We hear the frustration from buyers in today’s market because most haven’t realized the sudden and drastic change in Michigan real estate. In case you weren’t aware, it is now a SELLERS market. Inventory in Macomb County, Oakland County, Wayne County, and St Clair County are at there lowest levels in years. The effect has been more buyers than sellers so prices have increased due to multiple offer situations. And with that comes new rules in order to place your bid at the top:
- Have your home loan in place BEFORE you put a bid in. Your offer will not be looked at without a preapproval letter.
- Type of financing is a big key. In general, a seller will look at financing in this order when evaluating an offer: Cash, Conventional, FHA/VA, MSHDA. A home loan expert can give you the information you need on these programs to put you in the best possible position.
- Tighten up the other terms of your offer. You should think about shorter close dates, shorter inspection periods, higher earnest money deposits, and lower concessions.
- Work with an agent who understands the current market of short sales, foreclosures, HUD housing, Fannie Mae and Freddie Mac REO properties.
Market Elite has trained Realtors educated in all aspects of the process, so don’t hesitate to contact us today.
