Selling your Metro Detroit home
A lot of Metro Detroiters are asking the question should we sell or should we wait it until the market comes back. You have to realize that we are back to 1990 prices. In some cities we are back to 1970 and 1980 prices. That is where it is at unfortunately. Metro Detroit home prices have fallen dramatically. I don’t believe there is a subdivision or city that has not fallen back to 1995 prices. That is 14 years ago.
So this is what I have to say to people that are thinking of waiting it out until the market comes back. Can you wait 14 years for your Northville home or Novi homes value to come back? We had a very hot real estate market up to 2004. So if you even realistically think about this it was 9 years for the prices to rise to their top value in 2004 (1995 until 2004). So the minimum amount of time it will take this market to come back is 9 years from now. So if everything turned around today it would be March 2018 before yourNorthville or Novi house value came back.
That is if the economy turned today and went full force from today forward until 2018. So that is what you need to do is determine what your time frame is to sell. What do you think Detroit’s economy is going to like in the future? Where do you think the economy is going to be like in the next year? The next two years?
The bottom line is if you put your Metro Detroit house up for sale then price it so it will sell. Ask your agent for the recent sold homes in your area. Compare them to yours and then price your home competitively so your house will sell within 30 to 60 days.
If you are thinking of selling your home whether it is in Livonia, Redford, or Farmington Hillsgive me a call. I’ll work hard to help you achieve our goal. My cell is (248) 310-6239
Your Oakland and Wayne County Realtor