Deadline Detroit | Looking for a Home? Michigan’s Housing Market is ‘Absolutely Crazy’ Competitive
You might think that a pandemic, coupled with a sluggish economy and challenging employment rate, would create an attractive real estate market for buyers. Think again
Paula Gardner from Bridge Magazine reports:
Get ready to compete with other buyers – likely many of them – who will start writing offers within hours of entering the market.
Michigan’s real estate market is possibly the most competitive in history. Sales price rose double digits as property listings across the state fell 54 percent year over year in January. It is more serious than the decline in national prices, which hit 42 percent over the same period, setting a new record.
With fewer homes available for sale, low interest rates still attract buyers. That creates sales scenarios in communities across Michigan that are “absolutely insane,” said Karen Kage, CEO of Realcomp, the state’s largest real estate data service.