Looking for a Home? Michigan's Housing Market is 'Absolutely Crazy' Competitive

March 05, 2021, 8:08 AM

You might think that a pandemic, coupled by a sluggish economy and a challening employment rate would create an appealing real estate market for buyers. Think again.

Detroit listings at Zillow

Paula Gardner of Bridge Magazine reports:

Get ready to compete with other buyers – probably a lot of them – who will start writing offers within hours of a home hitting the market.

Michigan’s housing market may be the most competitive in history, with double-digit sale price increases as home listings across the state plummeted 54 percent in January from a year earlier. It’s more severe than the national listing decline, which reached 42 percent over the same period and set a new record.

With fewer homes available for sale, low interest rates are still attracting buyers. That’s creating sales scenarios in communities across Michigan that are “absolutely crazy,” said Karen Kage, CEO of Realcomp, the state’s largest real estate data service.

Read more:  Bridge Magazine

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