Eileen's Blog

Emerging Market Trends for Home Buyers as the Market Heats Up

April 20th, 2012 3:05 PM by Eileen Denhard

As the weather improves and the spring market heats up, we would like to keep our clients informed of the emerging trends. We would like to share what we are experiencing so that a buyer is better prepared to enter the home buying process.

First and foremost, it is so important for a buyer to have a pre-approval or approval letter prior to previewing homes. You may ask why. When a seller receives an offer, they want to make sure the offer is from a qualified buyer. It could take 24-48 hours to obtain a pre-approval and longer if your lender actually provides an approval letter. In the time that it could take to obtain a pre-approval, the house quite possibly could have an accepted offer.

With low inventory in 2012, we are seeing homes that are priced comparably will receive multiple offers and some offers above list price. Currently the statistics show that some of the Southeastern Michigan neighborhoods are selling at 98% of list price.

There are only a few reasons why a house isn’t selling:sold homes

  • The house isn’t priced comparably for the market
  • The house is in poor condition
  • The floor plan is non conforming (not a traditional floor plan)

Third, in general with multiple offer situations, the winning offer has the following:

  • The purchase price is above list price
  • Seller concessions are not in the offer
  • Contingencies are at a minimum
  • Cash offers are king as well as offers without any contingencies

Trulia

Posted in:General
Posted by Eileen Denhard on April 20th, 2012 3:05 PM

Archives:

Categories:

My Favorite Blogs:

Sites That Link to This Blog: