Scoring a Home in a Competitive Market
Michael Weitzman • December 14, 2014
Whether I’m acting as a Grand Rapids real estate agent or an avid golfer, I can’t help but notice when the situation becomes competitive. Right now, inventory is low, and there can be competition for the most attractive homes. What can you do to find the right home regardless of the current environment?
Even today, you can usually find attractive homes online if you use the right search tool, and I’m told The Sprich Group’s search is ideal for locating the most current listings in the Grand Rapids market. Whatever you can do to prepare for finding your home will serve you well in the long run.
Below are a few tips in case the market is competitive for the type of home and the area you’re interested in:
- Stay up to date on real estate prices in your area. If you know what to expect, you’ll be more prepared to make an offer on a home that appeals to you. The Sprich Group’s online home search tool is a great way to stay up to date on current listing prices. By looking online, you can familiarize yourself with the area, what you’re looking for in a home, and the asking prices of homes that appeal to you. Check back often, because some listings may only be available for a short time. The more familiar you are with the market, the more prepared you will be to make an offer when you start searching in earnest.
- Work with an experienced agent. Choose an agent who is familiar with the market and experienced in the nuances of real estate transaction. Your agent should be your partner in your search. Try to be available to your agent as much as possible to ensure success when you’re seeking the right home or working on an offer.
- Look at the home as soon as you can. For appealing homes in certain neighborhoods and price ranges, the supply is limited. Home buyers who use a search tool like The Sprich Group’s can stay ahead of the game, since listings are posted there as soon as they hit the MLS, versus other sites like Zillow that lag behind.
- Be prepared to make an offer. The seller’s main concern is usually that the sale could fall through at the last minute. Make sure you’re preapproved. Although you can get loans for as little as 3.5% down, it looks a little better on paper if you are able to put the traditional 20% down. Avoid asking for concessions like making the sale contingent on the sale of your home or asking the seller to pay fees. Let the buyer know if you’re flexible on things like occupancy dates or inspection periods. Most if all, work with your Grand Rapids real estate agent to know if you should make your best offer first.
- Write a personal letter about the property . If you’re comfortable writing a few sentences, a nice personal note about your interest in the property may give you an edge. Sellers have an emotional connection to their home, so if all else is equal, they may be motivated to sell to a buyer who will appreciate their property versus, say, an investor.
As golfer Sam Snead famously said, “Forget your opponents; always play against par.” In other words, don’t be too concerned about what other potential buyers will do, just make an offer that you’re comfortable with, and make it attractive to the seller.
Whatever you do, don’t get desperate! You shouldn’t have to settle for a home that’s not what you want, and you also shouldn’t have to accept a deal that doesn’t work for you. That’s where working with an experienced Grand Rapids real estate agent can help.
Photo: David Fulmer
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