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Unmotivated Sellers In South Lyon Are Making Real Estate Deals Tough!
Finding the right house to buy right now is not easy. Low inventory and lots of competition are tilting the negotiation scales toward the sellers. Coming together with the right price and terms can be even more of a challenge. The best deals are made between buyers and sellers who are motivated. You can waste a lot of time and money with sellers who are not motivated to sell at their current market value.
Imagine this scenario: You decide to make an offer on a house. To make sure it’s accepted, you offer the full asking price. You expect the sellers to immediately accept, But, they don't. In fact, they're disappointed. They wanted to sell for quite a bit more than asking and were hoping for a bidding war. Assume they do accept. You get a home inspection and pay upwards of $1,000 depending on the home and it's particulars. Your inspector finds a problem(s) that weren't readily apparent during your walk-through. You ask for repairs. Sellers may flat out reject your request and demand you take the home as-is.
Suppose you take the home as-is. Realtors are having problems right now with appraisals coming in low. Assume you offer 250k, but the appraisal comes in at 225k. You only have a few choices in this situation. You can switch mortgage companies and pay for another appraisal (about $500 a pop), come up with the difference between the appraised value and your offer value, or hope the seller reduces the homes price to the appraised value. If none of these options are pursued, the seller, in most cases, can declare the offer null and void.
You are now out thousands of dollars and be back to square one. This can be extremely frustrating!!!
Last year, sellers often received multiple offers and higher selling prices. This is the result of years of tightening inventory and price appreciation. This year is different. In most areas prices aren’t dropping but inventory is still tight. But they aren’t rising at the same rate they were in years past either. There aren't as many new buyers as new mortgage applications have recently indicated. Unfortunately, some sellers are still pricing their homes for last year’s market and rate of appreciation.
HOUSE HUNTING TIP: How can you keep from wasting your time and money with an unmotivated home seller? Have your South Lyon Realtor find out why they are selling their home in the first place. Motivated sellers are prepared to sell at market value, whatever that might be. They are sellers who have a need to sell. Downsizing, empty esters, relocation, death and divorce (as morbid as that may be, these are motivated sellers).
However, beware of a seller who is selling because they would LIKE to move, but they DON'T HAVE TO SELL. Or, They'll sell only if they can get a certain price. Another unmotivated seller is one who’ll sell if he can find the right house to buy first. You could wait months (and possibly it may never come) for a seller to find their dream home. If there’s no urgency to sell, the seller isn’t motivated.
You’re looking for a seller who will sell, not one who may sell.The list price can and the amount of time on the market can be a great indicator of the seller’s motivation. If the house has been listed for several months without a price reduction, this could be a great indication that you are dealing with an unmotivated seller, depending on the market of course.If you’re interested in a listing that has been on the market for some time without a price reduction, have your South Lyon Real Estate Agent find out why the home isn't selling. Has the seller turned down reasonable offers in the past? If so, keep looking.
Motivated sellers will properly prepare their homes before putting them up for sale. A staged home is a good sign.
Another positive indicator is a listing that’s easy to show. A listing must be shown in order to be sold. If the seller restricts showings, the seller is making it difficult for Realtors to do their job. They are unmotivated sellers.
If you are curious about the VALUE OF YOUR OWN HOME CLICK HERE for a free instant analysis of your home. Remember, this is just an estimate. Only a licensed Realtor can prepare a proper market analysis.
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Josh Murray is The Broker Owner of Linked Realty/Top Michigan Realty Group, a firm that specializes in all aspects of Residential Real Estate in Metro Detroit. Josh Murray received Hour Detroit's Top ....