In our Thursday's Top 7, we feature the best places, events and activities across Metro Detroit. Next, we're putting a spotlight on the seven best communities for home sellers.
We turned to a local realtor to show us which communities get top dollar above asking price and are generating multiple offers from eager homebuyers looking for a place to call home.
It's summertime and real estate is red hot in metro Detroit. That is no surprise to Jon and Mary Miller. They're settling into their new home now… after selling their old home in South Lyon.
"It was on the market for like, what, three or four days," Jon said. "Yeah, very quick days, and we felt relieved."
Mary adds, "It's a great little family town. Up and coming and great school. I just didn't expect four days. It was a wonderful surprise."
Real estate broker Kim Adams with Jeff Glover and Associates - Keller Williams says South Lyon is one of Metro Detroit's seven best communities for home sellers. Homes in our top seven cities sell nearly 25 percent faster than in other places around town.
And sellers frequently get offers at or above asking price. Adams says that's because the competition is high and inventory is low.
"Simple economics. Supply and demand. Inventory is down 23 percent in Metro Detroit," Adams said."
"It was also down the year before. There just aren't enough houses on the market to buy."
According to home sales data from Jeff Glover and Associates, here are the hottest selling communities in Metro Detroit:
- Rochester and Rochester Hills
- The Grosse Pointes
- South Lyon
Many of these areas have pleasant downtown areas with shopping and restaurants and homes within walking distance.
"They also have a strong sense of community. They have a lot of parks, they have good school systems," Adams said.
If you want to buy a home in these communities, you have to be preapproved, but also need to be ready to act and make an offer fast. Otherwise, you risk losing out to more responsive buyers. There is no time to waste.
"As soon as something hits the market and your agent calls, you can't say, 'I know, but where we want to have dinner tonight, maybe we can do it this weekend.' You run the risk of that house being gone," Adams said.
Jon Miller has a bit of advice, too, for buyers in a seller's market.
"Offer full price and start looking now," Miller laughs.
If you can't get into one of these hot communities, you may have better luck just next door. If Birmingham is your target community, try Beverly Hills. If you're in Northville and you can't find anything, Novi's right next door. The homes are lovely, the school districts are often of similar quality and your taxes may be lower, too.