As a local realtor I always like to keep my client updated on what is going on in the market. 2017 has been another good year for Metro Detroit home sellers. Home prices in metro Detroit have continued to go up. Partly because we have had a small inventory of homes. I believe one of the reasons that we have a small inventory of homes for sale in our area is because home owners are staying in their homes longer. Back in the late 1990's and early 2000's home owners were moving an average of every 7 years. Now I am seeing so many home owners staying in their homes 20 years or more. Less turnover, fewer homes on the market, less homes to chose from. Yes it has been a good year for South Eastern Michigan home sellers. Many of them sold at higher prices than they would have a year ago. It is the same way with Oakland County lake homes. Prices have risen dramatically in the last several years for lake homes more so than even regular homes in our area.
For first time home buyers in Metro Detroit it was much tougher. Because of the low inventory it was sometimes a battle to buy a home. Many home buyers are looking for months to find their dream home. Just so few houses to chose from and some home buyers are not willing to settle. Even if they find the home they like then they probably fought to buy the house. Multiple offer situations were not unusual this past year. Once they found that house they loved they had to sometimes bid against buyers that had deeper financial pockets. If the buyers did not have the financial mean they sometimes lost the house they looked for for months. Then the buyers had to start all over again.
The Detroit area is going strong so we do have many people moving to the South Eastern Michigan area Another trend I see quite often is grandparents moving to the Detroit area to be close to their kids and grand children.. So we still have buyers moving to the area.
It has gotten slower this fall. Even fewer homes coming on the market. Even some of the buyers have gone. So it is slower. You have to be priced right I hope this explains our market.
Russ Ravary
(248)310-6239
My quote of the day
Sometimes your joy is the source of your smile, but sometimes your smile can be the source of your joy.
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