Despite unemployment, Metro Detroit real estate market booming

During the COVID-19 crisis, we’ve all been forced to stay home a lot more and that has folks rethinking about where that home should be.

Metro Detroit real estate agents claim business hasn’t slowed down one bit.

In the last two months, unemployment has been at an all-time high, so you’d think people would stop buying homes like they did in past recessions — but it’s actually the opposite.

Donna Mester and her husband have been searching for a home for about seven months. Before coronavirus hit, there wasn’t much out there, but that’s not true now.

Real estate agent Nick Sloney said when the stay-at-home order was lifted, the market picked up immediately and that it’s a different kind of recession.

“Housing is where you’re staying in the stay-at0home order so you’re paying attention to where you’re living more than you ever have in your entire life,” Sloney said.

Not to mention that people have recently had the time to research what they want and get organized to get ready.

Another reason people are eager to buy is the mortgage rates are at an all-time low.

For article, click below:

Source: Despite unemployment, Metro Detroit real estate market booming

Print Friendly, PDF & Email