Dearborn-area real estate market remains competitive, but manageable – Press and Guide

The Dearborn and Dearborn Heights market – superheated like much of the overall residential real estate market for more than a year – is cooling off.

But not much — at least not yet.

Sales for the combined Dearborn-Dearborn Heights market in May topped the year-earlier month by half a percent, according to Realcomp II Ltd. Separately, the Re-Max Housing Report showed a decline of 0.6%.

“Is it bad? No? Is it moderating? Yes,” said Robert Marx president of the Dearborn Board of Realtors and an agent for Century 21 Curran & Obserski on Ford Road.

Marx and others say the real estate market is less volatile these days as buyers and sellers digest still-unfolding changes in interest rates, consumer prices and other economic indicators.

Yes, it’s still a highly competitive market with deals distinguished by many showings and multiple offers, often above the asking price.

But the market is becoming more manageable, if still highly active.

“We are still seeing a strong housing market, with relatively quick sales amid continued strong demand from buyers,” said Jeanette Schneider, president of Re-Max of Southeastern Michigan.

“There is a slight shift occurring in the market, with some buyers stepping back due to the rising interest rates leading to fewer multiple offers on homes, but this is welcome news to buyers who have been bidding a super-competitive market for a couple of years.”

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