Metro Detroit Real Estate Markets: What to expect During and After COVID-19

What can you expect the real estate process to be like in metro Detroit right now?

Since deals close 30-60 days out from the contract date, it will take some time to see the full effect of the current market conditions. We’re by no means “through and out the other side” of this pandemic thing, so it will take another month or two before we get hard data that details the true impact.

All of the deals that I currently have in escrow are progressing normally and closing, as inspectors and title companies are deemed essential. However, showings are now being done virtually via ZOOM meeting presentations and there is still a considerable amount of demand. Unlike 2008, we have a huge lack of quality inventory (specifically new construction) in the city so I expect that factor to help push us through this, along with historically low interest rates. 

After 15 years in this business, including a major dip and recovery from the last recession, it’s still very difficult to predict what the next few months hold, however my daily market evaluations and recent conversations with clients, lenders, developers, and other brokers have allowed me to maintain an openminded view. It all comes down to this: While there have been some changes in the way we buy and sell real estate, deals are still able to transpire. And they are, just at a slower pace than before the shutdown.

I've picked up a number of new buyers in the past three weeks as it seems like people are quarantined at home and not liking where they are at. I’ve also experienced some success with multiple offers for my sellers just in the past week for listings that I have put on the market.

Will things ever go back to normal again? Well, I think we have to get used to this new “normal” and just keep pushing forward.

As always, if I can be of any help to you or anyone in your network, please send me a note. I’m eager to help in any way that I can. Don’t miss my tips for selling or buying real estate during Covid-19, here.