"You Snooze you Lose" if you are in the market to buy a foreclosure or short sale in the Ann Arbor Area market. Yesterday, I told my team "We are in a sellers market for foreclosure's and short sales."

Two weekends ago, I was in Norfolk, Va saying good-bye to my son who left for a 6 month cruise on the Dwight D. Eisenhower. While there I got a call from one of my Buyer Agents.

"Missy, I'm sorry I have to bother you, but I just tried to set up 5 showings for yesterday, they were all already under contract." "Is it that crazy out there?"

Yes it is

Another of my buyer agents has written 5 offers on 5 separate homes for her clients who just finished law school and are First Time Home-buyers. I said five and the homes were already gone.

Another buyer agent showed a home the evening of the day it came on the market. She called the listing agent and it was available with no offers. They saw the home that night, wrote $10,000.00 over asking price, that night. She submitted the offer and promptly got a call from the listing agent and was told they already had 3 offers and hers was in third place.

I'm not sure how it is in other parts of the country but that is what is happening in Ann Arbor and the surrounding area's in Washtenaw County. However, it just happened to my friend Fran Gatti in Crescent City, CA.

So we are back to a sellers market:

• Shortage of Inventory
• Multiple Offers
• Convincing Seller to offer over asking price 

I remember those days....

Having not experienced a sellers market in Ann Arbor Area since 2001, it is good to remember some of the challenges that came with a sellers market.

There has been a lot of discussion on who to blame for the downturn in the housing market with...Lenders, Appraisers and Realtors getting tossed into the mix.

But, let's not forget the buyers were grabbing up homes, and over-bidding on homes with multiple offers.

The demand created by the nature of a sellers market, and a shortage of inventory drove those prices up.

If you are a home-buyer in Ann Arbor and want to purchase a short-sale or forclosure in the Ann Arbor Area:

• Be prepard to look at the home the minute it hits the market.
  
• If you love the home, be willing to write the highest and best offer on the spot.
  
• Realize you will probably be competing with other home-buyers that want the same home. 

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Missy Caulk & Team can be reached at 734-216-2822 or email: Missy@MissyCaulk.com

Our TEAM of 6 buyer associates are available to help you relocate to Ann Arbor, Saline, Dexter, Chelsea, Milan, Ypsilanti Township, Clinton, Manchester, Whitmore Lake, or throughout Washtenaw County, MI.

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