How to Buy a Home in a Seller’s Market

As some of you know it was a seller’s market in 2013.  It is still shaping up a little to be that way in 2014.  We are very short of home inventory.  It doesn’t matter whether it is homes for sale in Novi Michigan  or a waterfront homes for sale Clarkston Michigan  there are just less homes out there.  It is the same way with lake homes.  There are fewer lake homes so most buyers have less to chose from.  So how do you buy a home in a seller’s market?  How do you get the home you really want and beat out your competition.

The first key is to get out and see the home immediately.  You need to go and see the home as soon as you get the listing from your realtor.  If you are not on an automatic email list then you should be.  You should be getting listings that fit your criteria each and every day.  That should be one of your priorities if you really want a home soon.  You need to be one of the first buyers in any home that you think might fit your criteria.  If you wait some other buyer that is really wanting to buy is getting in first and putting in an offer.  That is why you need to get out there and put in an offer immediately if you really like the home.  If it is a hot seller’s market the good homes will go in under 2 weeks.  Sometimes the best homes get multiple offers and go over list price.  Sometimes if you are the first offer in and it is a good offer then you may not have to get into a bidding war.  The seller may accept it right away.

Metro Detroit homes

Metro Detroit homes

So ask your Metro Detroit Real estate agent for recent comparables, and recent sold versus list prices.  This will help you decide what to bid.  If you are unsure about the home nobody but you can make that decision.  It may take a day or two to decide if it is the right home for you.  It may be there, it may not but if you are very hesitant take your time.  HOWEVER IF YOU LOVE THE HOUSE, or have to have the house.  Put in an offer right away.  Don’t delay.  Do not take a chance on losing the home to another buyer.  I have seen Metro Detroit home buyers take their time on a house that they really wanted only to lose it to another buyer because they took two or three days.

So the bottom line is:  if you want a home in a seller’s market, time is of the essence.  Do not delay on any part of the process.  I hope this tip on how to buy a home in a seller’s market help you get your dream home.  Call me with questions or if you are ready to find your dream home let’s get started.  My cell is (313) 310-9855.

 

I have a website that will give you information such as what type of homes are on the lake, what the size of the lake, and the deepest part of the lake.  Go to this page on  Woodhull Lake Waterford Township Michigan.  If that is not the lake you want click on the home page and find all the local lake information.

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Phone: (313) 310-9855 | Email: yesmyrealtor@gmail.com