Housing market remains red hot across Mid-Michigan
MID-MICHIGAN (WJRT) - A fiercely competitive real estate market across Mid-Michigan is showing no signs of slowing down.
Despite the coronavirus pandemic and the recovering economy, real estate experts say it’s a seller’s market. That means the stakes are high for anyone searching for their next dream home.
”The market is really hot right now. We placed our home on the market and within four days we had eight offers,” said homeowner Troy Mansberry.
Real estate agents and a couple who recently purchased a home offered the same price: Go big or go home.
“We’re going to be going into getting our next place,” said Jacob Mansberry “We definitely took notice of how competitive it was when people were putting offers on our house, so it kind of drove us eventually to build a house, because we were worried we would be stuck in a similar situation.”
Troy and Jacob Mansberry sold their Genesee Township home not too long ago. Four anxious days on the market and eight offers later it was sold.
“I think there’s two major things at play here: Money is cheap and interest rates are super low and inventory. You combine those two and it’s a challenging market,” said Realtor John Wentworth with Wentworth Real Estate Group in Fenton.
He’s seen many homes that are correctly priced and in good condition receive upwards of 15 to 20 offers within just a couple of days.
“Where it used to be hey, we’re going to negotiate the best price. Now you’re negotiating just to get the home, especially when you’re against 15 to 20 other offers,” Wentworth said.
That means things like adding an appraisal guarantee into the offer or waiving the home inspection or even writing a heartfelt letter to the seller -- anything that will put one buyer a step ahead of other offers on the table.
The Mansberrys didn’t even want to hassle with that part of the process, which is why they chose to do new construction.
“Get out there and explore. If you don’t know what you want, talk to someone about it,” Troy Mansberry said.
So how long will the market stay like this -- that’s the million-dollar question. Wentworth said he doesn’t expect any drastic changes in the foreseeable future like increasing inventory or rising interest rates.
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