NewsCoronavirus

Actions

What's the future of real estate after easing of stay-at-home restrictions

Posted at 9:39 PM, May 07, 2020
and last updated 2020-05-07 21:45:32-04

(WXYZ) — The future of the real estate industry in Michigan could be better than some have expected during the coronavirus crisis. One realtor telling 7 Action News hundreds of calls are coming in for people wanting to buy and sell.

“We’ve already had 200 showings for our company alone that we’ve setup for today," said Realtor Ali T. Charara with Century 21. "That’s probably going to be 3-400 by the weekend.”

Charara is a top metro Detroit realtor. He tells 7 Action News he's already seeing a booming resurgence in the housing industry due to built up desire of customers who've been forced into waiting because of COVID-19.

“There was a lot of talk about the industry getting hurt and a crash. Yes But, what I’m seeing today it’s amazing,” Charara said.

While some have expected more people to find themselves under water, new research from Atom Data Solutions suggests U.S. homeowners are still four times more likely to be equity rich rich, than seriously under water.

“Hopefully, in the next few weeks we can schedule something and I can go and see the homes,” said Rana Haidar.

Haidar is looking to sell her Dearborn Heights home and by another that fits her needs. For her, it's an exciting time to be able to focus on something positive even during the coronavirus pandemic, now that the governor is allowing for home tours.

“Her biggest thing is safety," Haidar said. "She’s really showing that and opening it up shows she’s also committed to the economy. It’s an awesome decision.”

Additional Coronavirus information and resources:

Read our daily Coronavirus Live Blog for the latest updates and news on coronavirus.

Click here for a page with resources including a COVID-19 overview from the CDC, details on cases in Michigan, a timeline of Governor Gretchen Whitmer's orders since the outbreak, coronavirus' impact on Southeast Michigan, and links to more information from the Michigan Department of Health and Human Services, the CDC and the WHO.

View a global coronavirus tracker with data from Johns Hopkins University.

Find out how you can help metro Detroit restaurants struggling during the pandemic.

See all of our Helping Each Other stories.

See complete coverage on our Coronavirus Continuing Coverage page.