Housing Market Rebounds in 2012

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The Leon family of Delta Township has had their house on the market for more than a year and so far, no luck.

"We had an offer, but it was way too low," said Glenny Leon. "It doesn't look like it's going to get any better."

However, a recent market report released by real estate firm Coldwell Banker Hubbell Briarwood shows luck could be turning for the Leons and others selling homes in Greater Lansing.

"For the first time in the last six years, prices are starting to go back up," said firm President, Bill MacLeod.

The report covers tri-county home sales in the fourth quarter of 2012. It shows sales up 23 percent from the same time in 2011. MacLeod says the report is a good sales indicator for the whole year.

"We've had 12 straight months of increased sales and increased growth," said MacLeod. "Two and a half years ago, there was an 18 month supply of homes and that's dropped all the way down to four months."

Ingham County Register of Deeds Curtis Hertel, Jr. says the housing rebound has a lot to do with the economy.

"The job market is improving, we have less people unemployed. At the same time, foreclosure numbers are down."

Low interest rates of 3.5 percent have also made it an excellent time to buy a home. MacLeod says the rates won't stay down for long.

"This is the best time to buy a home that I've seen in the 35 years I've been in the business," said MacLeod.

He also says the market shows no signs of slowing down.

"We have every reason to be optimistic about 2013," said MacLeod.

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