How to Win in the Genesee County Real Estate Market? Cash, attractive offers and patience

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Genesee County, Michigan. John Brady can be a model of how to be patient when looking for a home in Genesi County.

Experts say this market is now dominated by sellers.

Brady, 43, has been actively trying to buy a house in the Grand Blanc since May 2020. Several deals were close, but none of them confirmed the deal.

“We’re trying to get one, and either they already have an offer, or by the time the date for the meeting comes, they’ve already received the offer and accepted the offer. We kind of missed the opportunity to see some of them because of this, ”said Brady, adding that since starting the search, he has toured more than two dozen houses.

Brady, who works as a manager at Meijer, is looking for a home between $ 180,000 and $ 210,000 to house him and his fiancée.

In practice, the homeowner is not alone in his or her throes.

The property market in Genesee County is a reflection of what many areas of the state and country are experiencing.

This is a sellers’ market where demand exceeds supply.

Brian Abraham, a real estate agent with Keller Williams and also a real estate agent for Brady, helps an up-and-coming homeowner navigate the murky waters of the market.

Abraham said there are several ways that home buyers sweeten.

One way is with an escalation clause – a clause that allows a potential home buyer to make an offer, but also raise an offer.

For example, if a seller receives a different offer that is higher than the original offer, the prospect’s initial offer is automatically increased.

Another option is a grade guarantee or gap. It is then that the buyer agrees to cover any difference between the offer price and the assessed value of the property.

The third way, Abraham said, is when buyers offer to pay a transport company to help the sellers move out.

And of course there is cash. More and more people are offering money offers.

“They come out in droves, I would say, more than I’m used to. “Usually money is the king,” Abraham said. “Usually, when you buy a property with cash, you don’t need to go through an appraisal, so that saves the seller some worries.”

According to Abraham, people are trying to do everything in their power to get a home.

A real estate agent with 14 years of experience said he has never seen a market like this, but believes there are several factors that are driving the situation.

More and more people working from home and children attending virtual school from home have encouraged some families to get bigger homes. Also, normal people in need of layoffs, Abraham said.

There are 559 homes for sale in Genesee County, according to Abraham.

The $ 6,000 Flint home is the cheapest home on the market in the area, and the most expensive is the $ 3.9 million home in Grand Blanc.

“The most important thing I see is that everyone needs a barn and some land,” Abraham said. “They need some space between neighbors, but quite often there is not much land and so much is available, and construction is now at a high level due to construction costs and labor. I think people are ready to take on the additional construction costs because they are tired of losing. “

Abraham explained that circumstances created a domino effect for salespeople who then have to find a place for themselves.

Sue Shangle, a junior broker with nearly 30 years of experience, said the big problem is that stocks are low.

“We’re running low on supplies,” Shangl said. “We’ve never had that many homes, so there are 10 buyers for every home.”

The largest amount a Shangle customer has paid in excess of the original list price is $ 30,000.

Shangl said the limited stocks were created out of fear of people who want to sell their home but don’t know where they will go.

“The fear of going to market is more than the reward of big money,” Shangl said. “What has changed between the 2008 timeline is that people do have a stake in their homes.”

Shangle, president-elect of the East Central Association of Realtors (ECAR), said the association typically has 2,500 homes in Genesee County to work with, but current inventory shows only about 600 homes are available.

An associate broker predicts more homes will be on the market soon because conditions can’t stay that way forever, she said.

“Supply and demand dictate what happens in our market,” said Shangl, who had 14 exhibitions in less than two days for one home last week.

There have been two occasions where Brady was just steps away from closure, but obstacles such as technical words for a condominium in a subdivision that did not accept an FHA insured loan and home owners that were valued at $ 10,000 less than they requested were stopped he didn’t get too close to the houses.

“Right now, it’s the biggest struggle to try to live your life, basically, but still save and not be able to find $ 20, 30, 40,000 to pay the difference in evaluating what the offer is and what the seller is going to. accept, and then have more money, ”- said Brady.

Brady currently lives in an apartment and his lease expires in November. He still hopes that the real estate market will change, and by the fall he will find something.

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