searching for a home for over a year....every house i like gets sold quickly and the rest are not worth 225k to spend and nothing

Asked by jhkogger, Rochester Hills, MI Wed Jan 30, 2013

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Maria Cipollone’s answer
Maria Cipoll…, Agent, Coral Springs, FL
Wed Jan 30, 2013
Home sales has been steadly growing for the last couple of years and is expected to double every year for the next five years. Reason for this increase? Lack of Inventory. Keep working with your real estate agent and soon you will find the right one.

Best of Luck,

Maria Cipollone

Century 21 Tenace
2 votes
Haig Istambo…, Agent, Rochester, MI
Wed Jan 30, 2013

As Michelle said, acting fast is the key. I hate to say this but I tell some clients that are not prepared to move quickly, "It will take you losing 2 or 3 houses before you listen to me". What I mean by that is; be prepared from A to Z to move quickly. Are you purchasing a home using cash or funds from an IRA? Have the proof of funds or account statement in your realtors hands ASAP.

Are you using a mortgage? Be preapproved and make sure the pre-approval is current, within 30 days. Does your Realtor have a deposit check, and is it a very strong EMD? I suggest to go in with a strong EMD and a strong offer. Many, if not most nice homes will sell AT or OVER asking price today, so do NOT lowball an offer, you will LOSE the home.

The email updates that your Realtor has you set up on, do you check those religiously EVERY morning? If not that is your number priority AFTER you have done all of the above. You see a new listing listed that day, you go see it that day and if you love it, you offer on it THAT day, do not "think about it" over the weekend, it will be gone.

I live in the Rochester Hills area and I tell my clients that are looking in that area that if you don't see a home the same day or next day it is listed, be prepared to lose it. Inventory is very low and the nice homes really stick out, so what you see is what every other prospective buyer is seeing. If you think it is bad now, wait and see how spring and early summer is going to be, more buyers and low inventory means higher prices and quicker acceptance of strong solid offers by sellers.

I hope this helps you a bit and good luck,

(248) 379-6547
3 votes
Ryan & Amber…, Agent, Southfield, MI
Wed Jan 30, 2013
You need an agent that knows the market! I get my buyer's the homes they want! If you would like help with your home search you can contact me at the info below and I would be happy to help!

Amber Leatherman
Coldwell Banker Weir Manuel
Cell: 2489247733
1 vote
Annette Law…, Agent, Palm Harbor, FL
Wed Jan 30, 2013
This is a question that you should be presenting to your agent not to strangers on the internet. Ask your agent, "What's wrong with my offer?"
I would imagine that after a year of making futile offers, your agent has already advised you. Sometimes we can only hear what we want to hear.
Are you too slow about getting your offer in?
Are your offers too low?
Do you have a pile of contingencies?
Are you using FHA/VA backed financing?
Is your agent working with a mortgage lender who requires them to forfeit a portion of their compensation?
Are you attempting to buy a $225,000 home in a $360,000 community?
Are your committed or are you using multiple agents?
Are you indecisive?
Now that you have defined the pattern you have followed for over a year that has failed miserably, you clearly understand choosing to repeat these actions is insanity.
it is easy, NOW, to make the needed corrections.
Here it is.
"What are you willing to change?"
It's as simple as that!
Get with your agent and get real.
As long as you demonstrate you are inflexible, not agile, indecisive, non-committal, your agent will not open the treasure box of solutions. They would be a waste of time on someone who can not recognize and respond to what the market place is clearly saying. Only when you abandon, reckon to be dead, the current strategy, your agent can not invest the time and resources to create the environment to make your purchase offers attractive.
What are you willing to change?

Best of success to you,
Annette Lawrence, Broker/Associate
Remax Realtec Group
Palm Harbor, FL
1 vote
Jay M. Jones, Agent, Birmingham, MI
Wed Jan 30, 2013
Yes, the home search can be challenging in a desirable part of town like Rochester Hills these days. Almost exactly a year ago the market made a dramatic switch from what had been a buyer's market to a seller's market. Almost overnight, the number of bank-owned homes slowed to a crawl as buyer confidence took-off. Together with the fact that few sellers are willing or unable to sell at current values, left a shortage of housing almost overnight. Any buyer that is not working closely with a dedicated, trustworthy and knowledgeable Buyer's agent is going to be left in the dust as the competition for nice houses at nice prices is FIERCE. Of course, a good buyer's agent can't conjure-up properties out of thin air, but they can give a buyer a fighting edge by supplying them with listings within hours of them hitting the market and creatively and aggressively assisting their buyers with strategies as how to gain the buying advantage. If you have not aligned yourself with a good buyer's agent do so immediately--it's the best way to secure a great deal. If you are not currently working with an agent, let me know--I'd love to discuss your needs and desires.

Jay M. Jones, Realtor
1 vote
A. Edwards, Mortgage Broker Or Lender, Bingham Farms, MI
Thu Mar 21, 2013
It's no doubt a tough buyers market in Michigan right now. You want to make sure you are pre-approved for a mortgage and then you want to be working with a realtor that knows hows to navigate this chaotic housing market. If I were buying a home in Metro Detroit right now my strategy would be to put offers in immediately and ask questions later; I would also be prepared to likely pay significantly over asking price and putting in offers accordingly. You've got my two cents, realtors are the experts. Best of luck!
0 votes
Mohamed ALY, Agent, DEARBORN, MI
Thu Mar 21, 2013
The key to answer you is in what you wrote ( The ones you like goes so fast) , so you take your time to think and seek others advise wasting valuable time.with a reasonable offer price and quick decsion you can get your home, check my listing at 2108 adreinne ,troy 4 bedrooms ,2.5 bathrooms 2400 ft for $239,900 or call me at (313) 467-2044
0 votes
Jay M. Jones, Agent, Birmingham, MI
Mon Feb 18, 2013
Ummm... It appears the market has turned, Wolverine. There are simply more buyers than there are sellers at this moment in the most desirable Metro-Detroit markets. The market has turned due to lack of housing inventory in relation of buyers to sellers. Reasons? 1) The number of bank-owned homes have decreased significantly due to less foreclosures (the major factor in devaluation of properties--foreclosure sales have dropped from as high as 50% in 2010 to 15% currently). In part, due to 2) the amount of successful short-sales increasing over the past couple of years. 3) Don't forget to consider that the number of sellers willing/able to sell at 1998-2000 values are limited. 4) Add to that, historically low, low, low mortgage rates. 5) AND a significant decrease in the area unemployment rate--thank goodness!

