Will COVID lead to housing price dropping ?

[dave w]

Originally Posted by lbj42

Listed our home in Saline a few weeks ago and after some initial showings, things have fallen off quite a bit. Pulte has a lot of construction going on in the area and I think competing with new build is a big part of it (we are in the upper 300's). We had one realtor who did a showing tell us their client was still trying to decide between existing and new build. Another realtor told us the lower priced housing started selling quickly when things opened back up, but mid-price and higher is not moving as fast. I'm optimistic for now (really did not expect the stock market to recover as quickly as it did) and just hoping we can sell soon in case things start to go bad (moving to a condo currently under construction).

I read that same problem exists in south FL. where buyers are flocking to new housing at the expense of the older ones. But I went through the same thing your going through with trying to sell the old while building new. It's very stressful.

[FrozenI69]

Originally Posted by dave w

I read that same problem exists in south FL. where buyers are flocking to new housing at the expense of the older ones. But I went through the same thing your going through with trying to sell the old while building new. It's very stressful.

My uncle just sold his old house in Sacramento. He was renting it out until now, but was finally able to get a buyer. He was buying new, but at the time there were no buyers for his older house.

[City Guy997S]

Unless your area has a huge factory/company closure due to Covid the area real estate will be fine.

If a local company with 5000 workers closes up shop, then you might have trouble coming when those people decide to all sell/move to get other jobs.

[08grad]

Brighton is red hot. Any decent home under 250k is contingent in a few days for several thousand above asking.

[usroute10]

Originally Posted by FrozenI69

Here’s hoping Ford and GM make it through this in 1 piece. I am a software person and remote worker for now so the impact is not as significant for now, but we still need Ford and GM to continue making reasonable money to keep the contracts alive.

Just curious, since you work remote, why do you want to live in Ann Arbor as opposed to the other cities in Michigan: Grand Rapids, Detroit, Lansing?

Thanks

[FrozenI69]

Originally Posted by usroute10

Just curious, since you work remote, why do you want to live in Ann Arbor as opposed to the other cities in Michigan: Grand Rapids, Detroit, Lansing?

Thanks

I don’t live in Ann Arbor, I live in Northville, which is 20 minutes to the east of Ann Arbor. Although, I like the small city vibe in Ann Arbor, as well as its proximity to DTW.
I would not risk being in the city of Detroit due to high crime, and Western part of the state gets too much snow for my liking.

[FrozenI69]

So I went around and saw a few houses in Northville, Plymouth, Farmington Hills and Novi just to get an idea of the pricing and visual view of the neighborhood. Looks like for now the price hasn’t changed a whole lot for homes in the $385-415 range, although there were some foreclosures in the area for houses in the $300K range.