I have a past mortgage client that has their house up for sale on the North east side of Macomb County. ( I don’t list houses that far away because I can’t give the house enough attention when it is so far away). It is almost an 1 1/4 hour away. They bought a new house 3 1/2 years ago out in Howell. Their old house has been on the market for all of that time.
I talked to him a few weeks ago about refinancing but I can not refinance the new home because of the debt ratio with the old home. But he told me he “doesn’t want to give away the house”
I hate to tell him you either “give away the house or it is not going to sell” You are not giving away the house… you are selling it for current market value. You are selling it for what a buyer will pay in this market. There is no buyer that is going to pay last year prices or two years ago prices. This guy has not given the house away when it was worth $50,000 more 2 years ago because he was not going to give it away. He is losing money day after day by keeping the house. He is paying taxes, paying insurance, paying heat and electricity.
You are not giving away the home. You are simply selling the home at market value. I’m sorry. Yes I feel bad for him. But I want to shake him and every other seller that says “I’m not giving it away” Sell the home gosh darn it.
Get on with your life. Quit being frustrated. Get rid of the home and save yourself some money. TheDetroit real estate market is not coming back. So if you are selling your Northville home or Selling a South Lyon home price it to sell.
The metro Detroit real estate market is not coming back anytime soon. It may be five or ten years before prices even start to rise. So price your home right and sell it. It will take a lot of frustration out of your life.