Use recent pricing and supply to decide how aggressive your first move should be
If you are trying to decide how strong to come in on a home, my answer is to respect the limited supply first. In Bloomfield Hills, MI, supply stood at 1.54 months last month, so I would not build a plan around slow-moving conditions that are not showing up here.
One number to respect from recent data is 1.54 months of supply. That matters because Bloomfield Hills, MI was marked as a seller's market recently, and recent offers landed about 97.1% of asking last month, which tells me room to negotiate may exist on some homes but not enough to justify a casual offer strategy. Keep this simple. A typical sale took 34 days last month, and the typical closed price was $518,750. My read is that you should get your financing and proof of funds lined up before touring, then narrow your search to homes where the asking price still fits your real budget if you need to stay close to prevailing terms. Looking at the latest numbers, the clearest signal was the gap between the typical asking price and the typical closed price. The typical asking price for active homes was $1,012,499 last month, while the typical closed price was $518,750. Some metrics were not reported for this period. I recommend you separate your target list into homes priced near recent closings and homes priced well above them, then decide in advance where you will compete and where you will walk. Where people get this wrong is assuming every listing deserves the same offer structure. In Bloomfield Hills, MI, ten homes moved to pending in the last three months with a typical pending price of $787,500 and a typical pending timeline of 9 days. Write clean terms on the homes you truly want. Leave inspection, closing timing, and price limits decided before you enter negotiations so you do not improvise under pressure.
About Key To Dream Team
Key To Dream Team is a licensed Real Estate Professional affiliated with eXp Realty, specializing in the Bloomfield Hills market. With a focus on strategic marketing and deep local knowledge, Key To Dream Team provides clients with expert guidance in navigating complex real estate transactions. View full profile →