So many baby boomers and people that are already retired are wondering how long before the Southeastern Michigan real estate market comes back?
Well let's look at the past to predict the future. Right now we are back to 1990 home prices. So let's think about this. From 1990 to 2004 it took 14 years for the market to get to it's highs. It was a booming real estate market.
Detroit's economy was rolling along. Homes were being built by the hundreds each year. The Big 3 were doing good. Unemployment numbers were low. Interest rates were on the down ward trend. Banking regulations were extremely lax. Just about anybody could buy a house even without a down payment or without income or asset documentation. Mortgage interest rates even reached a 40 year low. All of these factors hepled drive the real estate market.

Many of those factors are not present in our current market.
- the big three are struggling
- Metro Detroit's unemployment numbers are at 20 year high
- Banking regulations are tougher than they have been in 10 years.
- Home building is at a standstill
What I am trying to say is that is going to take at least 15 years plus for the Southeastern Michigan real estate market to come back to its highs. So buckle down for the long haul if you are upside down in your mortgage. If you want to move, then put your house up for sale now. Waiting won't make a difference. I myself don't see any major changes in the Southeastern Michigan real estate market for at least 7 to 10 years.
It doesn't matter whether it is Farmington Hills real estate, Redford real estate, or Canton Michigan real estate it is going to take time. So whatever you do start living your life and don't depend on the real estate market to come back. Make your decisions based on the market not coming back anytime soon.
More Southeastern Michigan home seller tips
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I am walking in the Tampa 3 day cancer walk in October. Support cancer research by going to www.the3day.org/goto/marianneravary and donate as much as you can. My wife got to live 20 years after finding out she had breast cancer due to advances in cancer treatment. Be part of the team and help me. I would like to be able to give some other "special lady" (like my wife Marianne) more days on this earth. If we can give another lady another night to enjoy with friends, an extra week to laugh & hug her kids, an extra month to love her spouse, or an extra year then our money will be going to a good cause. The grants from the Susan G Komen 3 day walk have been instrumental in cancer research. Help me give more time to somebody else please donate to the 3day walk. Thanks
Russ Ravary your Metro Detroit realtor




