Homebuyers have crawled out from under the woodwork in Oakland and Wayne counties again. And it looks like sellers who stuck out the weak housing market can finally get out of the basement by getting good prices for their homes.
"The dearth of move-in ready homes is the result of underwater mortgages causing homeowners to keep their homes off the market, a better economic climate leading to more jobs and people not making as many improvements on their homes since the 2000 recession, said Randy Repicky, branch manager for Johnstone & Johnstone Realtors in Grosse Pointe Farms.
"If you wait until the next day (to make an offer on a home), it won't even be around in many cases. As soon as they hit, you better be on your game for it to work," Repicky said.
Compared to 2011, it took 2 1/2 fewer weeks to sell a home in 2012, going from 127 days to 109 days in the Grosse Pointe communities, according to data provided by Farmington Hills-based Realcomp II Ltd. and others. A $449,000 home Johnstone & Johnstone listed on March 22 sold 18 hours after five showings, Repicky said.
It's not just Grosse Pointe, however, where buying a home is becoming more like the Kentucky Derby than an Olympic dressage event.
Homes sold last year in Bloomfield Hills and Bloomfield Township more than a month faster than they did in 2011, and two weeks faster in Ann Arbor."
The Oakland Press
has also picked up on the hot housing market.