A tight supply means your preparation matters more than your opinions.
You are trying to decide if you should keep waiting or start touring and writing offers now. My rule in Madison Heights, MI is simple when supply is under one month, hesitation costs you more than careful prep. One number to respect from recent closed activity is 0.94 months of supply.
That matters because limited selection compresses your decision time, even when you are being thoughtful. In Madison Heights, MI, recent closed numbers put supply at 0.94 months, and a typical sale took 21 days last month. Keep it simple. If you want to buy, you need a plan that matches the pace and the pricing reality. Last month, recent offers landed about 98.8% of asking, which tells me most deals were not being won by dramatic discounts. Action steps I would take right now based on those numbers get fully underwritten not just prequalified and pick your top three non-negotiables before you tour, because a 21-day typical sale timeline rewards fast clarity. Then set your offer guardrails around the 98.8% of asking benchmark and decide in advance what you will do if a home is priced near the typical sold price of $205,000 last month. Some metrics were not reported for this period. The key is to avoid emotional bidding while still moving fast narrow your search, schedule tours quickly, and write clean terms when a home checks your must-haves.
About Ed Brittingham
Ed Brittingham is a licensed Real Estate Professional affiliated with REMAX Eclipse, specializing in the Madison Heights market. With a focus on strategic marketing and deep local knowledge, Ed Brittingham provides clients with expert guidance in navigating complex real estate transactions. View full profile →
