Michigan realtors say they can feel a change coming in the market. After a summer of competitive pricing, huge cash offers and waitlists just to see houses, they’re seeing buyer burnout.
Detroit broker Darralyn Bowers said the demand has started to level out as buyers are taking a step back to assess if they can compete in such a hot market.
“Buyers have become frustrated with the system,” she said. “They’ve become frustrated with the fact that they cannot get an offer through. These multiple offers, these over asking price, the zealousness of the market — it’s kind of turned off some buyers and they’ve decided to wait.”
July numbers show the days on the market hit a new milestone in Michigan after breaking records all summer, according to real estate data company Realcomp.
In May, the average days on market decreased by 61.8% compared to 2020, coming down from 68 to 26 days. The pace continued to pick up from there….