Expert: Metro Detroit real estate is shifting with more listings
(FOX 2) - The real estate market in Metro Detroit is starting to shift.
"Two or three years ago the competition was tight. In many cases at many price points there was going to be multiple bids on homes when they came on the market. There were more buyers than there were homes available. That's where we have been," said Jeanette Schneider, Remax.
Now in three of the four markets Remax of southeast Michigan tracks, they are seeing more listings come on the market - about 10 percent more than in 2018. More homes are for sale, inventory is up.
"That could be the sign that we have sellers that have been sitting and waiting for things to happen are putting their toe in the water, they're putting their homes on the market and we're starting to see a little bit of a shift," she said.
So while you've been hearing it's a seller's market, it could be shifting to a buyer's market.
"We've been so much in a sellers’ market," she said. "I'm not going to say we are going to turn and be neutral or even be a buyer's market, but I think we're starting to see the shift towards neutral."
Another factor in the change? Millennials. Real estate experts say they are not as likely to buy a home as their parents when they were that age.
They travel more and carry more debt. They're buying less, so more homes available. So you may not be seeing as many multiple bid situations in your neighborhood.
But thinking of a shift to a buyer's market isn't a bad thing.
"We've been on a two, three year run of home values modestly increasing but they haven't," Schneider said. "A little bit of a shift would help moderate things."