As I wrote Wednesday, I want to discuss some of the strategies and processes that you will encounter as you sell or buy your next home. But first we need to start with current market conditions so that you understand whats happening in the marketplace. This is such a huge factor. Our area had been in a buyers market for years. Suddenly in the spring of 2012 the shift started to happen. The terms "multiple offers" and "highest and best" were unheard of. Now every property you pursue has multiple offers and the highest and best deadline. So whats up?
Currently the inventory are at lows we haven't seen in 10 years. As the supply goes down, the demand goes.....you guessed it way up! When I speak of "our" area I am referring to Northern Macomb County. Mainly the 23 mile corridor. From New Baltimore to Shelby Twp and on up to Washington. Homes are selling for around 98.5% of asking price. So for maths sake if a home is listed at $100K on average there selling for $98,500. This doesn't leave much room to negotiate. Most offers are going to be full price with a possibility of getting some seller concessions. So what does this mean to a seller and a buyer?Well it's great news for a seller. If the home is priced right you can expect multiple offers, and know you are going to net as much $$$ as possible. But what about buyers? It's pretty tough right now. You can expect to write 4 or 5 offers before getting one accepted. Sometimes more.
So what is the gameplan?I put all my buyers on instant email alerts. This way your seeing the homes before I do usually. It's near impossible to work with multiple buyers and be on top of every house that hits the market. That's where the buyers come in. You will be searching these email blasts daily to see if you like anything. Once we find a few houses we schedule them and go out and take a look. If we find a home, we usually have to write the offer pretty quick. Speed is the name of the game. Taking into consideration the current market conditions we write a great offer. And then hopefully get the home off the market before more offers come in. Once we have a home secured we will have 5 days or so to hire a private home inspector and have the home inspected. More on that next time.If your looking to sell a home......buy a home......or invest in real estate visit me HERE.
See ya later Alligator!
Chris Taylor
Keller Williams Macomb
586-524-1095
chris.taylor@kw.com
