Northville, MI Homes are selling as fast as they come on the market these days, so you Northville home buyers may want to choose one or more of the following ways to beat the competition to the front door:
Bid realistically (near listing price) instead of hoping your Northville seller will cave in to a low offer.
Make your offer without strings (sale of previous home, home inspection, etc.) but only if you’re certain your old Northville home will sell quickly or the property is in move-in condition.
Be flexible (within reason) to the Northville seller’s conditions concerning conveyable property, dates of closing and occupancy. Giving in a little may gain you a lot.
Buying In Northville Michigan at the Price You Want
Found the house of your dreams in Northville MI? Now the negotiations begin.
As your Northville, MI Realtor I can guide you through the process of making a purchase offer that works. You’ll want to start by learning as much as you can about how much the property is worth,
I have up-to-the-minute price data for Northville MI at hand to help you analyze any comparable properties. Although every home is unique in Northville, here’s some of what makes a home “comparable” to the one you’re considering purchasing:
- Same Northville Neighborhood
- Same Age and Condition
- Same Size Lot
- Same Home Style–equivalent living space, number of rooms and baths.
- Similar terms of sale.
Follow sales price trends In Northville
Ask about recent pricing trends in the neighborhoods. Specifically Northville, what has been the average difference between listing price and sales price for recent sales of comparable homes in Northville? What is the ratio of Northville’s assessed tax value to market value?
Offer what you think the Northville home is worth
Some asking prices have built-in padding, but others are already priced to sell in Northville. You could lose a well-priced home with a low-ball bid. Remember, a lower mortgage interest rate will allow you to borrow more and pay a higher price for a home without increasing your monthly payment.
Spell Out the Details
Consider getting a pre-purchase home appraisal and home inspection. The appraisal will give an independent valuation of the Northville home, and the inspection will help identify any potential problems you may have overlooked. Consider including a contingency making the contract subject to a satisfactory appraisal and inspection of the Northville home. (most of the time this is in contracts).
The contract can also be contingent upon an attorney’s review, previous home sale, and acceptable mortgage loan terms, etc. Contingencies are typically used to smooth acceptance of an offer without delaying the final decision. Too many contingencies, however, weaken your bargaining position in pursuing your Northville home purchase.
Know What’s Important to You
Prioritize the elements of the sale on paper (“must” and “want”) and decide where you have negotiating room with the Northville home seller–what you’ll give up or accept in exchange for a concession. Items frequently negotiated include adjustments for needed or requested repairs, what personal property stays and what goes with the seller, points and closing costs, and move-in date. Knowing exactly what you want and where you are willing to bargain is your most important negotiating tool when it comes to your Northville home purchase.
Put Everything in the First Purchase Offer
If the first offer is accepted by the Northville home seller it may be too late to add anything. Include a financial statement. Do all negotiating in writing with a deadline for a response, often 48 hours. You are free to cancel an offer until it is accepted by the seller. Require that your binder or deposit be held in an escrow account. In this Hot Northville Market it is important to do everything in the first purchase offer, as it could be gone.
Northville Home Buyer Be Patient
Negotiating for the perfect home in Northville MI could take several days. Be patient; you won’t want to rush into one of the most important purchases you’ll ever make.
About Northville MI:
Northville has quiet streets, quaint shops and works hard to maintain it’s small town charms. Housing in Northville is a mix of single family residences, historic homes, multi-family accommodations and more. Homes for sale range from starter homes up through luxury and historic homes. There are also real estate options such as apartments, duplexes and more. Lastly, there are condominiums, and town houses which provide a variety of amenities to insure comfort and convenience for residents. Local agents are ready, willing and able to help you find the home of your dreams in beautiful, historic Northville.