You paid HOW much over asking? Tell us your wild housing market stories here
Weโve all heard about it by now: Houses are selling like crazy (and they have been for quite some time), interest rates have been at all-time lows, and it seems like everywhere you turn, you learn of another wild real estate story.
Metro Detroit real estate market: Buyers beware in spring-summer 2021
Real estate during the pandemic has been a challenge in itself, but now thereโs a new challenge: Inventory lows are now down to a one-month supply. You also have had existing homeowners that have taken advantage of the low interest rates and have refinanced,โ said Schneider. Macomb County homes are selling the quickest, selling in less than a month on average. โItโs been a bit of a tightrope act, you know, as far as do you buy first and then put your house on the market? In this market, you can probably get away with that as a buyer-seller a little bit easier -- go find what you like, put your offer on that.
Property values go up in nearly every Detroit neighborhood
DETROIT โ Officials with the city of Detroit announced Thursday that property values increased an average of 8% for the city. Still, there are those who think the assessing process is weighted against the cityโs poorest, and Duggan is challenging those claims. โProperty values in the city went up 8% last year,โ Duggan said. Duggan presented a map of Detroit where green areas meant increased values and red meant decreased. Detroit is a unique market and you canโt get those nuances simply from a sales study.โThe official data from the city of Detroit can be found here.
Expert calls Detroit housing, rental market โkind of wacky right nowโ
DETROIT โ If youโre looking to buy or rent a house in Metro Detroit, you already know you need to act fast and be ready to pay. There are some major factors leading to a booming rental market, especially in the suburbs of Detroit. But thereโs also nuance to consider, as the entire housing market is changing right before our eyes. โThe market is kind of wacky right now,โ Carberry said. I guess the weirdest thing about Detroit right now is itโs following a normal trajectory we would expect in a non-pandemic year.โMany renters are searching for a new home and finding the process infuriating.