So a lot of people have been asking, “Are house prices dropping in Michigan?”, and the best answer to that question is it depends on the house. As you may already know, we’re just coming out of a market where the demand for buying a home was very, very high compared to the homes that were for sale. And so that alone was driving the prices up because you have people willing to spend to compete for a home.
Because interest rates have come up, we’re coming out of that market and now even though prices may go up a little bit because you may still have a little competition or people (are) being aggressive over a house, you do have scenarios where people are just paying the asking price or they’re paying under the asking price.
And then you have the scenario where some sellers are trying to stay in that same competitive market and pricing their home higher than what they really should be selling the home for, and therefore, they are dropping their prices. So that’s the synopsis of what’s going on. If you have any questions, leave a comment below. You can privately message me, you can email me at [email protected]. And as always, close with Patrice.
This has been “Are House Prices Dropping In Michigan?” by Patrice Henderson
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