Home selling boom continues

What sold for $167K last year is now $203K this year

If two of the nation’s top real estate gurus are correct in their predictions, Macomb County’s real estate boom is likely to continue in 2021.

That’s the view of Brian Buffini and Lawrence Yun.

During Thursday’s broadcast of, “Brian Bruffini’s Bold Predictions,” in which Buffini shares the National Association of Realtors (NAR) forecast for the economy and real estate market for the coming year, both he and Yun called for a continuation of tight inventory, increasing home prices, low mortgage rates and significant job growth.

They also predicted a competitive housing market fueled by

buyers looking to relocate as a result of remote work opportunities.

“We’re already in the midst of a very significant economic recovery, which is shaping a hot real estate market for 2021,” said Buffini, founder and chairman of Buffini & Company and a real estate podcaster. Yun is the chief economist for the NAR.

“Solid employment, low interest rates and buyer demand are critical for real estate, and we have all of this,” Buffini added. “Homeownership is attainable and affordable, and if you’ve been thinking of entering the market, now is the perfect time.”

A recent RE/MAX of Southeastern Michigan housing report showed this to be true in Michigan and particularly Macomb County:

• Statewide home sales are up 4.6% over last year and prices are up 16.7%

• Macomb County saw the largest jump in home prices at 21.5% followed by Wayne County at 20.8% and Oakland County at 17.8%.

• Homes are selling the fastest in Macomb County and are on the market for an average of 31 days.

• The median home sale price in Macomb County is $203,000 — up from $167,000 one year ago.

“Macomb County, as a whole, enjoyed a very busy fall buying and selling season. Even the election this year didn’t slow many buyers down. Buyers remained active in the market partly because they are still looking to find a home with limited inventory, and they want to take advantage of today’s low interest rates,” said Jeanette Schneider, executive vice president, RE/MAX of

Southeastern Michigan. “You can see the impact of this dynamic in that it is only taking on average 31 days for a home to sell in Macomb County right now. “

Macomb County also aligns with the trend noted by Buffini that has buyers looking to leave cities for more affordable suburban areas.

Some of what’s happening is related to the COVID-19 pandemic.

Due to the spring buying season delayed by quarantines and shutdowns home sales are expected to shoot up nearly 20%. However, while the demand is there, a healthy supply of new and existing homes are still lagging behind.

“If we had 30% more homes available for sale, home sales would be correspondingly higher,” Yun said. “We simply don’t have enough inventory and this is where home builders need to be very busy. I know they are facing some constraints related to skilled construction workers and lumber prices essentially tripling, but there’s a strong demand for homes right now, and we need more supply.”

However, this could change in the coming weeks when more people return to work and reconsider selling their home.

As for the hotspots in the county, Macomb Township, St erl ing Heights and Washington Township are some of the communities that saw the highest percentage increase in the number of sales this fall compared to last fall,” Schneider said.

“As buyers identify where they want to live, all of these communities offer great options of home styles and local amenities,” Schneider added.