During the Great Recession, not that long ago, the value of homes in Metro Detroit, as well as around the country, dropped dramatically.
Now, they’re rising in Metro Detroit, thanks to an improved economy and low inventory.
Brian J. O’Connor of the Detroit News reports:
For the second month in row, the National Association of Realtors are citing Metro Detroit and Ann Arbor as two of the 10 hottest real estate markets in the country. In May, Metro Detroit ranked 10th while Ann Arbor was ninth, and in June both moved up a notch.
Real estate brokers say sales have been heating up since last year, as the economy and consumer confidence improved and home prices steadily increased as foreclosures dwindled. Would-be homebuyers who’ve been sitting out the aftermath of the great recession, and its wobbly recovery, have finally decided it’s safe to buy, and home values are up to the point that homeowners can sell for more than they owe.
“The market has been extremely active for the first half of the year and sales are up because our inventory is so low,” says Jan Hays, an Oakland County real estate agent with Max Broock Realtors of Birmingham. “The last seven houses I’ve sold in Sylvan Lake sold in less than five days. One sold in 24 hours to the first person who walked in the door.”
