Housing market cooling off a little, but the frenzy continues


(WXYZ) — In 2021, records have been set for housing prices, buying, and selling trends. It’s been a learning process for agents and their clients. Prices are still at all-time highs up 17% from last year.

With COVID-19, the Fed dropped interest rates to zero and mortgage rates followed, hitting historic lows adding to the buying frenzy. The sky is no longer the limit. The new market is forcing some list prices to be reduced.

As a seller, you’re still not too late to the party. As a buyer, you still need to act fast.

“There’s still quite a big demand for homes for buyers. The rates are fabulous still so that’s keeping things moving,” says Gretchen Hudson of Park Avenue Real Estate in Allen Park. She just listed the home owned by Dawn and Tom Wieck and immediately booked three showings.

“I’m nervous, excited, overwhelmed because there’s a lot to it,” Dawn said.

Hudson puts homes into three categories:

  • Turnkey, needing almost no work or…

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