With the housing market in Southwest Michigan (and elsewhere) starting to settle down, buyer and seller behaviors are also returning to normal. For the past year plus, sellers unequivocally had the upper hand, and everyone knew it. Low interest rates and a shortage of homes for sale resulted in multiple offers within days of listing, driving prices well above asking, and causing buyers to resort to desperate measures in order to secure their purchases.

Escalation clauses. Bridging the appraisal gap. Seller rent-back agreements. Waiving inspections. These tools became commonplace as buyers had to fall all over themselves to get their offers accepted. Sellers expected top dollar for every property and were usually able to get it. Buyers' agents began calling listing agents the same day a home hit the market, asking how many offers they already had, when the seller would be reviewing  those offers, and what magic wand their clients could wave to make the sellers choose their offer. Even full price cash offers were not guaranteed to win.  Crazy! It was an unsustainable frenzy which was bound to shift sooner or later.

Over the summer, it did just that. As interest rates flirted with 3% again and more homes went up for sale, buyers regained some control. While demand for homes remains strong and sales prices are still up overall, the insane activity has abated. Which means buyers can afford to be a bit choosier, and sellers can expect to make more concessions.

What should you as a seller keep in mind now that you are not automatically in the lead? You need to be realistic and flexible. Here are three tried-and-true tips to help you maximize your sales potential:

Make your home as appealing as possible. Clean and uncluttered homes always sell best. Freshen up the paint. Box up your collections, clean out the nooks and crannies, and scrub everywhere. It needs to be done when you move anyway, so knock it out ahead of time for both a faster sale and a less stressful move.

Keep up with maintenance. Do NOT ignore problems. The things you fail to take care of will come back to bite you. Wet basements, leaky pipes, faulty wiring and missing gutters are just a few that top the list. If you can't fix it before the sale you'll likely end up paying the buyers to fix it later.

Price it right and be willing to compromise. Aiming too high with the idea of building in wiggle room usually backfires. Considering buyer requests and being willing to work together may just be what brings it all to the closing table.  

Buyers can also benefit from these time-tested tips so that you don't squander your opportunity for gaining the home you really want:

Make sure your financing is on solid ground before you make your offer. Get pre-approved with a lender you feel comfortable working with, not necessarily the first warm body that answers the phone.  Who you choose to work with makes all the difference in the world for having a good experience.

Have realistic expectations. Older homes cannot be expected to meet all modern standards. Furnaces do not automatically die after 20 years. Roofs which don't leak now may get you by for a few more years. Review your home inspections with an eye for what was not evident from your own observations, not for a wish list of future improvements.

Be responsive to the people on your team. Your agent and lender are working together to help you buy your new home. It sounds obvious, but doing your part when they reach out to you for documentation, information or signatures will help avoid stressful delays. Sellers may not be willing to extend the closing date to accommodate delays caused by your loan, so stay aware of deadlines.

Whatever market conditions lay ahead, both buyers and sellers can achieve their goals with careful consideration and prudent action.