Wednesday, February 28, 2007

With it being a buyers market in Southeastern Michigan it has become tougher on Realtors and For Sale by Owners, (FSBO) trying to sell their houses. If you do not have to sell your home do not put it up for sale. However it is going to take 3-5 years to come back to prices a year or two ago.
The three main reasons a house does or does not sell are location, price, and condition. So if your house is not selling think about this.
Location. Is your house on a main road, or back up to a main road? Can you see a shopping center, industrial buildings, cell tower from your house? Can you hear traffic from your house? Is a School close to your house? Does a lot of traffic come by your house? If you answer yes to any of these questions then location is a problem for you. What that means is that your house will have to be priced better than other comparable homes in your area and it should be nicer than other comparable homes. That is what will make it sell. You can't change those outside factors so you either have to reduce price or improve the house.
Condition. Some of the items that make a home in the "top condition" in Michigan are. Granite or Corian counter tops, updated wood cabinets, updated bathrooms, freshly painted (neutral is a plus), like new carpeting, walkout and finished basements. Do you have any of these? What are you lacking? These homes bring top dollar and move faster! Not many houses are selling in thirty days. If it is selling right away it is priced low to move it.
Price. Right now is Michigan price is the key. There is no way around it. It is not price it right, it is price it lower than your competition. Those are the houses that are selling. If you are not getting traffic then you need to lower your price.

Bottom line in Michigan is that people know it is a buyers market . Whether it is Oakland County, Livingston County, or Wayne County it is the same. They are taking their time to make decisions, because they know the house will be there. They know the price may drop just by waiting a week or a month. If they don't buy your house they will get a deal on the next one.

Buyers Bottom line is that unless you absolutely have to have a house, you should be putting in offers of 10% - 20% less for a house. Negotiation is the key now.

If you are selling your house search your competition on my website http://www.russravary.com/ Search the MLS. Put in number of bedrooms, number of baths, 150 square ft less than your house, and 3 cities around yours including yours. Look at your competition, and your price how do you compare. Thanks and have a great day. Russ Ravary

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