Why is the market moving forward so swiftly? While it varies from region to region, according to Dan Elsea of Real Estate One, two separate generations are working together to push the market forward. “Baby boomers are moving up and out, and Gen X and Gen Y are moving in—Gen X to their second home and Gen Y to their first,” says Elsea. “They’re all moving in unison.”
Read the following interview for more of Elsea’s words of wisdom.
Years in real estate: 30
Region served: State of Michigan
Average sales price in your market: $165,000
Average market time: 45 days
Must-have technology tool: OnePlace, our transaction and marketing platform.
Best source of industry/local market news: Our analysis of the MLS data. We create the market reports for the media and the market.
Favorite way to unwind: A good game of pickup basketball.
Please describe the current trends you’re seeing in your market.
We’re seeing what we see across the country—a significant shortage of inventory. In our market, it’s a fact that we have a lot more buyers. While we’re getting a decent amount of listings on the market, they’re being sold within days. When it comes to the 45-day average market time, our market is averaging about 85 percent of buyers chasing 30 percent of the listings, so most of the market is selling in weeks. Then you have a minority of the market selling in six to eight months, but a majority is really selling in about two weeks.