While Michigan housing prices are up an average of 13% over the past year and 42% of homes are selling for more than the asking price, according to the investment property analytics service Mashvisor, homeowners shouldn’t just rest on their laurels and hope they’ll have buyers knocking down their door with cash offers.

“Right now, the right house in the right neighborhood is getting multiple offers,” said Charlie Rogers, of Re/Max in the Park in Hazel Park. “People will lose out on four homes before they learn how to bid.”