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48
August 9 • 2018
jn
he last week in June, Howard
Hanna Real Estate had the big-
gest closing week in Michigan
in its history.
“It is a seller’s market in almost
every price range and community,”
said Hoddy Hanna, chairman of
the Pittsburgh-based company, the
third-largest real
estate company in
the U.S., who was
in Michigan last
month. “Oakland
County is a real
growth market for
our company,” he
said.
Hoddy Hanna
Howard Hanna
continues to expand
its footprint in
Oakland County, adding more and
more agents. It saw a 92 percent
increase in volume year over year in
2017 as well as a 99 percent increase
in units.
Hanna credits two major factors
for the record number of closings.
One: Millennials in their early 30s are
buying their first homes and spend-
ing more money on them than in
past generations. There are about 83
million millennials — 8 million more
than baby boomers. Second: Baby
boomers in the 65- to 70-year-old
range are done raising their families
and looking to “right-size” so they are
putting their big suburban homes on
the market.
Hanna doesn’t like to use the term
“down-sizing” because many of the
boomers in Oakland County aren’t
looking for a smaller place, but
instead looking for a different style of
home.
“They’re looking for houses that
offer comfort and convenience,
homes that have open floor plans
and more usable outdoor space,” he
said.
The housing market in the Metro
Detroit area is very strong right now.
Hanna expects appreciation rates in
the 7 to 10 percent range this year,
the biggest increase in 15 years. The
inventory of homes on the market
is low. Quality homes are receiving
multiple offers and selling quickly —
sometimes for more than the asking
price.
“The flip side is
that those who sell
their homes have
to find a home to
buy, and right now
there is a real short-
age of properties,”
said Yelena Pliskina,
managing broker
Yelena Pliskina
of the Birmingham
office. Pliskina grew
up in north Oak
Park and Farmington Hills in the
Russian-speaking Jewish community
and has lived in Oakland County her
whole life.
Pliskina said that some buyers and
flippers are renovating older homes
to have more open and modern floor
plans to meet the demand. “Buyers
looking for condos or looking to
move to Florida have it a bit easier,”
she said.
Older homeowners might want to
take advantage of the market to get
the most for their property, but to do
so, their homes must be in top-notch
condition, Pliskina said.
“I always say that as a buyer walks
through a house, they’re creating a
mental checklist of what needs to be
done,” she added. “Buyers are looking
for move-in condition.”
Before listing your home, she rec-
ommends a deep cleaning, including
new paint and floors if need be. “It’s
making sure everything looks neat
and put away,” she said. “The way
that you live in a house isn’t the way
you show the home to buyers. I tell
sellers to get rid of half their stuff.
This makes the rooms and closets
seem bigger to potential buyers.”
Howard Hanna Realtors provide
sellers with a checklist of what needs
to be done to prepare their homes for
sale as well as staging ideas. “If they
want top dollar for their homes, we
can get it as long as the homeowner
is willing to work with us,” Pliskina
added. •