Tips for Buying a Home in Metro Detroit in 2022?
Buying a Home in Metro Detroit can sometimes feel like you’re stuck between a rock and a hard place. Find out how to Win when buying your ideal home.
Sometimes, as a buyer in a sellers’ market, it can feel like you’re stuck between a rock and a hard place. When you’re ready to make an offer on a home, remember these five easy tips to help you rise above the competition.
1. Strengthen Your Negotiation Strategies
Start with knowing the difference between Price-Driven and Value-Drivin Approaches. Create a Bidding War Plan upfront if you find yourself in a multiple offer situation. Keep in mind communication with the Selling agent will be key as well. Find out what is important to the seller(s). Is it the most money possible, time, or other key negotiation strategies?
2. You Must Know Your Numbers and your Negotiation Power
Housing Market Trends and Predictions by City
Now that you know the housing market trends on a national level. You need to review the numbers for your City and Price Ranges for more accurate numbers. Every month we update the live 3-year live trends by city by the 15th. Equally important is how long it takes homes to sell in your City and Price Range. You also have access to custom data for Sold Homes, so you don’t have to rely on Public Websites Estimates. Easy access and communication, call or text 248-343-2459. It’s essential if you’re Buying or Selling is to know and understand the numbers. Sign up for our Newsletter to Keep Up to Date or check back around the 15th of the month.
3. Knowing your budget When Buying a Home
Knowing what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. As Freddie Mac puts it:
“This pre-approval allows you to look for a home with greater confidence and demonstrates to the seller that you are a serious buyer.”
Showing sellers you’re serious can give you a competitive edge, and it helps you act quickly when you’ve found your perfect home.
4. When Buying a Home, Be Ready To Move Fast
Homes are selling quickly in today’s competitive housing market. According to the Existing Home Sales Report from the National Association of Realtors (NAR):
“Eighty-three percent of homes sold in November 2021 were on the market for less than a month.”
When houses are selling this fast, staying on top of the market and moving quickly is key. Your agent can help you put together and submit your best offer when you find the home you want to buy.
5. Lean on a Real Estate Professional
No matter what the housing market looks like, rely on a trusted real estate advisor. As Freddie Mac also notes:
“The success of your homebuying journey largely depends on the company you keep. . . . Be sure to select experienced, trusted professionals who will help you make informed decisions and avoid any pitfalls.”
Agents are experts in the local real estate market. They have insight into what’s worked for other buyers in your area and what sellers may be looking for in an offer. It may seem simple, but catering to what a seller needs can help your offer stand out.
6. Make a Strong, but Fair Offer
In such a competitive market, emotions and prices can run high. Having an agent to help you submit a strong yet fair offer is critical in these situations. Your agent can help you understand the market value of the home and recent sales trends in the area. According to the latest Realtors Confidence Index from NAR, 40% of offers today are above the list price.
7. Be a Flexible Negotiator When Buying a Home
When putting together an offer, your trusted real estate advisor will help you consider which levers you can pull, including contract contingencies (conditions you set that the seller must meet for the purchase to be finalized). Of course, there are certain contingencies you don’t want to give up. Freddie Mac explains:
“Resist the temptation to waive the inspection contingency, especially in a hot market or if the home is being sold ‘as-is’, which means the seller won’t pay for repairs. Without an inspection contingency, you could be stuck with a contract on a house you can’t afford to fix.”
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Simplifying Real Estate Through Education
As we move forward, it’s been challenging as we navigated through all the changes. Putting your dream of a new home on HOLD shouldn’t be one of them. Now more than ever, knowledge will be your power. Know the Market You’re In and your Negotiation Power. Check out Categories for additional updates regarding the Market | Buying | Selling
If You Need To Sell 1st… I Recommend 🛑Doing This!
No 2 homes are alike, and agents need to 🛑 marketing ONE size fits all. We no longer have an exposure problem (internet). Your home is buried on public home search internet sites. The only way to compete on those platforms is the price. If you want more money, you need to apply Influence. Separate your home from the competition, so the Buyer sees value. Keeping them focused on your property and not getting lost in homes’ inaccurate data on public internet sites is necessary. Having digital omnipresence on serval platforms is your key to success. Remember MORE INFLUENCE = MORE 💰. We have details on how you can utilize High Tech Marketing and Win!
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