sellers market

The Know-It-All Guide for When Entering the Sellers Market

Thomas Gilliam Blog , Novi home for sale , sellers market Leave a Comment

Buying a home for sale in Novi, Michigan is no walk in the park. It is not entirely a seller’s market. The sellers market keeps popping one out and if you are right on time, with the right offer, you might get lucky. This is why it is important to let a realtor handle this job because not only do they have up-to-date knowledge about the real estate market but they have some savvy skills to tip the offer in your favor.

When entering the bidding war, remember one thing: sellers are fickle. When they see a better offer coming their way, they abandon the buyer they are dealing with. This is why you need to be on your A-game when purchasing a house.

Understanding the Sellers Market

When the demand for the house is higher than what is available in the market, it means you are dealing in a sellers market. This type of market strives on one thing and one thing alone: competition. To prevent your offer from drowning in this competition, follow these five tips to get your offer at the forefront:

1. Have the Mortgage Pre-Approval Letter Ready

The mortgage pre-approval letter shows the seller that you are a serious buyer. The moment the final asking price is settled, get in touch with your lender and get the mortgage ball rolling. Show the seller the mortgage papers, so that he doesn’t pursue other buyers.

2. Hire a Realtor

As mentioned earlier, the realtor will make sure that the offer you are receiving is in your benefit. In case you feel that certain clauses mentioned in the contract don’t look good, the realtor will be at the negotiations table again, to make sure that you are happy.

3. Learn to Compromise in a Seller’s Market

There’s a high possibility that you might not find some of the amenities you were looking for in your home for sale in Novi, Michigan. This doesn’t mean that you should walk away from a good offer. Remember, never go for houses that are listed at a high price because the seller might not lower the price and then you will be left disappointed.

4. Higher the Down Payment, Higher the Chance of You Getting the House

20% is the ideal down payment that every buyer loves. This will give you an edge in the competition and the seller will be more inclined towards selling you the house.

5. Speed Up the Home Inspection Process

When you have put down the earnest deposit, you cannot back out of the deal or you will lose this money… unless the seller lied about something on the home inspection report. You are given a time period of 2 weeks, where you need to conduct all your investigations about the house. Get the home inspection done in the first week and spend the second week in calculating repairs to see whether the house is worth it or not. Will the house bring your profit when you will sell it in the future? These two weeks are crucial because after they have passed, you won’t get your money back even if you back out of the deal thinking you don’t like the house.

Ready to dive into the seller’s market with your realtor? Follow these five tips and you will find your home for sale in Novi, Michigan in no time. If you want to buy a house that falls under your budget and has all the features you need, then visit Homes2MoveYou. Get in touch with a real estate agent and start seeing houses in areas of your liking.

 

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About the Author
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Thomas Gilliam

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I'm a Professional Realtor for 17 years with RE/MAX CLASSIC in the Oakland County MI and the Metro Detroit area and love what I do. Real Estate is my passion... Exceeding your expectations is my goal!