Econ 101; supply and demand. As the inventory dropped, buyer confidence rose. Investors started jumping in when they saw the market was bottoming-out. That is the American way--buy low, sell high--right? Frustrating for today's buyers? Yes. Can it be compared to any other market? Not really... The nightmare stated here long before it happened in other areas of the country--is it really that impossible to believe that an up-swing can start here sooner than other areas? In the not-so-distant past Oakland County was one of the top three richest counties in the nation. Is it impossible to think it wouldn't it rebound accordingly? Property values dropped 30% to 50% (or more) in many parts of town since the peak of the market. Compare today's home values to what they were in 2000 to 2006 and judge accordingly. Could the trend unravel on a dime? Anything is possible... Good luck to us all!
0 votes
Wolverine, Home Buyer, Troy, MI
Mon Feb 18, 2013
Enron style manipulation at its finest by the greedy scumbag investment firms and the banks. It makes me want to scream!!! How in the world are there more buyers than sellers given the fact that in SE Michigan, population has been stagnant for 15 years and there are tons ore housing units built over that time.

Also higher unemployment rate than the national average and yet there is inventory shortage. IO mean WTF and I feel for the OP!!!

Rising home prices in SE Michigan is equal to hell on earth and it is like a nightmare and bad dream to me and a curse, I mean literally it is!! There should be no excuse for it when in other pockets of the Midwest like Greater Cleveland, Metro Pittsburgh, Metro St. Louis, Metro Cincy, etc... are rated as buyers markets by national media news and those areas have similar house hold incomes and population trends to Metro Detroit and yt I do not think there is any whiffs of threats of increasing prices in those areas which many have lower unemployment than Metro Detroit, but there is here. I mean WTF!!!!

I feel for the OP and thought I would rpely to this thread because I am in the market to buy a house within 2 months although my price range is far and far lower than hkogger and I plan on paying cash.

The greedy scumbags need to get the heck out of SE Michigan and stop manipulating the market!! I feel as if the FBUI should come in and prosecute them for Enron market style manipulation!!!

My price range and getting what I want which is a starter brick home from 1000-1300 square feet for $100K to $125K in a decent or better neighborhood up to date roof, electrical and plumbing, in good condition will happen and it is not an option for it not to and no greedy scumbags are going to stop me from finding my dream home in the next 2 months.

Take the same attitude hkogger for your price range and what you are looking for which I am sure is a much larger and nicer home than I am! DO NOT let the greedy scumbags stop you from finding your dream home for a fair and reasonable price!!!
0 votes
Karen Paytas, Agent, Clinton Twp, MI
Wed Jan 30, 2013
Wow you've been given some terrific advice. All I can add is to work closely with your agent and be ready to move as fast as possible.

I wish you the best of luck!

Karen Paytas,GRI,CMS
Real Living Kee Realty
0 votes
Kathy Persha, Agent, Birmingham, MI
Wed Jan 30, 2013
My office is very near Rochester Hills and I own a home in Rochester Hills. I know the area well and would be happy to help you find a home. I already know of a couple for sale near mine. If you would like me to send you some listings, feel free to contact me through this site or my calling me tomorrow. I have no doubt that I can find a home for you very fast. I also have other ways to locate homes that are not yet on the market. Let's talk.

Kathy Persha, Realtor
Nextage Advanced Realty
0 votes
Dan Tabit, Agent, Issaquah, WA
Wed Jan 30, 2013
I love what Annette and Haig have written. They have great advice, so let me ask you where the problem is; is it you or your agent(s)?
If you have a great agent, giving great advice and you choose not to follow it, please don’t blame the system or the agent. My market is exploding with homes going off the market with multiple offers in hours if they are priced right and prepared well. The same thing is happening in many markets around the country and has been for a while. The agents who are successful more often than not at getting their offers accepted have learned how to stand out in the crowd, and it’s not always the highest price.
If you don’t have a great agent giving you great advice, GET ONE. Real Estate has rarely been so competitive. Passive agents who float along doing what they are told sell just enough homes to stick around a while longer while great agents are having career years. You don’t need a blood sucker or a cartoon character. You need a real pro with experience and strategies that work.
Before you chase after any more listings, review your choice of agents. Interview a few and ask the hard questions. No one is getting all their offers accepted, but some are getting a higher percentage than others.
When you find this agent, listen to them and let us know how it goes.
0 votes
Scott Godzyk, Agent, Manchester, NH
Wed Jan 30, 2013
That trend will continue, it means your agent needs to find you listings promptly when they hit the market, you need to go see them the same day and make a good offer with little to no contingincies.
0 votes
Doug Shaw, Agent, Troy, MI
Wed Jan 30, 2013
Give ma a call, I am Troy Resident / Broker with 23 years experience Doug Shaw, RE/MAX in the Hills 248-330-0177
0 votes
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