Despite all the buzz around refinancing and the HARP revisions, people are still out there buying houses in Michigan.
- Purchase inventory in Metro Detroit is down 28% compared to this same time last year
- MBA numbers show purchase applications have hit a 15 yr LOW!
- Multiple offers are becoming more common and are received right away
- Sellers are typically not counter-offering and are accepting the best offer
The key thing for buyers to remember in this market is that Less Is More. A restrictive purchase agreement that draws too much attention to the appraisal, issues with the inspection before they actually come up, or requesting too many personal property items are all things that can get an offer dismissed.
You will have plenty of time to address these items after the inspection is done and you have the sellers undivided attention. Let the appraiser or the inspector be the bad guy, not the buyer.
I agree with your comments. Problem is, a lot of buyers are trying to compete with cash buyers and cash buyers are the ones the sellers are picking.