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The Detroit News Left You Ill-Informed About The Metro Detroit Real Estate Market

I admit the title is a bit of a tease, because the Detroit News does have a great LOCAL real estate section, so most LOCAL articles are spot on. But if my clients in Birmingham, Bloomfield Hills, Beverly Hills, Royal Oak and surrounding cities believed today’s upsetting Detroit News headline, Detroit home sale prices lag in spring despite uptick elsewhere, then most of them would not be participating in our area’s extremely active real estate market.

Ask any successful Birmingham Bloomfield Realtor and I imagine you will hear a story similar to ours. We are having one of our best years EVER. Our office, SKBK Sotheby’s is on track to have it’s best month EVER this month (and it is the oldest real estate office in Birmingham). Sales volume is up, and prices are rising along with it.

Some time around February, when I don’t think most of us were really expecting it, the market turned overnight from a strong buyer’s market to a more balanced or even, in some cases, a seller’s market. You’ll find many a frustrated buyer out there today, racing from new listing to new listing, hoping to be the lucky one to have their offer accepted. It takes a few lumps as a buyer to accept that the reality you’ve been hearing about for the last few years is not the one you will experience when you make your own purchase.

More than ever, it is a market that requires professional guidance on both sides of the transaction. We are not done with appraisal issues, by any means. Knowing what is coming on the market before it actually hits the MLS has also proved essential to many a buyer over the last few months.

We’ve seen 10-15% appreciation on some houses in Birmingham that we visited last fall in anticipation of marketing them this spring. There are sales out there that support these new prices. We are still not back to historic highs, but it is wonderful to see a new stability in the market.

So please, don’t let a headline generated by the Associated Press guide your sense of what your home may be worth or how it might sell today. Nor, if you are a buyer, should those articles give you a false sense of how you will use your fierce negotiating skills to beat the seller senseless. Those sweeping generalizations don’t apply and can cost you money and grief.

About Maureen Francis

SKBK Sotheby's International Realty, 248.430.4450

Comments

  1. Same here…in Ann Arbor. Shortage of inventory…rush to get in homes. Rentals go in a day.
    Can’t say our prices have gone up yet, except in a few communities but we are busy.
    KW had it’s best month ever last month too.
    I hate it when our residents read the National News!

  2. Good news!

  3. Thanks for the info, Maureen.

  4. Good blogpost! Very interesting information. Thanks.

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