Novi real estate update

Here is what has been happening in the last 30 days in Novi real estate.  Like most of metro real estate Novi homes are selling quickly and for very close to list price.  Many Novi homes have gone up in price in the last two years.  Which is a blessing to many Novi home owners.  I am noticing that some Novi home owners are starting to move up into a larger home.

Many Novi homes are selling close to list price and selling in under 30 days.  The years of putting in low ball offers are gone.  In the last year and a half the Novi real estate market has changed.  If you put in an offer of 20% below list price in 2013 you will be laughed at.  You will lose the Novi home you are bidding on.

The key to buying Novi real estate in 2014 is to get out there and see the home as quickly as possible.  Know the market.  Use an agent that will provide you recent sold prices of comparable homes.  Those comps will help you make a solid financial decision on how much to pay for a Novi home.

Many homes are getting top prices.  The buyer and seller are sometimes agreeing to an above market price only to have the bank appraise it for a lower price.  Then the buyer either has to bring more money to the closing table or the seller has to lower the price.

Many Novi home buyers are finding it is a tough market.  Tough to find a home at a below market price.  There are more buyers than there is home inventory.  So be prepared to get into a bidding war.  If the Novi home is in good to excellent condition many times there will multiple bids on the property.

If you want to search Novi foreclosures or Novi homes for sale go to Http://www.michiganrealestatehomes.com