METRO DETROIT (WXYZ) — Existing home sales in the U.S. are trending towards their worst year since 1995, according to research from the real estate brokerage company Redfin. But as we head into the fall, there are some signs that the housing market may improve.
Watch Demetrios' story in the video player below
After welcoming their third son, Brian Eisbrenner and his family began looking for a new home in the Grosse Pointe Woods area.
"We were busting at the seams at the house with stuff, and they're getting bigger, so that was a big motivating factor," Eisbrenner said.
But closing the deal proved to be pretty difficult.
"We had been looking for a year, year and a half, stuff would come on in our price point, but it went very quickly.
Eisbrenner finally found his home through an off-market deal, ending a difficult buying process. On the other hand, he said selling his previous home this August was much easier, despite some concerns.
"When we put our house on the market, like six others came on the market, but we had priced it competitively so that we got multiple offers, so by that first weekend, we already had an accepted offer.
As fall begins, Christina Gennari, a realtor with Keller Williams Reality, said the housing market is looking more balanced than it did last year.
"Our numbers are actually up 3.5 percent from 2024," Christina said. "So we've seen more homes selling this year than they did last year in Michigan.
So, what's driving that year-to-year increase? Gennari said people are seeing interest rates they're more accustomed to, and the most recent rate cut by the Fed will only help.
"Lower interest rates are always going to inspire people to buy homes, but also to sell a house that they might already have a low interest rate on," Gennari said.
If you're planning to buy a new home this fall, winter, or even during the spring market, you're encouraged to begin thinking now about what's most important to you.
" So that would be the location, the size of the house, and also the price point," Gennari said. "That way, once your dream home becomes available, you'll be really comfortable making an offer in case it's a competitive situation. Some homes still have multiple offers, and if that's the house you're in love with, you need to know you're paying the right price for it.
And as for sellers, pricing your home at the right amount is key.
"Sometimes that means going just a little bit lower than what you might've seen your neighbor list or sell their house for homes that are not priced right, (and) are sitting on the market much longer than they were last year.
I also asked Eisenbrenner for his advice to other home buyers and sellers; he said patience will be critical.
