Anyone searching for a Metro Detroit house knows how frustrating it can be. There's a shortage and many buyers bid beyond the asking price.
JC Reindl of the Detroit Free Press reports:
Demand for houses in metro Detroit is as hot as ever, the inventory supply is very low and sale prices are at all-time highs.
And these same market conditions basically existed before COVID-19, only to be amplified in the frenzied year since the pandemic arrived.
The problem is also that new construction has never fully rebounded since the real estate crash in 2007-09. Reasons: Michigan hasn't had a population growth spurt, lack of skilled construction workers and lenders' reluctance to bankroll big housing developments on speculation.