If you are thinking about selling or buying in the Metro Detroit area you might want to know what is happening. It is a hot sellers market in the desirable suburbs of metro Detroit. The suburbs that have been the place to live or where everybody talks about are the ones that are hot! Cities like Plymouth, Northville, Novi, West Bloomfield, Birmingham, Troy, Rochester, Grosse Pointe are just some of the cities where home demand is high.
What has happened is that many home owners can not sell because they owe too much. So home inventory is limited. There are more buyers than sellers in this market. The metro Detroit real estate market is very hot. I just had a small tri-level in Farmington that I put on the market last Friday. I have five solid offers for this home. 4 of them are within a $1000 above and below list price. One is a cash offer that is lower.
I have had two buyers that have lost out on buying homes in Northville and Plymouth. They both bid above list price on the homes. One lost out to a cash buyer and another lost out because the other buyer said they would not do a home inspection. So some Metro Detroit homes are going above list price. It is also not unusual to see some agents listing homes and condos way above what they should appraise for.
So when you bid on a home be sure to have your agents pull comparables on recent sold homes. if you are going to sell I would recommend to price your Metro Detroit home on the higher side.
The bottom line is in the better suburbs the homes are going quick. It is not unusual for homes to sell in one or two days and at list price. So if you are buying get out and look at the homes quick. If you are selling take the time to spruce your house up. It will help get you top price.