The State of the Market for Buyers in Metro Detroit Michigan

Is it still a buyer’s market today in Metro Detroit?

As experts in the Metro Detroit real estate market, we get asked this question a lot.

The answer isn’t as simple as yes or no.

First off, it really depends on the property type and location.

Single-family homes in great locations that are priced well have been flying off the shelves. There’s a lot of demand in the market for certain areas, while others can seem like ghost towns.

Buyers are often looking for the same thing – good neighborhoods, access to transportation, shopping, good schools, close to work, etc. Properties that deliver all these are definitely a hot commodity. Sellers with a highly desirable property are in control of the market.

But for condos and townhouses – especially those a little off the beaten path, or with some funky features – it can be quite a different story. Prices were down in certain areas of Metro Detroit, but seem to be rebounding as the rental market increases.

Investment properties are in demand. The massive amounts of foreign cash flooding in to invest in US real estate have impacted the Detroit market in unique ways.

Overall, those people in a position to pay cash for properties have been picking up the good deals in the marketplace.

Lots of sellers are trying out speculative prices just to see if anyone bites, but most investors are walking away from deals that don’t pencil out.

Financing is still a major obstacle for buyers. Banks are being incredibly strict, requiring lots of money down and even changing their terms at the last minute. It’s not uncommon for approved buyers to get their loans pulled right before closing escrow, although it’s getting better than it was just a couple of years ago.

Overall the markets remain incredibly polarized – there is a lot of action at the very top and the very bottom, with the biggest challenges in the middle.

Sound confusing? It is. But We Can Help.

There’s a lot of shakeup in the US economy still taking place, and the markets are moving fast in lots of directions at once.

We’re investing in Metro Detroit because we believe in the community and the people here.

If you need to sell a property near Metro Detroit, we can help you.

We buy properties like yours from people who need to sell fast.

Give us a call anytime (586) 697 0065 or fill out the form 
over here today if you’re looking to sell a Metro Detroit house fast!

Timoune

About Timoune

Christian Chabi is active in the Real Estate Marketplace in Metropolitan Detroit. He buys and sells Real Estate for his own portfolio and helps others reach their Real Estate Investment goals. In a fast-paced and dynamic industry, Christian Chabi’s approach to Real Estate investing is no-nonsense, high-energy and knowledge-based. He has studied with the best investors in the game, and is a voracious reader. He applies his knowledge with a “show me the money” frame of mind insisting that knowledge must be applicable not just theoretical. In other words, he tests all the principles he teaches with actual profit (or loss) experience. Mr. Chabi is experienced in fix and flips, as well as buy and hold, scenarios. Depending on the profitability he will do either one with confidence. Core to his philosophy is his desire and willingness to work with others. His belief is that people are more valuable than any commodity. At any given time Mr. Chabi is working in some capacity on several projects (as a Real Estate Agent, Investor or Partner). He is particularly fond of helping investors get their FIRST property. He has written several books on the subject and numerous articles. He teaches new investors to define their goals, plan their strategy and implement their Real Estate Investment Program with confidence and humility. Some of Christian’s Mantra’s are: - Ask questions until you are satisfied with the answers. - If it doesn't make profit-cents, then have the sense to walk away. - Be patient. Look for deals that have your name on them. - All deals must be win-win for all involved.
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