For Sale by Owners in this buyers market

Would I buy a FSBO in this Wayne County buyers market?  NO WAY!!!!

I have been looking at a lot of Wayne County homes with some of my buyers.  When we are out looking we have seen some Metro Detroit For sale by owner homes.  In Dearborn Heights we were looking at $70,000 homes, yet the For Sale by Owner Home was listed at $120,000 for the same home.  In Dearborn we were looking at $120,000 homes, yet the same small colonial by For Sale By Owner home was listed for $190,000.  In Brighton we were looking at $490,000 home and the neighbor who was For Sale By Owner was listed at $590,000.  The homeowner said “the last two houses in the sub were given away.  Why just a year ago our house was worth $610,000.

When we call I have been shocked by how high the For Sale By Owners prices are.  Of course none of my buyers wanted to see any of them.  I can understand why they are For Sale By Owner.  The FSBO’s have not come to grips with the current real estate market.  Unfortunately as realtors we are the bearers of bad news right now.  Some of my friends even called me a pessimist last week.

Check your home’s value ?

I wish I could lie and tell you that the metro Detroit real estate market is coming back.  That your Plymouth home for sale should be pulled off the market because it is going to be worth a lot more next year.  I wish I could lie and tell you that.  Unfortunately as a home buyer you need to price your home at CURRENT MARKET PRICES…… NOT LAST YEARS….. OR TWO YEARS AGO.  I want to give you the current sold home prices in your neighborhood and then help you make a decision on where to price your home.

As a home buyer I would call on FSBO’s but if their price is way off base don’t bother going into the home.  You don’t want to over pay in this Michigan Home buyers market.  Don’t waste your time or take the chance of falling in love with a overpriced home.  Especially if it is ridiculously overpriced home.  If you overpay for a home now it may take ten to fifteen years to break even.  You may be locked into a home that you overpaid for.

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