In the Petoskey area, the number of residential home sales increased 39% between 2012 and 2013. The current number of homes for sale in this area is quite low. Popular, correctly priced homes sell quickly! This means that it is becoming a Seller's Market...BUT...don't worry. The following tips will help you become a savvy buyer:
- Be one of the FIRST people to have a showing of the house.
- If you see a house you like, make an offer QUICKLY. Now is not the time to sleep on it.
- Obtain a pre-approval letter from the bank before writing an offer on a house. This shows the sellers that you are serious about buying their house.
- Offer the sellers a realistic price for their home. There could be multiple offers on the house that you want to buy. You may only get ONE chance to write an offer...make it good one!
- Make sure that your earnest money deposit is large enough to make your offer attractive to the sellers and prove that you really want to buy their home.
- Don't ask the sellers for too many terms, favors or conditions. Doing this might make your offer less attractive to the seller. Only ask for those terms that are very important to you.
- Be flexible with your move in date. Some sellers need a little time after closing to move out of their homes. In this case, you may want to consider allowing the seller to rent the house back from you.