Residential Real Estate - Prices, Predictions and Investing, Expert Opinions - Summer 2020 - Tri-County Metropolitan Detroit

Residential Real Estate - Prices, Predictions and Investing, Expert Opinions - Summer 2020 - Tri-County Metropolitan Detroit

Last week I gave you my thoughts about prices, predictions and investing in residential real estate - now learn what the experts are saying.

Below are quotes from the residential real estate investment experts I talked to while conducting my research for this series.

You can read my predictions here, https://rencarlton.blogspot.com/2020/07/my-predictions-investing-in-residential.html

I would say down, I say that because they've been up, the market is high right now.
Jennifer Lech

It’s hard to guess but all I can say is that right now the market is so hot that if you are thinking about selling take advantage of the market.
Gogo Bethke

You know that's anyone's guess.....
Kate Gladchun

I’m optimistic that we will implement reasonably acceptable Covid controls by early 2021. If that’s the case and we don’t experience further unforeseen events I believe housing demand will remain strong in SE MI since banks are flush with capital and interest rates should remain low. Most of my investments are in commercial real estate however I do have upcoming multi-family investments in pre-development stages so I hope I’m right
Fadi Nassar

Neutral to 10% down in Cap growth outlook for the year for Detroit Resi market, due to Covid-19. As there is more Bad news to come due to the economic and commercial fall out of the following industries - Hotel, Airline, Tourism and Commercial real estate. November elections may hopefully set the tone. The good news is that the rents are staying strong, so yields are holding up for long term investors.
Bala Apparao

It depends where. In dense areas with demand outstripping supply prices will stabilize or rise. There remains a severe housing shortage in many areas.
Matthew Grocoff, Esq., LEED-GA, LFA

Prices are trending up.  At this point in time there is a shortage of product on the market.  In my discussions with Realtors regarding retail product many deals are being sold for above list price with multiple offers. I deal with off-market portfolio investment/rental product.  The prices are trending up for decent product.  Lower end rental product is stable to soft.  There is a lot of lower end product that would like to be sold so prices tend to be negotiable. Interest rates are low and will stay low for the foreseeable future which also pushes prices up.
Mark Nagy
CEO and Chief Investment Officer at Metro Street Capital


Up or stay steady. Supply is very low. Demand has stayed high and rates will be low for some time. Housing market will fare better than most parts of the economy.
Paul Apostolakis
Owner at Omega Lending Group | Host of "Inside Real Estate" the Podcast


I hope down because they were too high near me.
Kimberly Gibbs

Well for the time being, it is going to stay steady, only moving a little (+/- 3-5%).  Mainly because of the low inventory, it's still a seller’s market.  Depending on the area, some houses are having multiple offers and getting over asking.  It appears that days on market are starting to climb a little.  Depending on how long the pandemic goes and how bad the second wave is, then we could see some decline.  Keep an eye on the foreclosures and look for a larger than normal uptick in them (those might be good ones to pick up).  I don't think the housing bubble will be as bad as the 2007-2009 bubble.  You might want to sit on the sidelines and watch things play out - have your money in cash and gold, wait to see what happens and when it does go down, you would be ready to buy (real estate follows a cycle (like a sine wave) and we are probably just past the top.
William Pinnell
Business Owner, Real Estate Investments, Property Acquisitions Specialist, HUD Foreclosures, Short Sales, NPNs


I think that wholly depends on which price segment you are considering. I think low-end and high-end will stay strong - there might be some market value loss in the mid-range high-to-mid range where typically people would try to stretch their budgets to make a premium property work but now that's not the case.
Heidi Poscher
Strategic Technology Integration Expert. Real Estate and Renewable Energy Developer


No way!!! Housing shortage and multiple offers on homes with less than 24 hours on the market. Some homes are going for $20,000 over list price. Prices will possibly fall when people start losing there homes due job loss. Foreclosures, and short sales have a tendency to make values drop.
Lori James
Real Estate Agent at Real Living Real Estate


Historically it takes 12-18 months after a pandemic for effects to hit home market. Prices will definitely go down, as we have been riding a sellers market for a very long time but nothing like 08-09 crash.
Brennen Clarke (CSO)
Chief Social Officer | Mark Z Listing Partner


I foresee a moderate reduction but nothing drastic. Solely due to the stop of government programs related to the pandemic. Multifamily has held very well through the pandemic
Paul Mocur Jr.
Undergraduate BS Student - Real Estate Concentration



I would think housing prices will remain stable given the low interest rate environment.
Lee Hurwitz
President at Broder & Sachse Real Estate


They are going up quickly and I predict they will continue short of a major catastrophe.  My investors are buying up everything, especially apartments.
Philip Lang, CRS
President Starr Management/ Associate Real Estate Broker


I anticipate area housing prices will be stable in the near-term. Mortgage rates will likely continue to be low and inventory relatively depressed as pandemic continues. Additional federal stimulus is also likely and would provide further direct and/or indirect support to housing for balance of the year.

Jason Miller
Chief Investment Officer at Grand Sakwa Properties, LLC

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Note: These responses were collected late June/early July 2020

Sources and Links
https://www.linkedin.com/in/rencarlton
https://rencarlton.blogspot.com
https://twitter.com/RenCarlton
https://www.youtube.com/channel/UCmxQWgUDlPJo0IHCIa6SzrQ
https://omegalegacyacceleratorx.com/924-2/https://www.facebook.com/TheOmegaAccelerator/
https://www.instagram.com/omega.funding/
https://rencarlton.blogspot.com/2019/09/funding-session-with-ren-carlton.html


Disclaimer: This does not constitute an offer to sell, a solicitation of an offer to buy, or a recommendation of any security or any other product or service. We are not offering any legal, investment, tax, or medical advice. Please consult the appropriate professional before doing anything you learn from the content posted on any of our digital properties. All stories are based on true events, but are altered to protect the identity of the individuals involved.