Birmingham is a vibrant city in Michigan and just a short distance from Metro Detroit. The town is popular for its excellent parks and recreational activities, high-rated schools, and vibrant downtown area. The city also boasts a charming atmosphere with a strong community spirit and many locally-owned shops and restaurants. Hence, it is easy to understand why many home buyers are interested in Birmingham. However, the high demand for Birmingham homes brings fierce competition. Here is a guide to help you in navigating the Birmingham real estate market seamlessly.

Make A Cash Payment If You Can

Birmingham’s real estate market is competitive, drawing numerous bids and shortening the duration of properties on the market. Think about submitting an all-cash offer if you can afford it. Buying a home with cash allows you to expedite the process and eliminates the chance that your lender will cause the transaction to fall through. Additionally, an all-cash offer can provide you an advantage over prospective purchasers. Because a buyer is more likely to forgo some eventualities in exchange for the assurance of a speedy agreement, it might even draw a discount.

Get A Mortgage Pre Approval

If you cannot afford an all-cash payment, it’s essential to consult with various lenders for a mortgage pre-approval. You can even better your odds by getting double preapproval. This is to say that rather than apply for preapproval from one lender, you should apply to two. Two pre approvals from reputable lenders will show the seller that you are serious and your deal will likely go through. It can also cover you in case the seller has a bad relationship with one of your lenders.  

Set Aside Around 30% Down Payment.

If you go the mortgage route, you will still need to put down a down payment on a property. This amount usually varies, but thirty percent of the property’s value is a good number. Lenders depend on appraisals to determine mortgage amounts and rates. In a fast-moving market like Pasadena, an appraisal may not always reflect the true value of a home. A 30 percent mortgage protects your deal in case the lender’s appraisal comes in lower, and you need to make up the difference.  

Don’t Skip Home Inspection

Make arrangements for a home inspector to evaluate the property’s condition before drafting an offer. Proceed with the transaction if no issues are found during the investigation. If it reveals any problems, decide if you want to accept the chance of paying for the repairs, try to get a better bargain, or back out.

Hire A Reputable Real Estate Agent and Close the Deal Fast

The standard closing time in the Birmingham housing market is around 45 days. However, with the right team, you can achieve a fast close of fifteen days or thereabout. Hire a local real estate agent like Kevin Cristbrook to help you bring into line your financing, house-hunting, and inspection efforts. Your agent will help you find the ideal home, negotiate contingencies, prepare an offer, and close the deal.

Find Your Dream Home with Kevin Cristbrook

Birmingham’s real estate market is fast-paced and competitive, with much to offer. If you are ready to move to Birmingham, contact Birmingham MI real estate agent Kevin Cristbrook to learn more about living in Birmingham and guide you to the best single-family homes, condos, and estates for sale.