Good news for home sellers but aggravating news for buyers in the Metro Detroit area as home prices rise, inventory decreases, and multiple offers become commonplace.
- Median sales price up 5% from one year ago
- Total listings are down a staggering 22% from a year ago
- The City of Detroit is seeing the largest price increases with the median sales price up 41% year over year
- The Median home price in Detroit is 275% higher than it was five years ago
- Not only are most homes receiving multiple offers, sometimes within a matter of hours, 90%+ of listings are selling for above-asking price
Because home prices are rising so rapidly and there is so much competition, coupled with the fact in many areas buyers are competing with investors making all-cash offers, it is making it much more difficult for conventional buyers to compete. Many times the bank appraisal values are not keeping up with the home value increases. Sellers know this and may be more worried about accepting an offer with conventional financing, especially if the buyers are unwilling to make up any discrepancy with the bank's appraisal.
Whether your buying or selling in this fast-paced market, it's more critical than ever to partner with the right Real Estate Resource to make sure you have a successful transaction.