Detroit area homes are selling faster than pancakes at a truck stop! -

Detroit area homes are selling faster than pancakes at a truck stop!

Did you know that homes are selling for $20,000, $30,000 and $40,000 over asking prices

What made the housing market go bonkers?

Well, If you recall, real estate activity was limited because buying or selling a house was generally not considered an essential activity under the stay-at-home order imposed by Gov. Whitmer. But, that changed once in-person home showings resumed in May and open houses were allowed in mid-June.

Add to this a combination of limited inventory and high demand. Plus, the average rate on home loans is so low. For example, a 30-year loan is 2.98% which is the first time they have dropped below 3% in nearly 50 years!

The results are tremendous!! 

June had a 114% increase in closed sales from the previous month and, compared to last year, there was a 14.9% increase in pending sales for June 2020!

It's an amazing time to buy a home or sell a home in the Detroit area and let’s hope Michiganders continue to forge ahead.

P.S.

If you’re planning ahead you might want to check out our survey results of Michigan schools and reopening or an update of Michigan’s Coronavirus cases

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