The last week in June, Howard Hanna Real Estate had the biggest 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.
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 spending 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.
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