Laura Gross knew that she’d be facing fierce competition this spring when she was getting ready to bid on a four-bedroom house in Troy, Mich., a suburb of Detroit. So she pulled out all the stops: She waived an appraisal contingency, offered $30,000 above the home’s $285,000 list price, wrote a letter expressing why she loved the home (it reminded her of the house she grew up in a mile away), and offered the seller a free 60-day rent-back.
The seller chose Gross’s offer over seven others. “I knew I had to offer above list price and waive contingencies to even have my offer considered in this market,” says Gross, an accounting manager at a manufacturing company.
Gross is just one in a tsunami of house hunters who have flooded the housing market since the coronavirus pandemic began. She experienced firsthand how tough today’s housing market is for buyers.
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