As the spring has been heating up the Grand Rapids area real estate market and West Michigan real estate market, many potential home buyers are finding that demand is vastly outstripping supply. What does that mean for you, potential future homeowner? How can you make the most of a market that is so hot, some properties are off the market within a day or two of being listed?
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Don't hold your best and highest offer in reserve. This may seem like a foolish move, especially to those who have bid on items or houses before. However, because there isn't an auction structure to the housing market, if you present the seller with an offer that's only 80% of what you're actually willing to pay, there won't necessarily be time for you to remedy that mistake before the home is sold to someone else. While bidding wars can and do happen with houses, that essentially requires two potential buyers offering identical amounts, which is unlikely. If you're willing to bid up to 15% over the asking price of a home that's just been listed and you really love the property, it may very well be in your best interest to open with that best and highest offer, instead of hoping to slowly build up to it if your first offer is rejected. If your first offer is rejected, you may not have a chance to make a second.
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Be ready to move when the time is right. You don't have to make an offer on a house you're not interested in or one that just doesn't appeal to you, but when you find a home you like, don't spend three days weighing the pros and cons. Take the time you need to make an intelligent decision, and then move aggressively as soon as you've decided. As the old saying goes, “he who hesitates is lost.”
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Don't take rejected offers personally. It can be easy to get disappointed when an offer you make on a home ends up rejected by the seller. Especially if you really like the home in question, the disappointment can be intense. Don't get discouraged! Because of the steady rise in home values and selling prices, more and more excellent homes are coming onto the market every day! Talk to your realtor, schedule more showings, preferably as soon as you know you're interested in a property, and keep working at it until you find the perfect one, make an accepted offer, and finally close on it!
While a seller's market can be intimidating, especially to first time home buyers, the staff of dedicated, educated professionals at Pyxis Realty are ready to help you navigate this intense market! We're ready to make and revise offers, set showings, and help you locate and successfully bid on, the house of your dreams! Don't give up and wait for things to cool off; call or email us today and see what a difference having aggressive, professional representation can make.