Michigan’s real estate market remains competitive with homes for sale spending only 22
days on the market.

(Source: https://www.houzeo.com/blog/michigan-real-estate-market/)

Between the short duration of days on the market, and the increase in the
median home sale price, the market is strong.

The recent National Association of Realtors (NAR) settlement has also had an impact –
creating questions about how selling prices are determined as well as agent
compensation.

Now, if you’re a buyer and your agent utilizes the MLS, you’ll need to
sign a written agreement before touring a home. This will define exactly what services
will be provided, and at what cost. This is required for both in-person and live virtual
home tours.

As a reminder, agent compensation for home buyers and sellers is a fully
negotiable issue. It’s quite possible that the settlement may result in reduced home
selling prices.

Overall, more homes are for sale, which can result in lowered prices to remain
competitive. Also, with the most recent reduction in interest rates, buyers are gaining a
more favorable climate for making their purchase.

Now is a good time for those thinking of selling to move more quickly on their potential
sale, and for buyers to begin looking for more favorable options.