Michigan Real Estate News

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Buyers Continue Bidding Wars

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It continues to be a “dog-eat-dog” world for home buyers. Brokers advise clients to get pre-approval, save, and have some cash to bring to the table. Many home buyers are waiving home inspections, bidding before seeing the home, paying cash, and paying thousands over the asking price to get to the closing table. With more buyers than sellers, the competition is vicious with the average home going for $10,000 over the asking price. Appraisal guarantees are deal-makers, and buyers will have a hard time winning a bid without one.

 

 

Study Takes Aim at Home-Grown Marijuana Market

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Much of Michigan’s marijuana industry is outside mainstream retail outlets. The Michigan Cannabis Manufacturers Association commissioned a study says that millions in taxes and fees could be captured from illicit marijuana markets. While there is no current legislation concerning home cultivation, the information from the study will be used to inform legislators in Lansing. It’s speculated that the MCMA may seek to change the state law passed in 2018 in order to upend the home cultivation rules. The interest is in bulking up the legal retail market and tax revenue.

 

Weekly Brief – June 28, 2021

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As the summer residential sales season starts to wind down, we are finally starting to see some signs that the inventory logjam is starting to break. Home sales volumes are dipping, which is an indication that we may start to see a correction between the imbalance of buyers and sellers.

Also, as the COVID-19 pandemic starts to slowly recede, the hesitancy of sellers is starting to likewise recede.

Finally, we are starting to see the rapid rise in residential prices begin to slow down.

All of these are signs that the number of homes listed may start to rise. Couple that with the (now) 2022 lifting of the foreclosure moratorium, and I firmly believe that 2022 will be more “normal” than 2020 and 2021. This may be bad news for those who were able to sell without worrying about buying a replacement home. But it will be good news for the majority of the residential real estate marketplace.