Michigan Real Estate News

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Human Migratory Habits Change Post Pandemic

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Although offices are beginning to reopen as vaccinations climb, many employers are still allowing employees to work remotely from home indefinitely. Those who are able to continue working remotely at least part of the time are heading for greener pastures, literally. Real estate company Redfin reported this month that online searching for homes in suburbs and rural areas has increased since the first quarter of 2020 in most major U.S. metro areas. Before the pandemic, a bigger house might not have seemed worth the commute, but if that commute is cut down to 1-2 days a week, the story changes.

Developers Adding to Auburn Hills Business District

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Developers are building about 400 new apartments and nearly 50,000 square feet of office, restaurant, retail and commercial space. The main business district has about $55 million in new buildings that are under construction or recently completed. Interest in increasing more foot traffic and growing a walkable community are driving the developments. The hope is that by providing more residential housing options, people will realize the benefits of living in Auburn Hills.

Sellers Continue to Have the Upper Hand

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Sellers continue to have the upper hand in the real estate market. A shortage of homes has contributed to the current state.  In March 2021, the average seller in metro Detroit received 100 percent of the asking price. Often, sellers received well over their asking price. Sellers continue to contend with dozens of offers that include a variety of contingencies and perks. Buyers are in a bind trying to find homes within their price ranges and are often forced to make concessions on things they want.