Detroit Real Estate

One of the biggest problems I am seeing in the Metro Detroit real estate market is multiple offers and unrealistic Buyer expectations.

This is making the real estate agent crazy and the buyer upset.  A good Metro Detroit home gets listed.  It is priced great and of course there are multiple offers because everybody is looking for a great house at a good price.  The Metro Detroit real estate agent advises the buyer that they should come in very strong with an "at or above asking price" offer.  The  home buyer laughs at the Realtors crazy thinking, thinks the realtor are from another world and that you have never watched the negative news on The Fox channel or on Channel 4.  They think they know better and put in an offer of 10% - 25% under asking price.

  Guess what!  They don't get the home!  The home sells for over asking price sometimes 5 -20% over list price.   You have to realize that Metro Detroit real estate is not played out on National TV, it is not played out in the news.  Remember news is about reporting what has happened.   We deal with the now, not the past.  Unfortunately the Metro Detroit real estate market has changed.  It has shifted.  It is played out on the LOCAL level with all sorts of variables.  Yes maybe the market is getting slightly healthier... you better ask a local Realtor, not Katie Couric. (She has National news to tackle).  She doesn't know what is happening in the Detroit suburbs until after it has happened.

Many times Metro Detroit home buyers are putting in 3 or 4 offers before getting one offer accepted.  Simply because they have been told there are deals out there.  Simply because they are bidding too low.  So they offer way below asking price over their real estate agents advice.  I have stories from other agents where it has taken 4, 5, 6 offers before the buyer realizes they need to offer full price or better.

Sometimes these home buyers have missed out on the home they really wanted because they were putting in a low price.   Don't let this happen to you.  

BUT IT DEPENDS ON THE AREA.  THERE ARE HOMES THAT SELLING FOR BELOW LIST.  EACH SITUATION IS DIFFERENT.  YOU HAVE TO LOOK AT THE COMPARABLES.

The Metro Detroit real estate market is changing monthly, by the city, by the area.  Ask your real estate agent what is happening in your area. 

Search Oakland County MI homes for sale

Livonia home buyer tips

Oakland County MI first time home buyer advice

The latest New Metro Detroit real estate listings