In January of 2022, the average home on the market received 3.9 offers according to the Realtors Confidence Index. Thats the most offers per listing in five years.So what do you need to
Multiple Offers Are The Rule, Not The Exception
Dated: March 10 2022
In January of 2022, the average home on the market received 3.9 offers according to the Realtors Confidence Index. Thats the most offers per listing in five years.
So what do you need to do to ensure that you make a competitive offer:
1. Know your numbers
Knowing your budget and what you can afford is critical to your success as a homebuyer. The best way to understand your numbers is to work with a lender so you can get pre-approved for a loan. Pre-approval shows sellers you're serious, which can give you a competitive edge. You should also know making an offer at the home's asking price may not be enough. Homes today often sell for more than their listing price. The Stemen Team can help you understand the market value of the home and what other homes are selling for in your area.
2. Be Ready To Move Fast
Speed and the pace of sales are contributing factors in today's competitive housing market. In January 2022 the average days on market in Metro Detroit was 32 days as opposed to 34 in January of 2021 and the median sales price was $210,000 in 22' as opposed to $175,000 in 21'. When homes are selling fast, its important to stay on top of the market and be ready to move quickly. The Stemen Team will help you stay up to date on the latest listings and help you put together your best offer as soon as you find the home you want to buy.
3. Make A Stronng But Fair Offer
When you're up against other offers, putting your best offer forward from the start is key. Lean on us to write a strong offer and use our expertise of which levers to pull to make your offer as enticing as possible. One little used negotiating tool is to offer to pay the seller's transfer tax. This is an item that will contribute directly to their bottom line and will allow you to stand out from other offers.
No matter what, we are your best resource for making an offer that stands out in a competitive market. If you're ready to get started, reach out to us today and we can talk through what you can expect as a buyer.
As Michigan natives and seasoned real estate professionals, we recognize and value the trust our clients place in us, and we strive to exceed their expectations.With our 25+ years of experience we hav....