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s spring arrives in Michigan, the state's real estate market is experiencing a surge in activity. According to Realcomp II Ltd., there are more homes on the market this season than in previous years, offering exciting opportunities for homebuyers. However, with increased competition and shifting mortgage rates, buyers must be prepared to act quickly.
To secure their ideal home, buyers should identify their must-haves versus nice-to-haves, have financing in place, and be ready to submit offers swiftly. As Erin Rose, a recent homebuyer, discovered, location played a significant role in her search, and she prioritized features like a first-floor laundry room over an extra bedroom.
The number of homes on the market has increased by 19% from last year, marking a five-year March high, according to Realcomp data. This abundance of choices is beneficial for buyers, but it also means that acting fast is essential. Local real estate professionals advise buyers to prepare now and move decisively, knowing exactly what they're looking for and being financially prepared.
To compete in this fast-paced market, buyers should get pre-approved for a mortgage, have their earnest money deposit ready, and be prepared to submit an offer quickly. They may also consider shortening the inspection period or waiving it altogether to strengthen their offer. However, this comes with risk, as buyers may inherit costly repairs they weren't aware of.
Buyers should also explore neighborhoods before making an offer, researching local school districts, nearby amenities, and commute times to ensure the area aligns with their lifestyle needs. A knowledgeable real estate agent can be an invaluable partner in this process, providing early access to listings and advising on smart offer strategies.
By being prepared and working with a skilled agent, buyers can navigate the competitive spring market and secure their dream home. As one local expert notes, "This is the single biggest purchase of a person's life. Buyers need to be educated on the market and ready to move when they find the right fit."
