Everyone who is actively buying or selling a home in the southeast suburbs in Oakland, Macomb and parts of Wayne county know we are in a seller's market. A seller's market is simply when there are more people wanting to buy a house or condo than there are people presently trying to sell their house. The result is the final sales price is often at or higher than the asking price. Here are a few recent examples from an earlier post
This article is about how you can optimize the chances of being a successful buyer of the home of your dreams. The simple answer is be prepared, work with a reputable broker, be aggressive and think like a seller. Here are some suggestions.
- Find a real estate broker that will represent you in any real estate transaction that you seek to enter into. Many buyers do not realize that if they do not enter into a "buyers" agency agreement, all real estate, agents including the one showing you houses, is working on behalf of the seller if the home is listed with a licensed real agent. His/her legal responsibility is to the seller. Hiring a Buyer's Broker does not add to your cost of the transaction nor does it result in a higher purchase price. The fee paid to the buyer's broker comes from the fee paid to the listing broker. It is a win-win for you.
- Line up your financing and get preapproved for a loan before making an offer on a house. In this market it is a high likely that the seller will receive multiple offers for his house. The potential buyer who can prove that he can afford to buy the house and has his financing in place has a huge edge over other offers that are subject to financing. Call or text Paul Banicki at 248-259-4187 to put you in touch with an experienced Mortgage Banker to get pre-approved.
- Time is of the essence. One should never make an offer on a house unless you are very comfortable with what you are doing. This is true even in a market like the present time. However, one must also recognize that a good house in a good location is not going to be on the market for very long.
