The 2017 summer real estate market in Michigan and Oakland County in particular is definitely a seller’s market. Inventories are down, and demand and prices are up. While this may be great if you are looking to sell your home, you have to remember a couple of things for buying your next home:
- Those same higher prices that you were offered for your home when it was for sale, will still apply now that you are buying. So remember that even though your home sold for more than you even thought it would, chances are, you might be paying more than you thought you would for your new home.
- In a seller’s market, you have to be extremely proactive as a buyer. This includes making sure that you are prequalified and ready to put in an offer on a home that you desire. In a seller’s market, any hesitation or the failure to be prepared will cost you a chance at getting the home that you desire.
- Just because it is a seller’s market doesn’t mean that you have to rush to get to the closing table. Even though a quick closing may seem more desirable to some sellers, as a buyer you still want to do all of your proper due diligence, including all the necessary inspections by licensed professionals. A good real estate agent will help you put together an offer that shows the seller that you are a serious buyer, yet at the same time will allow for adequate time frames for inspections, the mortgage approval process, and ordering and reviewing title, surveys, and city inspections.