Subway Detroit Real Estate Market Is Cooling Down But May Heat Again In Fall

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DETROIT – Throughout most of 2021 Metro Detroit real estate market was hot… Sellers can look forward to multiple offers, most of which request space.

On the other hand, it was very difficult for buyers to get a new home. But this hot market has finally calmed down a bit.

Real Estate One CEO Dan Elsie said the market peaked in April and has cooled since then.

To read: US Home Sales Rise In June; prices reach new heights

“It might be a smart move right now to take that first proposal that came in, work it out properly, rather than throw it away for the next proposal,” Elsie said.

While the situation has cooled down, buyers are still having a hard time. While there are plenty to choose from, much higher prices have pushed some buyers out of the market, especially in the sub- $ 250,000 range.

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“If we didn’t have this madness, this would still be one of the best real estate markets,” Elsie said. “They still need to get prior approval and willingness to switch to mortgages. You still need to be willing to make an aggressive offer to make sure they have concessions for the seller. ”

One of the most important parts of buying and selling a home is interest rates.

They have grown a little, but are now going down, which could again cause a fire in the real estate market in the fall.

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