Q
: We're considering purchasing a house in Michigan and noticed that the seller's disclosure statement mentions flood insurance. The sellers claimed to have it, but our insurance agent says it's not required. How can we verify this?

    A: Your insurance company should know for sure. You can also check the local flood zone map, ask your mortgage lender if you're getting a mortgage, or visit FEMA's website. Sometimes, sellers get confused about additional coverage on their homeowner's policy that covers basement floods from sewer backups or failed sump pumps - this is different from actual flood insurance.

    Q: I made an offer on a condo, but the seller went with another buyer without disclosing multiple offers. Shouldn't they have told me?

    A: No, sellers and listing agents aren't required to notify buyers about multiple offers. Your agent can ask if there are other bids, but the seller's side doesn't have to disclose.

    Market update:

    In Macomb County, April sales prices rose by over 6%, while Oakland County saw an almost 8% increase. Inventory in both counties grew significantly: Macomb County was up 14% and Oakland County was up 15%. However, closed sales declined in both areas - down 8% in Macomb County and over 6% in Oakland County.

    Despite the growing inventory, it's still a seller's market in Michigan, with only 2.1 months of supply statewide. Macomb County has 1.8 months of supply, while Oakland County has 1.9. By definition, this isn't close to a buyer's market.