Detroit real estate market rebounds, making unique time for buyers

DETROIT (WJBK) - Homes in Detroit sell in 53 days, faster than the national average of 75 days, according to Realtor.com. 

So instead of thinking of us as a sellers’ market think of us as a very hot sellers’ market. So when there’s a lull in the movement of homes, that is your time to make your move.

“I’ve never seen the market perform the way it’s performing right now," said Sonni Jordan. 

Jordan, a Southfield-based realtor, says this is a unique time home buying in metro Detroit.

The team at eXp Reality which Jordan is a part of, purchased a six-bedroom colossus that boasts an original Chrysler freeze box, built in 1922.

On Dec. 1st it was picked up by eXp Realty to rehab for about $260,000. Before the market fully recovers, that's what we call a deal.
 
Inventory is low, a fancy word for the number of available homes.

"A lot of people are staying put," said Jordan. "I'm paying less than I would have to pay in rent in another home, let alone buying another home."
 
Realtor.com tells FOX 2 the situation is even tighter in metro Detroit where inventory is down 11 percent which is lower than the national decline of 7.5 percent.

So the benefits of buying in December during this sellers’ market?

“Sellers are more willing to negotiate," Jordan said. "Because although it is definitely their market, they don't want to winterize it, have people traipsing through. Some may want the money for the holidays."

Plus, consider this home prices in Detroit are expected to jump 4.77 percent in 2018.

Generally, winter is usually a good time to buy a home, plus interest rates are expected to increase so you could save money by moving right now. Detroit is the 15th hottest market for home sales.