It's time to update the current state of Michigan's Real Estate Market. I first would like to say that we've all been blasted with many messages from all of the media sources. It's getting better for buyers. it's still the same, the real estate bubble is going to burst, and on and on for the last 2-years. My take away from being in this pandemic market is IT'S STILL AN UNCHAINED SELLERS MARKET. NO CHANGE!!!. I watched a home in my neighborhood go for $20,000.00 over list! Terms were VA. So cash doesn't always trump conventional style purchases. Here's another. I was speaking with a home buyer that's been looking for a move-in ready home. He stated he didn't want to paint or do anything. The house he was interested in sold in 7 days for $50,000.00 over list, had approx 60 showings, many offers, and the terms were conventional! How is that possible? The house appriaised for less then the list price. the buyers had enough cash resevers to put a large amount down that would make a mortgage possible. With money being cheap right now, why not? If you're looking for move in ready, be prepared to be informed by your buyer's agent that the listing is going for " highest and best". If the listing doesn't state that, and it's in move in ready condition, be prepared to being in an offer slug-fest. Everybody wants move-in ready, there just aren't of them on the market. Try for a house that only needs minimal updateing and put your reserve cash into that property. Usually these type of properties give you a better opportunity for a somewhat normal offer.
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