291: THIS is Why Prices Haven’t Crashed Yet In Michigan! | Living In Michigan

Why haven’t Michigan home prices crashed yet? In this video, I compare today’s Michigan housing market with the 2008 housing crash and reveal the hidden number affecting many home sales: seller concessions.Using Metro Detroit MLS data, we’ll look at what caused home prices to collapse during the Great Recession, why today’s inventory and lending conditions are dramatically different, and how sellers are quietly adjusting without always reducing the recorded sale price.According to the national Redfin data discussed in this video, nearly half of recent home sellers provided buyers with some form of concession. That may include money toward closing costs, mortgage-rate buydowns, repairs or other credits. These incentives typically do not appear in the publicly reported sale price, which means the number you see online may not tell the entire story.📘 Download the FREE 74-page Living in Michigan Relocation Guide:https://livinginmichigan.com/#buyer-guideCONTACT ME 👇📱Call or Text: 810-360-3488 📨Email: [email protected]🌐 www.LivingInMichigan.com📅Schedule a Phone Consultation: → https://livinginmichigan.com/contact/📘 Michigan Relocation Guide: → https://conta.cc/3Def6udSUBSCRIBE ⬇️→YouTube Channel: https://bit.ly/2LoYJV3→Weekly Newsletter: https://shorturl.at/4u0VAOTHER GREAT VIDEO PLAYLISTS 📽→Places To Live In Michigan: https://bit.ly/3QcV3lT→Michigan Information: https://bit.ly/3mJ8a0z→Things To Do In Michigan: https://bit.ly/3xp7Fhc→Living In Michigan Tours: https://bit.ly/3aUkw36→Michigan For Sale: https://bit.ly/3NMO5T2→Real Estate News & Information: https://bit.ly/3mIZUxvFOLLOW ME ON SOCIAL MEDIA 📲 →Instagram: https://instagram.com/andrew.mcmanamon→Facebook: https://facebook.com/andrewmcmanamonr...→Twitter: https://twitter.com/andrewmcmanamon→LinkedIn: https://linkedin.com/in/andrew-mcmanamon→DIY Home Inspiration: https://instagram.com/diyhometransfor...LISTEN TO MY PODCAST 🎙️→Real Estate In The Mitten: https://shorturl.at/9u0oX#livinginmichigan #metrodetroit #southeastmichigan -----------------------------Andrew McManamon is a licensed Real Estate Professional with Signature Sotheby's International Realty. All the information presented throughout his videos are based on current or prior experiences, and serve as educational purposes only. Please consult with a local real estate agent, real estate attorney and/or mortgage lender to see if this information is applicable to your situation.