How to not set your house price

Pricing your Metro Detroit Home

A few weeks ago one of my first time home buyers put an offer in on a Novi home.  It wasn’t a Novi foreclosure.  We looked at all the comparables for the home and my clients made a good decision on offer price.

But the problem was that the Novi home sellers were chasing the market down.  They were always over priced for the Novi real estate market and they still are a little.  My buyers offer was a reasonable offer.   But now theNovi home sellers were digging their feet in the sand.  They have put a list of $215,000 out there and they didn’t want to sell it for less than $215,000. ( price has been changed to protect the identity of the seller)..

We were $5000 apart when we stopped negotiating.  If you call it negotiating.  My buyers kept coming up in price and the other side didn’t budge.  My buyers were willing to pay a little over market for the home.     But when we tried to negotiate they were firm on their stance they weren’t going to take less than $215,000.  NO WAY, NO HOW  WERE THEY GOING ANY LOWER.  My new Novi home buyers moved on, and bought another Novi home, and the seller’s home still sits for sale.

There are three mistakes the seller is making.

  1. Not being realistic for the market.  Look at the recent sold prices and accept them.  You want to sell your home right?
  2. Not being flexible.  You can’t dig your heels in and not negotiate most of the time in this market.  It is still a buyers market.  You will have more buyers walking away than selling the house.
  3. Pricing the Novi housewrong.  The seller should have priced the house $5000 higher.  You have to give the buyer the feeling of getting something off list price in the market.

For more Metro Detroit home sellers tips feel free to visit my other website if you can’t find enough good information on the right side of the page in the category sellers tips

Livonia Real Estate Wayne County homes for sale

Russ Ravary your Novi relocation specialist

It was sunny here in the Metro Detroit area so my quote of the day is:

Blest power of sunshine!–and genial day,
What balm, what life is in thy ray!
To feel there is such real bliss,
That had the world no joy but this,
To sit in sunshine calm and sweet,–
It were a world too exquisite

Thomas Moore

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