Selling a Home

2013 Northville Township Real Estate Value and Sales Summary

| BAKE REAL ESTATE

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2013 Northville Township real estate values reflect what the entire region has been seeing – steadily increasing prices. Since 2009, values have been  improving year over year. There are far fewer bank-owned homes and short sales impacting the market.  And, with the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a very competitive real estate market.

If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.

2013 Plymouth Township Real Estate Value and Sales Summary

| BAKE REAL ESTATE

Screen Shot 2014-01-08 at 11.37.59 AM2013 Plymouth Township historical real estate data verifies what we’ve seen all year – values have continued to increased steadily due to limited inventory of available homes. Prices are comparable to historical highs and the recovery has been swift.  With the local economy improving dramatically and the annual cycle of new buyers combined with buyers who delayed buying during the recession, the result is a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing than supply/demand dynamics.

Both median sales prices and sales volume have recovered strongly to pre-recession levels. The number of sales has been increasing steadily for the past several years. If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.

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2013 City of Northville Real Estate Value and Sales Summary

| BAKE REAL ESTATE
City of Northville Median Sales Price - 10 Year Trend
City of Northville Median Sales Price – 10 Year Trend

Last week we published price and sales data for the City of Plymouth.  This week, we turn our attention to the City of Northville just up the road.  In 2013, sales data for listed homes showed steady increasing values but also limited inventory. While prices have recovered, sales volume has not which reflects the lack of inventory buyers are faced with when shopping for homes in the City of Northville.

With the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing than supply/demand dynamics.

If you are considering buying or selling a home in the Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.

Patrick Wong, REALTOR

Happy New Year! 2013 City of Plymouth Real Estate Sales Summary

| BAKE REAL ESTATE

2013 historical real estate data verifies what we’ve seen all year – values have continued to increase steadily in the City of Plymouth due to limited inventory of available homes. Prices have rebounded to near historical highs and the recovery has been swift.  With the local economy improving dramatically, the annual cycle of new buyers combined with buyers who delayed buying during the recession, have created a seller’s market. Recently, supply has improved slightly and homes aren’t as likely to sell instantly but time on market is always more dependent on pricing rather than supply/demand dynamics. We have also seen a dramatic increase in tear-down/new construction activity which is changing the area but also improving the tax base for the city.

While median sales price have recovered, sales volume continues to lag due to lack of inventory. The trends for number of sales and total sales volume have been increasing steadily for the past several years so if you are planning to buy, the momentum is with you. If you are planning to sell, there are still plenty of buyers out there. The charm of Plymouth continues to attract more and more buyers form the local area and out-of-state. We are even seeing international transferees shop the City of Plymouth to immerse themselves in a quintessential American small town setting.
If you are considering buying or selling a home in the Plymouth/Northville area in 2014, feel free to contact us and we’d be happy to discuss your plans and offer our help.  Please also visit our homepage at www.bobbake.com.
Patrick & Carrie

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

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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

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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

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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

Flood Zones and How They May Impact Your Home’s Value in the Future

| BAKE REAL ESTATE

Over the past several months, the issue of Flood Insurance has been raised more frequently in the Plymouth and Northville area due to recent changes in FEMA flood zone maps.  As a result, homes may now be in flood zones that weren’t previously.  If you plan to re-finance or purchase a home with a mortgage, lenders usually require flood insurance for homes in flood zones. So if your home is deemed to be in a flood zone, you may elect to challenge this by ordering your own elevation survey. The process is not simple or inexpensive, but it can save a significant amount of money in flood insurance over the long-term.  In addition, it will make your home more marketable when it comes time to sell.  As buyer, you need to know if the home you plan to buy is in a flood zone since this has will impact the price you are willing to pay. For more info, feel free to give me a call (734-272-8375) and I would be happy to discuss with you.

Plymouth and Northville Resale Housing Supply Remains Low

| BAKE REAL ESTATE

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.

Newly listed properties are often selling quickly near or at listing price while some properties are even receiving multiple offers – sometimes over list price. 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 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.  As a result, prices are improving and there’s more new construction/renovation activity. Here’s how Plymouth and Northville active real estate listings in May compare to the same time last year.

Number Active Listings Year over Year by Zip Code
Zip Code May 2011 May 2012 % Change
48167 –   Northville 78 48 -38%
48168 –   Northville 178 141 -21%
48170 –   Plymouth 218 181 -17%

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.

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.

Just Sold: 440 N. Harvey, Plymouth MI: Newly Expanded 2300 Sqft, 4 Bedroom, 2.5 Bath Classic 1917 Built Home

| BAKE REAL ESTATE

Just sold to one of our clients, this classic and newly expanded 1917 home offers both the curb appeal and the interior charm that defines Plymouth living.  With 2300 sqft, 4 Bedrooms and 2.5 Bathrooms along with a 2.5 Car Garage, this home has all the amenities of modern living combined with the character and style of an older home.

To see more 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.