OAKLAND COUNTY, Mich. – The housing market has been hot for a few years, but what homebuyers in Oakland County are facing right now has some feeling burned.
Prices are rising in areas such as Royal Oak, but the number of homes on the market isn't doing the same. It's all about supply and demand, and right now, there aren't many houses available.
"It's common to have seven to 10 offers at a time on a property," Keller Williams Realtor Reginald Perryman said.
Some sellers are enjoying a bidding war for desirable homes.
"That generates what we call 'highest and best,' and that's when the seller will just ask all the buyers for the highest and best offer within a certain timeframe," Williams said. "That creates sort of like an auction effect."
People who are looking to buy have to be ready to act fact.
"If you sleep on it you won't sleep in it," Williams said. "The market is just moving that quick. The average home is on the market under 20 days. In some areas, you're going to receive an offer within the first day or two on the market."
Home prices are up 90 percent or more from the recession low point 10 years ago.
"Royal Oak is very hot," Williams said. "Southfield is hot. Pretty much all of Oakland County (is hot)."
Even though it's a seller's market, sellers have to be smart, Williams said.
"The most important thing is pricing and making sure that you're available for showings," Williams said. "Showings have to be convenient for buyers and realtors."