looking Ahead

The MLS system we use has been recently updated and provides much better functionality and usability than before. In the past, Realtors would send out new listings based on a clients search criteria but the data in the email would expire after 7 days.  With our new system, clients have their own ‘portal’ where any listing that matches their criteria can be automatically tracked.  As new listings come on the market, you will get an instant notification by email – sometimes before there are even pictures and sometimes before your agent has had a chance to see it themselves! In addition, you can ‘favorite’ listings and delete listings from your portal. Anytime you want to review the homes available that match your criteria, they will be available to see on your portal site. Search criteria can be price, bedrooms, just about anything including map location. The ability to customize your search is one of the most powerful features of this service – you see only the listings that fit your criteria and you don’t have to wonder if the basement is finished or not, or if the Master Bedroom is on the first or second floor.

So now we are at the bottom line.  Use every source of data available to you to round out your search BUT focus on getting the newest listings first and don’t get bogged down sifting through obsolete data. Someone else will buy the house you want while you are investigating an already sold listing. To win in today’s fast changing market, my recommendation to you: be quick and decisive and right. It’s easy to be fast and wrong, so to be right, you need immediate access to the most accurate data available. This can be provided by your REALTOR who should also be an expert in he local market. They can provide you with an ‘oral history’ and ‘local knowledge’ that you won’t find anywhere else. Supplement that with your own research online thorugh the various websites mentioned above and the local City, Township, and County Websites as well. If you do all the above, you should be well prepared for what will likely become the largest investment of your life.

Plymouth Real Estate Market Continues to see Strong Demand

| BAKE REAL ESTATE
Source: RealComp

Our local real estate market continues to see strong demand amid a limited inventory of available homes for sale. For much of 2012, demand has grown steadily as buyers return to the market with added confidence.  This combined with fewer sellers needing to sell and fewer distressed homes on the market has dramatically changed the real estate landscape over the past several months.  October year over year, Plymouth (Township and City – 48170) has shown increases in the number sold listings (+27%) and total sales volume (+35%) while the number of new listings is only increased marginally (+7%). As a result, the number of active listings (available inventory) has seen a significant decline (-33%) and prices are on the rise.

As a seller, now is a good time to sell since you have less competition and there are buyers that are in need of a good home.  As a buyer, you need to be educated about the market and ready to act when a great house does come along.  Of course, if you need help with either, we are available to assist you. We know the area, the market, the subdivisions, etc. and can provide solid advice you want to help you through the process of buying or selling your next home.

 

A New Building Boom in Plymouth MI

| BAKE REAL ESTATE

This slideshow requires JavaScript.

With the local economy improving and Plymouth home prices rising again, we are seeing a significant increase in home construction, expansion, and remodelling projects around town. These projects are not only good for a homeowner that gets to enjoy a larger and updated home, but they’re also good for the neighborhood and the city.  Home values for the entire street typically increase as people update or expand their individual homes. (This halo effect also works in reverse of course.  So when someone doesn’t take care of their home or yard, it can have a negative impact on neighborhood real estate values.) The City benefits from the new construction activity as well since these projects usually increase property tax values resulting in higher tax revenues.

The Plymouth and Northville Spring Real Estate Market Rush has Begun!

| Carrie

The Plymouth and Northville Real Estate markets have done better than most over the past several years.  And now with the local Automotive industry recording robust profits and paying out bonuses, combined with a more diversified local economic base, the residential Real Estate market has further strengthened in value.

Newly listed properties are often selling quickly while some properties are even receiving multiple offers. As usual, the homes with best locations, amenities, and updates will not only appeal to the most people, but also sell for the highest prices in the least amount of time.

Why is the recovery in Real Estate prices happening?  Low inventory and more buyers seems to be the answer or simply less supply and more demand. There just aren’t enough properties on the market to satisfy buyers who feel more financially secure or are moving to the area. Here’s how Plymouth and Northville active real estate listings in February compare to the same time last year.

There are clearly fewer homes available and we don’t see the trend changing appreciably in the near future.  The mild Winter kept buying traffic strong through the winter months and now with the Spring selling season kicking off, inventory is likely to remain limited.

So have Real Estate values really increased?  Many of you have seen your 2012 Tax assessment increase for the second year in a row.  This is a direct result of rising home prices.  Keep in mind that these Tax assessments are a ‘lagging indicator’ of your home’s value as the assessment period ended approximately 5 months prior to when you received your new assessment.  Here’s the year over year change (increase) in Real Estate prices for the month of February:

What does this mean for Plymouth and Northville Real Estate buyers and sellers?

For Buyers:  We recommend finding a local buyer’s agent who can identify new homes just listed or soon to be listed. You should also get a pre-approval letter from a lender.  And then you should educated yourself about the local market by seeing houses as they come on the market.  You may need to act quickly so the more you know now, the faster you’ll be able to make a decision when the right house does come along.

For Sellers:  If you’ve delayed putting your home on the market, this may be the time to sell.  While other areas of Southeast Michigan may not be as strong as ours and prices were lower a couple of years ago, things have definitely changed.  It’s a good time to sell right now in Plymouth and Northville. Of course, you’ll want the advice and assistance of an experienced local REALTOR since selling a home in today’s market can be a complicated and time-consuming process.

If you are planning to buy or sell a home in the Plymouth or Northville area and would like a private consultation, please feel free to contact us to discuss your needs in confidence. We are specialists in the local area with the experience and knowledge to assist you throughout your home buying and selling process. You can reach me at 734-788-2398 or carrie@bobbake.com.

“There’s a Significant Uptick in Activity” According to Bob Bake, Associate Broker – Coldwell Banker Weir Manuel

| BAKE REAL ESTATE

In a recent interview published by the Northville Record Newspaper, Bob Bake, Associate Broker Coldwell Banker Weir Manuel, comments: “There’s a significant uptick in activity, especially for homes that are in move-in ready condition in appealing areas.” 

To read the full article published by the Northville Record, click here.

Wall Street Journal House of the Day

| BAKE REAL ESTATE

We get an opportunity to see many different homes in Plymouth, Northville, and the surrounding area.  These include everything from pristine multi-million dollar estates to bank-owned homes selling for far, far less. But it’s always nice to see what’s happening outside our market just to keep everything in perspective. There are of course the many real estate websites availabe on the interweb. But here’s something unique to satisfy your online home shopping curiosity.  It’s the Wall Street Journal’s House of the Day.  You’ll find a variety of homes from around the world including an Italian Castle, a Michigan Lake House, and more. Click on the above image and enjoy.

HGTV House Hunters in Downtown Plymouth MI!

| BAKE REAL ESTATE

More than a few of our clients love to watch HGTV’s House Hunters and when the hunt is in the South East Michigan area, it sure can be fun to see familiar places and even faces.  Well last week, it was Plymouth’s turn as House Hunters were in town filming at one of our listings on Evergreen. I won’t give away which home they actually bought but look for the episode later this year or early next year!