Farmington home listed on Zillow for $450,000
In this competitive market with limited inventory, potential buyers in Metro Detroit can speak of the frustration of actually winning a bid on a home.
Interestingly, rising mortgage rates have yet to dampen buyer demand, writes RC Reindl of the Detroit Free Press:
Real estate agents say that among would-be buyers this spring, the overwhelming concern is the same as last year: getting an offer accepted.
While mortgage rates are up, so far they are not high enough to bring down prices and cool off the market, agents say. In fact, higher rates could be contributing to a sense of urgency for buyers to find a house before rates rise further, although one different than the "fear of missing out" urgency that was more common last year and the year before following the initial surge of Covid-19.
