Oakland County real estate update.

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It has been another great week in getting offers accepted and getting my clients homes sold. This hot seller’s market is a two edged sword. Many real estate agents myself included are listing homes at the high end of the market because home prices are going up.

The issue we face as realtors is not pricing the home too high. If we price it too high then nobody is going to put a bid in. Yes that is true. When you price an Oakland County home too high you lose some buyers right off the start because they do not want to see the overpriced house. Then even if they see it, they may not have understood it was so high priced until the comps were pulled.

Let’s say the comps were in the $350,000 to $400,000 range. And the home was priced at $460,000. The buyers agents is going to tell them that they would have to put in a $340,000 offer in order to get it even to the high end of the range at $400,000.

So is that $340,000 offer going to be looked at if the seller is listing it at $460,000? No mostly likely not. So most agents will say do not even bother putting in an offer that low. Wait until the seller gets reasonable.

So one of the best things to do in this Oakland County real estate market is to price it at the high end of the comps to get the best price you can. Yet do not over price it so you don’t get offers or so it will not appraise.

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