Metro Detroit real estate expert Dan Gutfreund talks local real estate trends and predictions for the coming season.
By Korie Wilkins
Sponsored by Signature Sotheby’s
The local real estate market is booming, and has been for a while. Dan Gutfreund, who owns the Dan Gutfreund Realty Group of Signature Sotheby’s International Realty, says the 2022 market has the potential to be just as hot. He talks local trends and predictions for those looking to buy or sell a home this year.
How has 2022 started off so far?
January 2022 has come out of the gate strong. Sales are up, however, inventory is down and Realtors are feeling the pressure. Homeowners who are looking to make a move are not listing their homes because there is nothing to buy. This is creating an influx of action in the market place. We have more buyers than sellers right now and homes are selling for at or above asking.
Let’s talk about spring 2022: Is it going to be busier than last year? Any changes or trends to note?
Spring markets typically are the opening of the busy season in real estate. In Michigan, we typically have two strong seasons: Spring and Fall. With interest rates on the rise, what will happen this season remains to be seen. Low inventory is pushing buyers to make a quick decision to lock in their interest rates now — which forces them to find something sooner rather than later. With low inventory this makes it difficult for buyers to secure a home. It looks as though the spring market might be down over last year. What’s trending now: Home offices, home gyms and pools have increased in demand. All this is because of the pandemic. More people have established home office spaces to work from and made their living environment more suitable for other amenities that can be enjoyed from the comfort of home.
Sellers: Here are the top things buyers are looking for this year!
• Home offices
• Home gyms
• Pools and outdoor environments like fire pits and gathering areas
• Great kitchens (people are eating at home more)
• Neighborhoods with nearby amenities
• Great schools
Buyers: Here’s how to make sure you find your dream home in 2022!
• Get pre-qualified with a bank BEFORE you start your search. This will allow you react right away to a home you fall in love with• Know your market and set up auto emails sending you homes that hit the market that day to stay on top of the market
• Hire a great, experienced Realtor who can also keep an eye out for you because Realtors tend to have access to homes before they hit the market through their network with other agents
• Get creative with your offers: Stronger offers will always take the lead in a multiple offer situation, so make sure your agent is a strong negotiator and recommends different offering strategies
How will 2022 compare to 2021? Do you think there will be a bubble or downturn?
My forecast for 2022 is this: Markets will stabilize with an increase in interest rates. Although the market might not have the same energy as 2021, it will still be a relatively strong market overall. There is no downturn on the horizon, and we are beyond a “bubble” type market correction.
And finally, what is the top thing to watch this year for 2022 real estate trends?
Buyers are savvier then ever. Deals are being structured to the seller’s advantage, and hot properties will sell as fast as they hit the market.
Read more about Dan Gutfreund and his team of experts in real estate, business and marketing.