What is going on in Michigan real estate market? Right now we are seeing a small jump in sales and showing activity. I would guess that home prices in Metro Detroit have fallen about 20% off there highs several years ago.
Today they announce it was the biggest drop in home sales in many years. Falling home prices is not just here in metro Detroit. It is also across the nation.
The reasons are over supply of homes, the tightening of mortgage requirements, the lack of buyers that can get homes, the abundance of foreclosed homes.
If you do not have to sell don't! If you do not have to sell don't!! But if you are thinking of moving and want to wait until the market comes back. Then you must realize it is going to take 2-3 years for a major upswing. Many economists are predicting 2010 before prices stabilize and start to move up.
If want to retire, move closer to your children, make a life style change then you need to do it. Don't wait to have the prices come back. It is not going to happen in the next three years. Live your life. Make your decision to move, unless you can not afford to take a loss. Don't wait to recoup a gain you may not get for 5 or more years from now.
If you are thinking of selling go to http://www.checkmyhousesvalue.com/ or go to my website http://www.russravary.com/ for great seller tips
May life treat you and your family well
Russ Ravary
Showing posts with label buyer and seller tips. Show all posts
Showing posts with label buyer and seller tips. Show all posts
Tuesday, April 24, 2007
Wednesday, April 11, 2007
Why isn't my home selling?
Why oh why isn't my home selling? There are several reasons why a home does not sell. Price, condition of the home, location are the main three reason homes do not cell. The two other reasons that also contribute to it are the agent and the company you select and the terms you offer. I am going to start with location first.
You can not change the location. The two things you have to do is sell the good points and adjust the price to the location. If you have a cell phone tower in your back yard, your are going to get less money than a home with no cell phone tower.
If you are on a main road you can actually figure your house is worth 8 to 10 % less than a home that is in a subdivision or is on a quiet road.
If your home is close to the shopping center your agent and you have to sell the benefit of being able to walk to the store. Or if you are next to a fire department you sell the benefit of the safety of being next to a fire department. We knew a lady who actually lived by a fire department. When she got locked out they would get into the house for her.
But if your home is in a bad location or has nearby expressways, or commercial buildings lower the price to reflect the negative location. That is all you can do. Unfortunately when people buy new homes in a brand new subdivision they sometimes fail to think about those things. But when it comes to selling that home it is hard to sell and it will sell for less. I'll talk about condition on my next post.
Need more buyer and seller tips go to my website www.russravary.com Have a great day.
Russ Ravary
You can not change the location. The two things you have to do is sell the good points and adjust the price to the location. If you have a cell phone tower in your back yard, your are going to get less money than a home with no cell phone tower.
If you are on a main road you can actually figure your house is worth 8 to 10 % less than a home that is in a subdivision or is on a quiet road.
If your home is close to the shopping center your agent and you have to sell the benefit of being able to walk to the store. Or if you are next to a fire department you sell the benefit of the safety of being next to a fire department. We knew a lady who actually lived by a fire department. When she got locked out they would get into the house for her.
But if your home is in a bad location or has nearby expressways, or commercial buildings lower the price to reflect the negative location. That is all you can do. Unfortunately when people buy new homes in a brand new subdivision they sometimes fail to think about those things. But when it comes to selling that home it is hard to sell and it will sell for less. I'll talk about condition on my next post.
Need more buyer and seller tips go to my website www.russravary.com Have a great day.
Russ Ravary
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