That was the title of another blog I read two days ago. The realtor was divorcing her seller. The seller wasn’t listening that their home wasn’t worth the price they were asking. The seller thought their out building was adding tremendous value to the home. They thought their home stood out above other homes in the area. This realtor was from Minnesota.
So their was not much different in Minnesota than here in Metro Detroit real estate. It is extremely hard for metro Detroit home sellers to grasp that their homes have lost so much value. Why it is hard for me as a Metro Detroit realtor to grasp it. My own subdivision has lost over 35% of it’s value. So if my Livonia home has lost 35% and it is hard for me to swallow as a real estate professional how hard is it for “Joe Public” to accept. I’m not even selling…. I can’t imagine having to take the pill of losing that much value.
The same happens here in Michigan. When we as Realtors go into somebodies home to list their home most people are somewhat prepared. But it still shocks them to see the Wayne County home values or the Oakland County home values. Some Metro Detroit home sellers are stubborn and are not willing “to give thier home away” But this is reality. You are not “giving your house away” you will be selling your home for market price. You will be selling your home for what a buyer will pay. You are just selling your home and hoping that a buyer will think your home is a little better value than other similar homes in your area. So you can get your home sold and move on with your life.
So when a Michigan realtor comes to your home with recent comparables (recent sold homes like yours) listen to the Realtor. If you price your Wayne County home high you will be chasing the market down. What I mean by that is by the time you realize that you are overpriced you will lower it a little bit. But by then the Metro Detroit real estate market value will have dropped. So then even though you dropped your price you will be over priced for the Metro Detroit real estate market. This will happen over and over as you chase the market down. You will finally get tired of chasing the market down. You will either pull the house off the market or you will end up letting your Michigan home go for much less than what you originally listed it at.
That is because some Oakland County home buyer will see that you have had it on the market for over a year and really give you a low ball offer.
So the key is to price your Metro Detroit home right from the beginning. I am not going to lie to you. It is still going to take over a month or more to sell in this buyers market. In many Metro Detroit cities the average time on the market is 6 months. There are very little buyers out there so it is going to take patience and having your home in the best shape possible.
The bottom line is: Homes are being bought and sold here in the Metro Detroit suburbs so if you want your real estate to sell trust a professional who is dealing with the real estate in this tough economy day in and day out.
More sellers tips part 1 More home sellers tips part 2
My quote of the day:
“It’s lack of faith that makes people afraid of meeting challenges, and I believed in myself.”
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