Pricing your home right – Oakland County real estate talk

Whether you own a Wayne County home, a Livingston County lakefront home or an Oakland County home pricing your home right is so important.  Yes Metro Detroit is a sellers market.  So yes I am telling every home seller to price their home at the top end of the price range of the condition it is in.

If your home is in excellent condition you should be getting at the very top of the market price.  You may even be able to get over the market price if the bank’s appraiser doesn’t knock it down.  But the key in pricing your home is not to be stupid.  Unfortunately I see one or two a year.  Stupid sellers that think they are smarter than a real estate agent that spends 70+ hours working.

You can bring those type of people all the latest comparables of all the homes that have sold.  Yet they are determined to list their home way above market price.  I had a lady let’s call her Peg from Commerce.  She had a nice lakefront home but she wanted to price it a $100,000 above the market price.   That was 25% over where it should have been.  She thought that her swampy lakefront on a small lake would demand pristine lakefront prices on a big all sports lake.  She knew more than me and refused to listen or look at the comps.  So she listed with another realtor that would list it high.

She ended up selling it 6 months later at a price I told her she would.  The sad part is that she may have been able to get a little over what I originally said because the market became red hot after she listed.   But she lost all those good first initial buyers.  If your home sits on the market then you are going to get low ball offers.  She paid taxes, utilities, insurance for 6 months longer.  She could have sold in a week at the price she finally sold it for.  But……

In this hot metro Detroit real estate market if you price it right in the beginning you are probably going to have a bidding war and multiple offers.  Some over list price.  So don’t be a pig a Peg and over price yourself right out of selling your house for six months.  Get those best initial lookers to put in an offer.  You get the most traffic on home showings in the initial start of showings.  So price it right and SELL YOUR HOME.

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