Michigan Real Estate News

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Metro Detroit Area Home Buyers Duke It Out

Metro Detroit area home buyers compete in bidding wars for their dream homes. Homes are selling for over the asking price, and properties aren’t on the market for long. Brokers are advising clients to come in with their best offers first or risk losing out in the bidding process. Home tours are hopping with appointments every 15 minutes. In one weekend showing, some homes can receive as many as 22 purchase offers. The length of time a house sits on the market from listing to sold has dropped 34% from 2020. Showings per individual home have almost doubled. 

The CDC Takes Steps to Extend the Eviction Moratorium

The CDC is poised to extend and possibly improve the moratorium on evictions. The eviction moratorium will expire in less than two weeks. The expiration could potentially put over 1 million people out of their homes.  With nearly 10 million Americans behind on their rent, Congress approved over $50 billion for rental assistance. However, the state and local channels have just now opened up the application process. The vast majority of people who need the assistance will not receive it in time should the eviction moratorium be allowed to expire in March.

Plans Resuscitated for Restoration Hardware Flagship Store

The Birmingham planning board will meet on March 24 and review a proposal that revives plans to bring Restoration Hardware to downtown Birmingham.  A new 4-story building is proposed for the southwest corner of Old Woodward Avenue and Brown Street. The site is across the street from the new Daxton Hotel. The current buildings at the site would be demolished. After construction, the site would feature a new 54,000-square-foot building with Restoration Hardware as its anchor tenant. In addition, the development would have a top-floor restaurant and 24-space underground parking.