Posts from October 14th, 2021
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14
NAVIGATING A SLOWING MARKET
With the housing market in Southwest Michigan (and elsewhere) starting to settle down, buyer and seller behaviors are also returning to normal. For the past year plus, sellers unequivocally had the upper hand, and everyone knew it. Low interest rates and a shortage of homes for sale resulted in multiple offers within days of listing, driving prices well above asking, and causing buyers to resort to desperate measures in order to secure their purchases.
Escalation clauses. Bridging the appraisal gap. Seller rent-back agreements. Waiving inspections. These tools became commonplace as buyers had to fall all over themselves to get their offers accepted. Sellers expected top dollar for every property and were usually able t...
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