Market Conditions in Detroit>Question Details

Keith Brandt, Real Estate Pro in Northville, MI

I have been selling real estate in South Eastern Michigan for 8 years. Have you noticed a recovery/rebound in some areas? Northville? Novi? Detroit?

Asked by Keith Brandt, Northville, MI Sat Dec 17, 2011

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I definitely have -- double digit sales price % increases in Oct and Nov 2011 over 2010 respectively.
Add to that a 50% reduction in listings from 2008 levels, low mortgage interest rates and great values, many buyers are finally realizing that the market is ripe for purchase.

We consistently see multiple offers on our homes in many communities, most often Canton, Plymouth, Livonia, Novi, Farmington and Farmington Hills, and most recently, in Ypsilanti we get many multiple offers on listings.

With banks now allowing only owner occupants to offer for the first 15 days on market, we're seeing more owner occupants and pride of ownership beginning to revitalize many communities -- and it is welcomes.

As always, though, all this greatly depends on continued job creation.
0 votes Thank Flag Link Sun Dec 18, 2011
I think it depends on the areas you are trying to sell in. Some areas such as Royal Oak, Novi, Farmington Hills, Bloomfield Hills, etc. These areas we not as hard hit as others, and as such, are still pretty strong in terms of sales. Other areas are still struggling. I personally have not seen a huge recovery in areas such as Warren, Roseville, Madison Heights for example. Homes in these areas continue to sit on the market longer. It all comes down to price and in many areas the values have not gone up much and probably will not for a few more years.
0 votes Thank Flag Link Tue Dec 20, 2011
Hello Keith,

I have also noticed that properties now usually have multiple offers and the really nice listings only last a few days, if priced correctly. I always inform clients that if they want a certain property, to go in with an extremely strong offer, if not over asking price.

I don't know if the uptick in prices is due to the Foreclosure moratorium that was placed, thus reducing inventory, or not, but I have read that the banks and Fannie Mae/Freddie Mac institutions are strategically releasing properties to drive the prices up a bit. How true that is, I don't really know, but it sure seems like it.

I also deal with a few builders and they have even started new construction projects this year, building spec homes and even custom homes. So that is definitely a good sign. Do we still have a long way to go, yes, but at least it seems to be moving in the right direction.

Good Luck and Have a Wonderful Holiday Season!

Elias Realty
(248) 379-6547
0 votes Thank Flag Link Sun Dec 18, 2011
Hi Keith:

I've noticed a marked increase in activity within our office. Agents are saying they are really busy for this time of year. We can all only hope that things are finally turning around. With interest rates as low as they are qualified buyers are really missing out on some great deals if they are not looking now. I've also noticed that there are multiple offers on most properties.

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Sun Dec 18, 2011
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