HOUSING MARKET

The residential real estate market in Metro Detroit and across the U.S. is more competitive than it’s been in years.

A broker is sharing advice financial advice for homeowners and potential buyers.

As part of an initiative to create more affordable housing and an increased inventory of homes, President Joe Biden recently announced his administration wants to make single-family homes less available to investors.

When you hear the term “affordable housing,” what do you think of?

It’s been a strange time, living through a global pandemic. What first might have come as a surprise, is the housing boom that followed -- and the fact that things have stayed red hot.

There are understandable concerns from homebuyers about inventory and sky-high prices, but there might have been recent some encouraging news to help alleviate those worries.

Just in the past few weeks, the Biden administration announced it would take steps to address a severe housing shortage in the U.S.

We’ve 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.

Homes continue to be listed and sold at break-neck speeds across the U.S., but the market is finally seeing a shift in demand.

It’s a cut throat housing market right now but there is some good news.

In the 70s Andrew Starks, a retired bus driver, noticed houses on his block were vacant -- so he started buying them.

U-M researchers found that overall cases resulting in eviction orders decreased during the pandemic, boosted by Michigan’s Eviction Diversion Program.

Real estate during the pandemic has been a challenge in itself, but now there’s 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,” said Schneider. Macomb County homes are selling the quickest, selling in less than a month on average. “It’s 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.

DETROIT – 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 city’s poorest, and Duggan is challenging those claims. “Property values in the city went up 8% last year,” 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 can’t get those nuances simply from a sales study.”The official data from the city of Detroit can be found here.

DETROIT – If you’re 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 there’s also nuance to consider, as the entire housing market is changing right before our eyes. “The market is kind of wacky right now,” Carberry said. I guess the weirdest thing about Detroit right now is it’s following a normal trajectory we would expect in a non-pandemic year.”Many renters are searching for a new home and finding the process infuriating.