Metro Detroit real estate market is cooling off but it could heat back up in the fall

Looking to buy a new home? The Metro Detroit housing market is cooling off.
Looking to buy a new home? The Metro Detroit housing market is cooling off.

DETROIT – For much of 2021, the Metro Detroit real estate market was hot. Sellers could count on multiple offers, most over the asking place.

On the other side, buyers found it very difficult to get any new home at all. But that hot market has finally calmed down a bit.

Real Estate One CEO Dan Elsea said the peak market happened in April and has cooled off since.

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“It might be a wise move now to treat that first offer that comes in, to work on it pretty good -- rather than throwing it away for the next offer,” Elsea said.

While things have cooled off, it’s still tough for buyers. While there are more homes to choose from, the much higher prices have pushed some buyers out of the market, particularly in the less than $250,000 range.

“Had we not had the craziness this would still be one of the best real estate markets ever,” Elsea said. “They still need to have themselves pre-approved and ready to go on the mortgage. Still need to be ready to give an aggressive offer in terms of making sure that they have concessions for the seller.”

One of the most important parts of home buying and selling is interest rates.

They’ve been up a little but now are ticking downward, which might send the real estate market back on fire in the fall.

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About the Authors:

Rod Meloni is an Emmy Award-winning Business Editor on Local 4 News and a Certified Financial Planner™ Professional.

Kayla is a Web Producer for ClickOnDetroit. Before she joined the team in 2018 she worked at WILX in Lansing as a digital producer.