Is it still a seller’s market today in Metro Detroit? As experts in the Metro Detroit real estate market, we get asked this question a lot.
The answer isn’t as simple as yes or no.
The State of the Market for Buyers in Metro Detroit Michigan
First off, it really depends on the property type and location.
Single-family homes in great locations that are priced well have been flying off the shelves especially under 500,000 price range. However, as of January 2023 the interest rates have doubled from a year ago. As a result new construction homes and homes priced above 500,000 are seeing price reductions across Metro Detroit. There’s still a lot of demand in the market for certain areas, while others can seem like ghost towns.
Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property that are in excellent shape are somewhat in control of the market still. However the tipping point has began especially for those in a higher price range.
But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Metro Detroit, but seem to be continue to climb as the rental market continues to increase.
Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Wixom market in unique ways.
Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.
Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.
Financing is a major obstacle for buyers. Banks are being strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s not quite painful as it was in 2010. But then again with interest rates going up the affordability level goes down.
Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.
Sound confusing? It is. But We Can Help.
There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.
We’re investing in Metro Detroit because we believe in the community and the people here. We love to help Metro Detroit homeowners sell their houses the easy way and make the city more beautiful one remodel at a time.
Fast Home Offer Guys is a great solution for anyone looking to sell their home quickly and for cash. They are a tried and true company with extensive knowledge of the local real estate market. They can help you fix any real estate problems you may be facing, and pay cash for homes quickly. This is a great option for anyone looking to sell their home fast and avoid all the hassle that comes with it.
If you need to sell a property near Metro Detroit, we can help you.
We buy properties like yours from people who need to sell fast.