It can be rough being a buyer in a seller's market. Here at Pyxis Realty, our team of educated realtors understand the experience of purchasing a house, and they appreciate how important of a process it really is. While the Grand Rapids real estate market and the West Michigan real estate market are currently dealing with record low inventory numbers (meaning a low number of available houses on the market), there are a lot of amazing properties that are being listed right now because of the uptick in home sale prices. Here are three things to keep in mind when wading into the housing market as a buyer right now.
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The early bird gets the worm. If you need housing sooner rather than later, work with a realtor who will move aggressively on your behalf. You'll want to be one of the first people to view a house when it comes onto the market as a means to ensure you have an option to make an offer on the property. There's nothing more disappointing than deciding to make an offer on a house, only to discover that the seller has already accepted an offer or has multiple offers under consideration. Getting in those doors early can give you an advantage by letting your offer be the first or one of the first offers.
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Make your offer seller-friendly. Don't sneak in a bunch of additional seller expenses or expect the seller to adjust their parameters for the closing. If they expect to retain occupancy for 30 days after closing, don't come to the table asking for immediate possession; you'll just end up disappointed, as the seller will likely have additional offers a similar financial amount on the table to consider. Also, don't expect the seller of your dream home to absorb all of the closing costs or finance minor repairs. Retain a small amount of the liquid capital you have available to make any minor repairs to the property that come up during inspection. A $200 railing replacement out of pocket is probably not worth losing out on a property that you really loved. Remember to be flexible, especially if you have a strict timetable for when you need to move.
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Don't let rejection weigh you down. If you make an offer, or two, or five, and haven't gotten an accepted offer yet, don't let that discourage you from pursuing homeownership. Instead, speak with your realtor to see if they have any feedback about how to move forward. They may have recommendations about how to make your offer appear more appealing to a seller's agent and the seller themselves.
If you're ready to make the switch from renting to owning, or if you're ready to upgrade to a different house or community, give the team at Pyxis Realty a call or send us an email! Our staff is ready to help you make the most of your home buying bucks, regardless of the price and size of home you're looking for. Don't wait until prices and rates go up! Make the move to home ownership today!