Detroit area homes are selling faster than pancakes at a truck stop!
July 23, 2020
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.