How bad will Michigan's housing market get?

We are selling our house in Ann Arbor. We have had a few offers in the last month (primarily because we are aggressively priced in a great location) but each one has been too much of a loss to stomach (too far below our asking price), so we have stopped (rejected offers) around the 3rd counteroffer on each one–we don't want to bring 25k to 40k closing. Some of my friends think it will take at least 10 years until Ann Arbor (and Michigan in general) rebound. Do you think this is the most likely scenario?

Are rental markets good right now? We really want to sell, but have been thinking about renting it, although it sounds like such a pain. Is offering it as a rent-to-own a bad idea? We have also had one person approach us about a “land contract,” is that the same as rent-to-own?

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