Despite an economy which has seen better days, Real Estate companies here in Clarkston say they are doing excellent business.
“We are doing very good business,” President of Brokerage Services at Real Estate One Dan Elsea said. “We have not tasted or seen the economic downturn.”
The major reason the real estate market is booming in the Clarkston area, as well as around the country, is the low interest rates currently available.
“The low interest rates make it a good market for both buyers and sellers,” broker/owner of RE/MAX Chris Dishon said. “Whenever interest rates are down it is an excellent time to invest. Real estate has never gone down since I started in this business.”
None of the real estate professionals interviewed wanted to venture a guess on how long interest rates would stay down or where the market will go in the future. However, they all agreed now is the time to buy.
“I think this is one of those times where in five, six or seven years from now people will be talking about how they bought a home in 2003 and how this was the best time to do it,” Elsea said.
Realtor Steve Hartman from Max Broock said there is a lot of housing action going on in the Clarkston area.
“There are a tremendous amount of houses on the market. With the interest rates staying low we are still doing high sales. We are having a pretty good year,” Hartman said.
The fastest selling houses in the Clarkston area are in the $300,000 or lower range.
“The $200,000 to $300,000 houses always do well,” Dishon said.
The market for the $500,000 and over houses is going a lot slower according to the local real estate companies. However, they are quick to point out that is normal no matter how good or bad the market is at the time.
“It is always strongest on the lowest end. That is entry level with first time buyers so that market is always strongest,” Elsea said.
RE/MAX’s Dishon said they are getting a lot of urban sprawl with people moving north and west which brings them to Clarkston. He said the urban sprawl is not just regulated to people south of Clarkston.
“We are getting a lot of original Clarkstonites who want to maintain that small town feel and they are moving a little farther north and west,” Dishon said.
Hartman from Max Broock said they are not getting as many people from the southern part of Oakland County.
“I think a lot of that has to do with General Motors and Chrysler not bringing in as many people. However, people from Rochester and Troy continue to come up this way,” Hartman said. “When people are deciding whether to move or not these low interest rates seem to be giving them the nudge they need.”
When asked where in the Clarkston area most people are moving, those interviewed said there was no real great movement to one specific area. Although, Hartman pointed out, a number of people are moving up Dixie Highway towards Springfield Township.
“Other than that I can’t really put my finger on anything,” Hartman said.
All the real estate professionals suggested to buy now because, according to Elsea, “it is a great window but eventually that window will close.”