Metro Detroit real estate market
The Metro Detroit real estate market is red hot, but the sales figures are not always showing the true picture. For my clients I send them recent prices of the area they are buying in so they can get an idea of how hot the market is. So many times Metro Detroit real estate buyers do not believe that people actually bid above the list price. So the only show them what is happening is to pull a list of homes that have sold in the last 30 or 60 days that show the list price and the sold price.
But that sometimes does not even show the true picture. For example I sold a home in White Lake. It was listed at $320,000 and my clients had lost several houses so they bid the list price as soon as they saw it. The buyer and seller signed the contract at $320,000. So the list price and the sales price should have said $320,000 and $320,000 for the sold price right. WRONG
The house did not appraise! It only appraised for $300,000. So the seller had to lower the sales price/ contract price to $300,000 because the buyer had no extra money and the bank would not loan more than the $300,000. So now the list price was $320,000 and the sales price was $300,000. It was not the true picture. This is happening quite often in this hot market.
So do not get completely fooled that some people are bidding lower and getting them. If the house has been on the market for less than 10 days and there is a large gap between list and sales price I would bet that it did not appraise out. Like I said most of the Metro Detroit real estate market is red hot and is a sellers market. So ask your real estate agent to print out what is selling in the area you are buying in to help you bid right.
I hope this Metro Detroit home buyer tips saves you grief and time. May your house hunting be fast and stressfree. Russ
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