For those of you wanting to buy or sell a house, now’s the time.
Chris Hendrix, General Manager for Coldwell Banker Shooltz Realty in Oxford, said home sales in Oxford and Lake Orion are up 13 percent.
‘This is a great place to be,? he said. ‘The population growth has certainly contributed to our growth and the overall growth of Oxford.?
In July, the National Association of Realtors (NAR) stated home sales in the United States were up 18 percent.
‘The real estate market nationally is going crazy. It’s one of the things that are fueling our whole economy,? Hendrix said. NAR also reported the highest second quarter in history with over seven million homes sold in the U.S. this year.
In Oakland County, however, the Michigan Association of Realtors (MAR) has seen a 5.6 percent decrease in sales due to unemployment and a struggling automotive industry. But don’t let that fool you.
‘The problem is with people thinking about the lower sales in Oakland County, it scares people locally into thinking it’s a bad time to buy a home,? Hendrix said. ‘It is a great time to buy.?
Hendrix said another reason Oakland County’s home sales are decreasing is due to a problem with supply and demand. The new developments and construction in Oakland County have triggered a ‘utopia for the buyer,? because there’s more supply than demand.
‘Nationally, it’s the inverse,? he said.
Hendrix urges Oxford residents looking to buy or sell a home to not let the media reports hinder their goals.
‘Don’t try to time the market place. If the timing’s right for you, go for it.?
As for the future of sales in Oakland County, Hendrix believes the county is the national leader as far as a downturn or upturn in the economy.
‘I see the next couple of years in Oakland County, as far as real estate, being very, very good,? he said.