The real estate market has been on a consistent upward trend for the past several years. Many homeowners have seen appreciation in their investments however, what goes up must eventually come down. As we are beginning the new year, the real estate market is shifting downward in Detroit. This was inevitable and probably somewhat overdue. Unless you’ve been living under a rock, you have probably heard about the federal government raising interest rates in order to combat inflation. This is just one reason for the downtrend in our local housing market and economy. So, if you are looking to sell your house in Detroit let’s discuss some solutions. Even if the real estate market is shifting downward, there is still hope but you will need to move quickly.
The longer you wait the worse it will be
At this point in time, it’s probably going to get worse before it gets any better. Real estate markets move in cycles and take time to come around. As the local housing market is trending downward in Detroit it is best to sell immediately, unless you can afford to wait. It is simply impossible to predict the exact timing of a market but you can protect yourself and lose less money if you sell now. If you decide to ride out the storm and wait, just keep in mind the level of risk involved.
Let’s go over a few key things which you need to be aware of. First, you should know that a common trend right now is homes are being listed on the market and sitting for much longer than they were 6 months ago. We are also seeing multiple price reductions before receiving any offers in many cases. This is frustrating for home sellers and somewhat of a reality check for those with higher expectations. Unfortunately, most real estate agents are aware of what’s going on but in order to get the listing, some agents will inflate the potential asking price of the home. The result typically ends up with either the house not selling until after multiple price reductions or the listing simply expiring with no sale.
What you can do as a home seller in Detroit is take actionable steps right now. As the market is trending downward during these uncertain times, you will need to make your decision and move forward. If you decide to hire a listing agent, make sure to be firm with them and let them know you would like to set the asking price at a realistic starting point. Keep in mind, homes with price reductions tend to get overlooked by potential buyers. Depending on how quickly you would like to sell, it may be a better option to sell directly to a local cash homebuyer. We are entering a buyer’s market in Detroit and with the inventory increasing, prices are going down. There are also less buyers then there were a year ago, so keep this in mind as well. A home buying company like Detroit Fair Offer can buy your Detroit home “as-is” and pay cash. If you are ready to discuss selling your house in Detroit as the real estate market is shifting downward, contact Detroit Fair Offer! 313-647-8806
