Remember the program, 'Kids Say the Darndest Things?" I loved watching Bill Cosby interview little kids talking about life and their unique perspective on different issues. The show was funny and quirky in part because of the innocense and sometimes pure ignorance of it's little stars.
Recently, I picked up a call from an inquiry on one of our listings. The Caller indicated that he was interested in a property which it turned out had recently been Sold.
I asked the Caller if he was working with a REALTOR who could assist him in his search. He indicated that he was not. But it was what he said next that I found most surprising. He indicated that he knew many agents and other professionals (including family members) in the industry and was himself in the loan origination business. In his words...He wasn't using any of them, because he knew the drill.
Perplexed, I again inquired about if he was being sent listings in real time to avoid the situation he had just encountered by having a home Sold before he could look at it? He said,
'No, I just have these agents who send me stuff and I'm doing this on my own.'
I couldn't help but wonder why he was looking at so many homes without the success you would expect from an expert in the business. And if he realized that when you have EVERYBODY helping you on the job, it's sometimes the same as having NOBODY help you. You know the saying...'too many cooks spoil the broth'.
I wished him well in his Search, but not before telling him that this method he was using was likely to result in his missing the best deals which were often Sold very quickly in a market with record low inventory levels...not seen since 2003.
I put down the phone, shaking my head...It's not only kids who say the darndest things, sometimes grown-up folks who should know better do too.
True, for a long time, we've been in a Buyer's Market. Loosely defined as a time when Buyers could pretty much write up their own wish-list for a given home and have a pretty good chance of getting everything they requested and sometimes more. It's been that way for so long that some of us may have been lulled into thinking this state of affairs will continue forever.
It won't. Things have changed. The real estate market in West Michigan is transitioning. While every home is not getting a lot of action, many homes are. And homes which are priced appropriately and show well are receiving multiple bids in many cases.
To avoid seeing your dream home slip through your fingers time & time again consider doing the following:
1. Do Your Research.
Know what's available in the areas that interest you. This way you'll be better prepared to recognize and respond to a good deal when it shows up.
2. Get Pre-Approved for a Loan.
Having the desire to buy is not the same as having the ability to purchase a home. In today's market, it's important to have your financial situation fully vetted by a licensed loan originator to ensure that when you're ready to move forward, you have the means available to do so.
3. Put Your Best Foot Forward
Over the past two months, we've had several situations where buyers have had to revise their offers due to multiple offer competitive situations. You see, prices have dropped so low, that in many markets, NOW is the time to buy. Real Estate is on sale and many folks who sat on the fence are swooping in to get in on the action while interest rates remain fairly low and inventory levels offer reasonable options.
4. Stay Connected to Your Source of Information.
It's important to remain alert and be informed about the latest offerings in the marketplace. You can obtain a FREE Notification Alert whenever any home which fits your search criteria is listed in real time. There is really no reason to miss the opportunity to pre-view a home because you weren't informed in an era of e-mail notifications and digital alerts.
If you're in the market for a new residence in West Michigan, call us. We will set up a customized alert to notifiy you when new listings pop up. We can also arrange for you to obtain access to view the property so you can determine if the home is right for you.
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