Should You Keep Your Oakland County Home On The Market?
Many a home sellers in Oakland County has been there—the house has been on the market for months and there is no sign of a sale or even an offer. At what point should you pull your Oakland County house off of the market, assuming it is even an option for you? When you start to feel like you are getting nowhere, it’s important to step back and consider the facts of the situation before you make any decisions.
Is The Season A Factor?
If your Oakland County house has been on the market through the summer and well into fall, and the holiday season is approaching, you may feel there is no point in keeping it listed through the winter. You may be right. The holiday season in Oakland County MI is a notoriously difficult time to sell, and you yourself may want to just take a break and enjoy your holidays without interruptions from agents and potential buyers. If you can take a step back and resume your efforts to sell in the late winter or early spring, doing so is usually a wise choice, but not always the best choice. Keep in mind the current housing market conditions in Oakland County MI and throughout Michigan home buyers are having a hard time finding a home to buy right now, the supply of houses for sale in Oakland County MI markets and across the state are hitting near all-time lows.Interest rates remain low, but there are not enough homes available to meet the demand.
Are You Asking Too Much?
Before you consider pulling your Oakland County house off the market, take an honest look at your asking price. If it is unrealistic and you have been holding off from dropping it, going to a lower asking price before you give up on selling altogether might be the wiser course of action. Giving up on what you feel your house is worth is difficult, but if selling is an urgent need you are going to have to do what is necessary. Overpricing your Oakland County home gives the advantage to your competition — the other homes on the market. The buyers you want to attract won’t see your home because they are only looking at homes listed in their price range. Prospective Oakland County buyers who do see your home realize they can get a better deal elsewhere. If it’s your home they want, they may choose to wait until you lower the price. And if you do reduce the price, other potential buyers wonder why the home has been on the market so long.
The right price is determined by the size, condition and location of your home, what comparable homes are selling for at the time you list yours, and the balance of supply and demand in your area.
The Market Is Just Slow
Economic factors have slowed the sale of homes all across the country, but in Oakland County MI there is not enough inventory for home buyers to choose from. If the market is particularly slow where you live, you might want to consider taking the house off of the market for a while and waiting it out to get a better price later, but all indications point to a thriving housing market with the Oakland County Mi area. If you have already moved out, consider renting the house for a while until the market looks up, but this can also be a headache for you. The old trick of pulling a home off the market and then putting it on sometime later in order to make it appear as a new listing doesn’t work any more. Since introducing CDOM (Cumulative Days On Market) buyers and their gents can see how long a property has been on the market, even when it’s been on and off. The history of the property is available to us within the MLS and agents go into that when advising their buyer-clients.You have heard the three most important aspects of real estate are: Location, Location Location…Well the three most important aspects when trying to sell a Oakland County home are: price, price, price…
Making the decision to pull your home off the market is difficult, and you should never do it without looking at all the details and discussing it with your REALTOR®. In some cases, however, it will be the wisest course of action and result in a sale for more money down the line, but keep in ind the good market we have now in Oakland County MI may be a completely different scenario if you wait .
Here Are 8 Secrets To Making A Difficult Home Sale Look Easy
Not all home sellers need to go the extra mile to sell at a good price. But where help is needed, there are several things we can consider together to make a tough sale happen. For example:
- To obtain your best price, don’t be in a hurry to sell. Allow time for the right buyer to come along.
- Decide early what your lowest price will be. On the other hand, don’t hold out for the impossible.
- Think of pricing in terms of un-rounded numbers ($99,800, for example instead of $100,000).
- Always be ready to show your home at short notice.
- Be willing to redecorate if necessary, and mention that in your listing.
- Reply at once to an offer.
- Avoid asking for contingencies on an offer.
- Make immediate possession possible.
Not all of these suggestions may be feasible, of course, in your situation. That’s why we suggest that you let us inspect your property and help you decide what might be most suitable for your particular needs.
Sign, sign everywhere a sign
We all know this song, and it couldn’t be more accurate and appropriate this time of year in the Greater Oakland County area. As a Realtor the signs are not only an annoyance but also make it very hard for my buyers to find the property as the yard signs are buried around in the mass of political signs. I’m not clear if the home buyers are offended or if the political signs have any impact on their choice of neighborhoods in the Greater Oakland County area, but some ask me more details about the neighborhoods than usual and others aren’t shy about sharing their political views.
