mthudson2002, Home Buyer in West Bloomfield, MI

why am i so picky '',,my bank approve me 250000 cant find a decent 4 bedroom home...?

Asked by mthudson2002, West Bloomfield, MI Mon Apr 1, 2013

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Unless you are expecting the equivalent of a $400,000-$500,000 house for the price of $250,000 or below, you should be able to find a decent home within your preapproved amount.

The bigger issue is perrhaps to understand the current market conditions. Inventory is very low...lower than we have seen for many years in this area. If the law of supply and demand was the only factor, our market would be a very strong seller's market. However, the mortgage process is holding the market back somewhat. What is certain, however, is that we are NOT in a buyer's market as has been the case for so long in this area. Just as sellers had a difficult time recognizing the changing market several years ago when we dramatically changed from a seller's market to a buyer's market, buyer's today are having an equally difficult time recognizing that it is no longer a buyer's market and that the tide has changed. Gone are the "steals" of the past several years. Prices are moving up and buyers have become very competitive as they try to outbid one another for the best of the houses on the market. Because of the competitive buyer market and the low inventory, today's buyer needs to be prepared to act very quickly; failure to act quickly most certainly leads to lost opportunities. Also, as Ron said house will be 100% perfect.

Best of luck to you. Please let me know if I may assist you in your search.

Have a great day!

Shirley Coronado
1 vote Thank Flag Link Mon Apr 1, 2013

Do you have an agent? If you don't, contact us! We're the Real Estate Brothers of West Bloomfield. We will find you something that you like.

Hear from you soon!

Jamie L. Rodgers
My Realty Select
The "Mr. Rodgers" Real Estate Team
The Bros Who Are Real Estate Pros
1 vote Thank Flag Link Mon Apr 1, 2013

First of all are you working with a Realtor? If you are not I highly suggest that you do or else finding the "right" home is going to be difficult. The market is moving so fast that if you take too long to look at a home, it usually will be PENDING with in days, if not a single day.

You took the right step to get approved for a mortgage, now find a Realtor that you can work with, if you haven't already. A Realtor can find you properties that may be coming to market, or homes that are on the market and may have a "Motivated Seller" willing to work with you on the price.

Call or email me if you are not working with an Agent yet. If you are, have a candid discussion with your agent about your expectations.

My contact information is listed below, and Good Luck!

(248) 379-6547
1 vote Thank Flag Link Mon Apr 1, 2013
As you're hearing, inventory is very low right now. The first thing you will want to do is hire a realtor to be your buyers agent. They are your eyes and ears out in the market. Through networking with other agents and offices, we have resources to find homes that you may not see in a standard search or may not be properly advertised and aren't showing up in your searches.

Listing activity will start to pick up a little with the coming of spring. Don't lose hope! It is a great time to buy right now with interest rates as low as they are. I have 5 sellers getting ready to list in the coming weeks - Maybe one is for you!

Feel free to contact me if you need any additional help!!

Margo Borkin
Real Estate One
(248) 318-4776
0 votes Thank Flag Link Tue Apr 2, 2013
I can totally relate to your frustration. It is so discouraging to be approved and not be able to find a home. Being picky really has nothing to do with it. Inventory is so low it seems that most buyers have to look at quite a few homes before they find the "one" and then they have to battle to get it. You should be working with a buyers agent. They can send you listings as they come available and then you'll have to be available to see them as soon as possible.

If you need the assistance of a buyers agent I would be happy to assist.

Have a wonderful day!

Karen Paytas, GRI, CMS
Real Living Kee Realty
0 votes Thank Flag Link Tue Apr 2, 2013
As everyone has mentioned, the inventory is low, but there is absolutely NO problem with being picky!! Buying a home is one of the biggest investments you will ever make and you should be picky and it should not be taken lightly!

As my brother stated in an earlier post to this question, we would be more than happy to help you out! With my brother, Jamie, and myself, you get 2 realtors for the price of 1, plus I am a licensed builder!!

Please feel free to contact us, if you feel we could be any assistance to you!

Thank you!

Bobby Rodgers
Licensed Realtor/Builder

Jamie Rodgers
Licensed Realtor

My Realty Select
7285 Orchard Lake Rd.
West Bloomfield, MI 48322

The "Mr. Rodgers" Real Estate Team
The "BROS" Who Are Real Estate "PROS"
0 votes Thank Flag Link Mon Apr 1, 2013
It isn't you! The market has dramatically changed from even 3 or 4 months ago. Inventory is low. Pricing has not shot through the roof, but it is headed up. I am not sure what it is like in your area, but in West Michigan we are seeing many areas with only a 2-3 month supply of houses, which makes it hard for buyers to get a house. We are not in times of low ball offers, we are in times of you better get in the door before any one else and write an excellent offer or they are gone and many times with multiple offers. So my best suggestion is as soon as you see something hit the MLS...don't walk...RUN!

I hope this information helps! Best Wishes!
Web Reference:
0 votes Thank Flag Link Mon Apr 1, 2013
Right now, there is not enough inventory of available homes to answer current demand. However, when you are shelling out up to a quarter of a million dollars to purchase a home, I think you can be a little "picky". Since homes are selling pretty quickly, it is critical that you be aware of a home as soon as it comes on the market. To that end, you need to be working with a Realtor that will keep you well informed in searching for homes fitting your criteria. If I can be of further assistance, please contact me!
Best wishes,
Mark Mergener
Cell (248) 935-0335
0 votes Thank Flag Link Mon Apr 1, 2013
I can relate. It took me 1.5 yrs to find a home, had planned on it taking 3 months. It's been said you need to sift through a lot of dirt to find gold; couple that with a low inventory sellers market and finding a quality home is no simple task. Best of luck!
0 votes Thank Flag Link Mon Apr 1, 2013
The home you in your question is listed as a 3 bedroom home. There are some distinct challenges for buyers in today's market.

I'm a Realtor at the West Bloomfield Real Estate One/Max Broock office and I would be happy to assist further. My phone number is 248-376-3300.

Thanks for your inquiry,
David R. Kaplan
Real Estate One/Max Broock
6960 Orchard Lake Rd., Suite 150
West Bloomfield, MI 48322


Cell: 248-376-3300
Office: 248-419-3190
E-Fax: 248-419-3090

0 votes Thank Flag Link Mon Apr 1, 2013
Are you working with a Realtor. In this market, the good houses are disappearing almost as fast as they are coming on the market. If you are working with an agent, that person can notify you the day that the property comes out on the market. If you want a house today, you have to look at it the day it goes on the market and make an offer the same day. In many cases, the houses are selling for more than list price within days of being listed. There is such a shortage of good houses on the market right now that we have moved into a seller's market and you have to move fast.

Kathy Persha, Broker
Nextage Advanced Realty
0 votes Thank Flag Link Mon Apr 1, 2013
Great Ron..... that is truly what it is like out there. Plus not enough inventory so there could be multiple offers on properties. If you like a home, give it your best shot. Be ready with all your documents and make the offer worth while.

Good luck

0 votes Thank Flag Link Mon Apr 1, 2013
Especially the Market moving like it is; you are like a kid standing in front of a Merry-Go-Round and you can't decide when to jump on!

Realize that you are not going to find a house that is 100% perfect.
0 votes Thank Flag Link Mon Apr 1, 2013
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