The Problem with Overpricing Your Southeast Michigan Home

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What’s the problem with pricing your home high if you plan to
come down later? Market data shows that this pricing strategy
does not pay off.

First, you should know that buyer activity is very high right
now, and homes are selling very quickly. In the Midwest, home
prices increased by 6.3% year over year, and there are plenty of
areas in Detroit where appreciation is even higher than that.

Right now, the $250,000 to $500,000 price range is hot, and has
seen a 17.5% increase in sales since last year. If you have a house
in that price range, now is the time to sell. You’ll have a
line of people waiting to see your property



“

PRICE YOUR HOME ACCURATELY


FROM THE VERY BEGINNING.

”


In this price range, accurately priced homes sold for 98.9% of the
list price and spent only 22 days on the market. However,
overpriced properties only earned 92.4% of the list price and spent
81 days on the market. Overpriced properties took
four times as long to sell compared to accurately priced
ones! Avoid a stale listing and missing out on earning top
dollar by pricing your home accurately.

If a house is on the market for over a month and a half, people
start to assume that something is wrong with it because most good
properties sell very quickly. Purposely overpricing your house
is not in your best interest.

If you have any questions, give me a call or send me an email. I
would be happy to help you!