Growing up I was told never to discuss politics with anyone, now as a relator trying to avoid my political views with my home buyers and sellers is a task, for some reason this year seems especially heated so I avoid at all cost. This political season seems to resemble the Bush and Kerry election time when that was quite heated to some. The question that bothers me is “why do some home buyers choose a neighborhood based on a political view?” some buyers not wanting to live near republican’s or others that don’t want to live near democrats. Areas in Greater Oakland County such as Novi, Northville, Plymouth, West Bloomfield and Farmington Hills seem to be diverse and reserved, but something seems to be a little different this go around.
Do the signs influence the home buyers? Do the home sellers even care?
When discussing this with my home sellers they don’t seem to care much about what the buyer thinks of their signs or political views this time around, but they don’t realize that this could be detrimental to getting their home sold in some cases but their political views are so strong it’s useless to try and convince them otherwise about their signs. Some home buyers on the other hand don’t seem to care either, once they see the signs and feel that based on the signs they are not interested in the neighborhood. A seller cannot discriminate against a buyer and it isn’t even about that, it’s about political views and not getting or finding the right home based how strongly their views are either way.
It’s important for neighbors to have common values, and for the next couple of weeks at least, values and voting preferences seem to be one in the same, but in my opinion it shouldn’t matter to either Buyer or Seller. It is their choice to have a political sign In their yard and to support any candidate they wish, home buyers if they wish can also make their decision based on any reason they wish, but as Realtor s it is a fine line to walk and can be detrimental to our hard work every day to get caught up in politics when it comes to both buyers and sellers. Me for one will be happy when this political season is over and things get back to normal for a short time, but please don’t let the signs be up all winter till spring.
When it comes to pricing your home to sell in Greater Oakland County, you’ll find lots of “experts.” The neighbors may want you to set a high price, thinking it will make their homes more valuable. Your company may encourage you to set a lower price so the home will sell quickly and you can move to your new assignment. You might be thinking in terms of what you paid for your home, how much you’ve spent on it, or how much profit you want from it.
But who sets the price? When you put your house on the market in Greater Oakland County, you set the asking price. But it is the market that determines the selling price. If the asking price is set correctly, the house is likely to sell fairly quickly. If set too high, the house may languish on the market, unseen by the right buyers.
Pricing It Right
A correct asking price is crucial to a timely sale. That’s where we come in. But how do we know how to advise you on price?
- First, we look at the prices brought by similar homes recently sold in the area, and compare their features to those in your home.
- Then we survey the competition, seeing what homes are currently on the market, how they compare to yours and how long they have been up for sale.
- Next we look at how the number of buyers compares to the supply of homes for sale.
- We take stock of the direction of the market. Are prices rising or falling? Are homes selling quickly for the asking price?
- Finally, we look at the incentives other sellers are offering, such as paying some closing costs, and what conveys with the property, like draperies or washer and dryer.
As you noticed, neither how much you paid for your home nor how much money you wish to profit from the sale affect the market value of your home.
Avoid “Testing The Market”
Many times, sellers are tempted to price their homes a little high in hopes of getting more money from the sale. But often the opposite happens, and they sell – after a long time on the market – at a price below what the home would have sold for if it had been priced correctly at first. This is because most buyers look only at homes they can afford.
- If a home is overpriced, many potential buyers don’t bother to consider it because the asking price is above what they can afford to pay.
- Buyers who do tour the overpriced home see that it doesn’t measure up to others in the same price range.
- By pricing the home close to market value, on the other hand, the sellers make the most of their best opportunity to sell to the home’s true market during the highest traffic period – the first weeks after the new listing comes out. That’s when real estate agents call in the buyers they have been working with to see what’s new on the market.
“The best game plan is to price your home over market to give yourself room for negotiation if offers come in low.”
REALITY: Most homes sell within 5% of what similar neighborhood homes have recently brought. Pricing your home too high will actually scare buyers away. They’ll assume you are unrealistic and likely to be difficult to deal with. In addition, buyers who believe your home is out of their price range won’t even look at it.
The best way to deal with a low offer is by making a counteroffer or rejecting the contract outright. Having an experienced real estate agent in your corner will help you price your home to sell quickly, while netting you the best possible return.
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