Demand And Prices On The Rise For Metro Detroit Homes
DETROIT (WWJ) – Metro Detroit home sale prices were up 25 percent in June; making it the fifth month this year sale prices were better than the same month last year.
Darralyn Bowers with Realcomp says there is tremendous demand on the market.
“A lot of people are turning away from the idea of buying the fixer-upper, from various experiences they’ve had. You’re finding people looking for a lot of properties that have been taken care of, that have been updated,” said Bowers. “We suggest people do kitchens and baths – that kind of updating, those homes are treasured right now.”
Bowers says the number of houses on the market has decreased in many areas, driving value up.
“Consumers were spending. They were buying, and we’re getting multiple offers on lots of different properties. We haven’t seen multiple offers in probably two years, where we had four and five and six and seven offers on one property,” said Bowers.
It’s a sign that the economy in Michigan is getting better.
Bowers says a decreased number of properties means demand is driving home value up.