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Derek Oglesby, CFA, MBA  |  313-300-3115  |  derek@derekoglesby.com  |  derekoglesby.com

MAY 2020

COVID-19 UPDATE EDITION

I remain eager to help you with any real estate need you may have during and after this challenging period. Questions? Please reach out, let me know!
 
An update on the developments in the Metro Detroit real estate market:
  • Real estate remains a "non-essential" business and must follow the state mandated protocols. However, real estate transactions can still to close, which means Title companies, inspectors, appraisers, surveyors, registers of deeds, and notaries are still able to perform their duties.
  • Physical real estate showings, open houses and meetings are prohibited.
  • Virtual showings and meetings are allowed and welcomed.
  • Home owners can still sell their homes; Buyers can still purchase homes!
Mortgage Rates

Current Mortgage Rates:

 

3.22%

 
As of 4/29/2020
(30yr Fixed, Mortgage News Daily)
 0.53%
1 Month Change

 1.05%
1 Year Change
Featured Listings
Fabulous Home in Highland Twp! COMPLETE WALK-THROUGH (3095 Steeplechase, Highland Twp 48357)
Stunner! Completely Remodeled Northville Home (38817 Westchester, Northville, MI)
Recent Housing News
Southeast Michigan’s housing market was heating up in the first two weeks of March, giving local real estate agents a glimpse of what the spring 2020 home buying-and-selling season might look like...


From virtual showings to online notaries, the homebuying process is finally going digital
Coronavirus might be forcing the long-predicted digital revolution in the real estate transaction...

 
Crucial intel on what it’s like to buy a home right now...



If you’re skipping your mortgage payments, watch out for this costly mistake
More than 3.5 million mortgage borrowers have requested forbearance — they need to weigh their options carefully...
Metro Detroit Housing Data

Days on market lower heading into spring for Oakland Co.

The median number of days on the market for Oakland County homes declined to 27 days, lower than one year ago at 31 days. Source: Realcomp II Ltd.
 
Days on Market, Local Areas 
Median Days on Market for selected areas around Metro Detroit from May 2019 to April 2020. Source: Realcomp II Ltd.
 
Median Sales Price, Local Areas
Median Sales Price for selected areas around Metro Detroit from May 2019 to April 2020. Source: Realcomp II Ltd.
 
Price per Square Feet, Local Areas
Median Listing Price per Square Feet for selected areas around Metro Detroit from May 2019 to April 2020. Source: Realcomp II Ltd.
 

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Thinking About Selling Your Home?
"As your local real estate expert, I am more than familiar with the current market conditions, home sales and real estate opportunities. If you, or someone you know, is considering buying, selling or relocating, I'm ready to help! You deserve a neighborhood Realtor who will always have your best interest in mind."
 
Derek Oglesby, CFA, MBA  |  313-300-3115 call/text  |  www.derekoglesby.com
Real Living Metro Real Estate, 1362 West Huron Rd., Waterford, MI 48328

 

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Real Living Metro Real Estate · 3050 Union Lake Road · Suite 8A · Commerce Township, MI 48382 · USA

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