B
onnie Kreyger's decision to sell her family home was a difficult one, but it ultimately worked out for the best. After her husband passed away and she injured her back, she realized she couldn't manage the three acres that came with their custom-built home on Willow Road. Working with her Realtor and neighbor, Doris LaBeau, Bonnie found a solution: selling the house and property to her granddaughter and her husband.
The move allowed Bonnie to downsize into a new home in the nearby Del Webb development, where she enjoys the grounds, clubhouse, fitness opportunities, and community feeling. She's made new friends and acquaintances, and lives just a few miles from longtime friends in Huron Township. A bonus: her new place is about 200 square feet larger than the house sold to her granddaughter.
However, relocating retirees often face challenges, including downsizing their living space. Bonnie joked that she missed having a big washtub in the garage for cleaning up before going inside. Despite this, she's grateful for the change and feels blessed.
The impact of retirees on the residential real estate market is significant, with many needing to downsize or move near family members. This trend has created a challenge as the market resets from the COVID pandemic and faces uncertainties about the economy and interest rates. Local real estate professionals note that the Downriver and Dearborn markets are becoming less volatile than in previous years.
According to Re-Max, the supply of homes available for sale in the Downriver market ticked up slightly in September compared to the year-earlier month. Inventory levels were unchanged from a year earlier in the Dearborn-Dearborn Heights market. However, mortgage rates have fluctuated since the Federal Reserve cut rates in September, leaving buyers and sellers cautious about entering the market.
Downriver home sales declined 17.1 percent in September compared to the year-earlier month, while sales in the Dearborn-Dearborn Heights market slipped 16.7 percent. The median sales price increased 2.8 percent in the Downriver market and rose 13.2 percent in Dearborn-Dearborn Heights.
Looking ahead, veteran Realtor Ted Easterly predicts relative stability in the residential home sales market, with wild gyrations likely faded from the scene.
