Housing market heating up across Mid-Michigan

Posted at 6:06 PM, Jul 20, 2016
and last updated 2016-07-20 18:29:48-04

The housing market in Mid-Michigan is as hot as this sweltering heat, and since not a lot of homes are for sale the ones that are available are going fast.

That has Jim Convissor taking down "For Sale" signs almost as soon as he puts them up, with homes selling within days.

"I'm not used to seeing that at all," said Convissor, an Associate Broker at Century 21 Looking Glass.

With a low inventory of available homes Convissor says it's a seller's market. He says that's part of the reason two homes he put on the market this month both sold in less than a week.

One of those was an estate sale, and Convissor says his sellers got a good deal.

"I listed it a little bit higher than the Estate wanted me to just because my instincts said that it would sell," he said. "We had 10 offers in 5 days and we sold it for well over the asking price."

But he is still getting multiple calls a day from buyers who want that home.

"People begging me to put them on the list if it falls through," Convissor added.

At Keller Williams in Lansing homes they're selling are going just as fast. Associate Broker Brock Fletcher says the market is hottest for homes in the $400,000 price point or lower.

"If we put a home on the market and its priced accurately it will typically sell within 2 weeks time and we'll probably see multiple offers," Fletcher said.

Fletcher's team is making hundreds of cold calls and even going door to door in neighborhoods where demand is high.

"We find that many of the neighbors are unaware of just how good the market is," Fletcher added.

With more competition brokers say buyers should be ready to pay higher than the asking price.

"It's really heartbreaking when I'm working with a buyer," Convissor explained. "They think if they give full price they're doing good enough and it's hard to tell them to give your highest and best, when they lose it they feel very frustrated."

But Convissor says even that has a silver lining, since it means property values are going up. Plus with mortgage rates staying low, that is particularly helpful for first-time buyers.