How do you buy a Commerce home when it is such a strong buyers market. In February of 2014 the Commerce MI real estate market has cooled off. It is like most of Metro Detroit. Homes are taking longer to sell. The snow and cold has made some of the home buyers hibernate. So what will the spring be like? Will there be a ton of home buyers out looking for homes again? Nobody really knows yet. If it was like last year it was hard to get a home. Commerce Township real estate market was a seller’s market. Why one home I looked at with clients it looked like a party was going on there. There were so many real estate agents and buyers lined up to get in. The street was full of cars. There were at least 10 cars sitting there. When there is a seller’s market there is less inventory and more buyers. There are sometimes bidding wars over many buyers wanting to get the same home. Sometimes the home sells over list price because the buyers want the home so bad.
So what do you do? How do you win that home? My advice is to keep it clean! What do I mean by that? Your offer has to be clean. A home seller is going to take a cash offer over all the other offers most of the time if it is close in price. Remember just because you offer cash does not mean you can low ball it. I have seen many sellers pass up a cash offer for a higher mortgage offer. They were willing to wait for a mortgage to be done rather than take a low priced cash offer.
When I say keep it clean I mean not to dirty it up with all sorts of side stuff. If you are doing a mortgage you want it to be a straight forward offer. You do not want to be asking for extra stuff when putting in an offer on this Commerce MI home. Greed will lose you this deal. Keep it simple and keep it clean. If you really to buy a piece of Commerce real estate Michigan then you have to be smarter than the other buyer.
1.) Do not ask for seller’s concessions unless you absolutely need them. Remember if there are multiple offers they are going to compare yours against another. If the homes is listed at $200,000 and there are two full priced offers and one of them is asking for seller’s concessions…..guess which one is not going to be picked.
2.) Do not ask for extra appliances, furniture, or anything. Keep it clean. If the seller was willing to get rid of the washer and dryer they would have put it in the listing ticket. They may be offended that you want their dining room table that they love. Again if there are two very similar offers who do you think they are going to pick? The one that isn’t asking for anything extra or yours. Being greedy and even wanting one more item may cause you to loose the house. Do you want to do that?
Remember your offer is going to be compared to any other offer that is submitted. So you want to submit a clean ready to go offer. In a seller’s market you do not want to get into long negotiations. You may be negotiating for two days over something simple only to lose the home to another buyer because they submitted an offer during your negotiations. Their offer was clean and straight forward. They weren’t haggling over the refrigerator. You lost the home you wanted over a $1000. In a seller’s market that could be a costly mistake. You may not find another home like that for 2 or 3 months.
So keep your offer clean. Be smart. Get that offer signed and sealed as quickly as possible so it does not become a multiple offer situation. Submitting a strong offer without asking for anything extra will hopefully get you to the closing table. I hope these tips on how to buy a Commerce home helps you get the home of your dreams. Good luck and happy house hunting. Call me on my cell if you need help getting a southeastern Michigan home. (248)310-6239
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