(WXYZ) — Nationally, it appears the tides of the housing markets are starting to turn. According to a recent report from the housing website Redfin, the U.S. housing market has nearly 500,000 more sellers than buyers.
That could mean good news for you if you're looking for a home. However, is that the case in metro Detroit? We talked to a real estate agent, and a seller who is hoping to downsize.
See Jolie Sherman's report in the video below
Realtors tell us the housing market isn't so one-sided, and it really depends on where you're looking and what you can afford.
“Over the last five to six months, there seems to be a little bit of a different narrative nationally than what we’re seeing here locally," Jeannete Schneider, the president of Re/Max of Southeastern Michigan, said.
She said the housing market in metro Detroit is currently leaning more toward a seller's market, meaning more buyers than available homes.
"There's still a lot of competition for first-time home buyers. That's the group that's been most impacted with the lack of inventory with the affordability challenges," Schneider said.
But she said conditions are expected to ease for buyers.
“We are starting to see more inventory coming on the market, there’s more choices for buyers available, we’re also seeing the inventory staying on the market a little bit longer, not as much frantic competition, you know buyers competing against each other," Schneider said.
She said this is happening for several reasons, one of them being that people are ready for change.
“'I need to get the bigger house to accommodate the growing kids or I need the smaller one-level home to accommodate someone who’s aging,'" she said. "I think the other thing is, while people might not like the interest rates, there’s been relative stability, and I think there are some people saying, 'this is the market that we have, if the time is right for me to move, I’m going to move.'"
That's true for Oak Park resident Don Gampp, who is looking to sell his home of over 30 years and buy a smaller house Up North, but he'll tell you it's been challenging on both fronts.
"It’s been on the market on and off since September of last year. I’ve had three different realtors. It hasn’t been pleasant, but I’ve learned a lot," Gampp said.
In the beginning, he was selling his home for just under $250,000.
“That’s what I did with my second agent. I figured we’re going to go in low because the price break for people to look at houses is at 250K. So I went in at 249.9K, thinking we’ll create a buzz, a bidding war, and I barely got people coming to look," he said.
So he decided to take his home off the market and make some repairs by adding a new roof, furnace, gutters and water heater. Now, he's selling it for $275,000.
“I do know that I am fairly priced," he said.
That's one of the biggest tips for sellers.
“You really want to nail the price accurately. You don’t want to come in too high because buyers won’t come and look at it," Schneider said.
She also recommends hiring a great agent who knows your local market and can help you come up with the right price. For buyers, Schneider said to focus on saving money for the down payment and meeting with a lender to see what you can afford.
