Here is a Wayne and Oakland County real estate update. One of the biggest problems I am seeing in the Wayne and Oakland County area is multiple offers and unrealistic Buyer expectations.
This is making the real estate agent crazy and the buyer upset. A great home hits the market, priced perfectly and of course there are multiple offers. The real estate agent advises the buyer that they should come in very strong with an "at or above asking price" offer. The Buyer Client laughs at the Realtors crazy thinking, thinks the realtor are from another planet and that you have never watched the negative news on channel 7, and proceeds to put in an offer of 10% under asking price.
Guess what! They lose! The home sells for $1000.00 over asking price. Bottom Line; 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. 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. Maybe the market is getting slightly healthier... you better ask a local Realtor, not Katie Couric. (She has National news to tackle)
Many times buyers are putting in 3 or 4 offers before getting one offer accepted. Simply because they have been told there are deals out there. So they offer way below asking price over their real estate agents advice. I have stories from other agents where it has taken 5, 6, 7 offers before the buyer realizes they need to offer full price or better.
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.
Wayne and Oakland County real estate market is changing monthly, by the city, by the area. Ask your real estate agent what is happening in your area.
Search Wayne and Oakland County homes for sale
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My Month of April quote:
"Sometimes the only way to get to the far shore is to lose sight of the shore you just left"
Russ Ravary
"helping make your move easier"
your local Metro Detroit Realtor helping clients like you sell and buy homes through out the entire Metro Detroit suburbs. I love showing and selling Oakland County and Livingston County Lake front homes too.
