Home sales rising in Flint, Detroit - WNEM TV 5

Home sales rising in Flint, Detroit

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After languishing for years, the real estate market in Michigan appears to be favoring sellers.

The communities seeing the biggest change also happen to be the unlikeliest.

Real estate experts said home sales are on the rise throughout the state, especially in places like Detroit and Flint.

"That sounds encouraging, but I'm kind of skeptical," said Scott Miller, Flint resident.

He has some serious doubts about how much his home is worth.

Patrick Welty, with Legacy Realty, said it's probably more than Miller thinks.

"What we are seeing is prices are up across all of Genesee County, in urban communities and suburban communities. Everywhere prices are up," Welty said.

Miller has lived in his home in Flint for 25 years and now he doesn't drink his water. He said he always thought the water crisis would put a damper on the real estate market in Flint.

Welty said people are still buying property in the area. The lenders are the ones putting up red tape. He said because of liability issues, lenders like Freddie Mac are keeping a close eye on the water situation before they give out mortgages.

"They're going in and doing substantial testing. Adds a significant expense. And renovating homes even when they're no connected to the Flint water," Welty said.

Real estate experts said part of the reason for rising home values is because home foreclosures are falling.

"And what we're seeing in Flint and in the suburban communities where we have offices, like Fenton or Davison, is that the number of sales is down by nearly 10 percent as far as the number of transactions. But our sales prices are up somewhere in the vicinity of 10 percent because of that restricted supply," Welty said.

Welty expects the market to keep climbing.

As for Miller, he said he's not going anywhere until his home is worth what he paid.

"I'm kind of stubborn. I'm not budging right now," Miller said.

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