Home Selling in 48185>Question Details

April, Home Seller in Westland, MI

When do you think the real estate market will turn around?

Asked by April, Westland, MI Fri Sep 19, 2008

I have had my home up for sale for about 6 months. I've had no traffic through it. I know it's priced too high. But, I can only lower the price about $1k/month. I owe approx. $115k & it's up for sale for $117k. The realtor says it's a beautiful home. Eventually, I know it will sell. But, how much longer do I wait?! I have a feeling it may be about 1.5 years from now until I can get it priced right to sell. I don't want to rent it out b/c I just want to be done w/it.

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April being from Michigan I can tell you this you have to be priced Below the market to get your home sold. We have sold many of our sellers homes this year but only the ones that listen. If they can not come down to meet the market we can not help them. You did not mention when you bought so here's a little history.

Michigan was in a heavy sellers market from 95 - 01 which drove the prices way up. Then we switched to a buyers market in June of 01 where prices started to level off and go up a little a year. But in 04-05 we started to see the market go down and since then it has been coming down fast. The bank owned homes and short sale have ruined the values. Now we do not service Westland but work Macomb County, so it's probably the same.

By what we are seeing out there we would say we are feeling the signs of the market leveling off again. But the changes made this week on Wall Street will either help or hurt it. So turn around is a crystal ball question.
0 votes Thank Flag Link Fri Sep 19, 2008
If you absolutely have to sell then you need to make concessions (including price). If you do not have to sell but just want to upgrade then my recommendation is to sacrifice for 2 years and then re-evaluate. This is not the time to sell if you don't need to.
Web Reference: http://www.hugotorres.com
0 votes Thank Flag Link Fri Sep 19, 2008
Ah, the classic question.
The person in the best position to advise you needs to know three things
1. Your property
2. Your personal situation (when you need to move, how much you need to net)
3. Your local market trends and values

You need showings (10-12) to get an offer. No showings means that it is over-priced. If you are not serious about selling OR you are not willing to price it to sell, then take it off the market.

The LONGER your home is only the market, the less it will be, For example, right now in my market listings that sell within 30 days sell closest to asking price. At 120 days it is 93.6% of asking.

You'd be better off re-launching it later (assuming you think that home values are going up.) According to Trulia prices are dropping.

You make the call.
0 votes Thank Flag Link Fri Sep 19, 2008
Keith Sorem, Real Estate Pro in Glendale, CA
In this market April, it's price, price, price! If you know you can lower it, then what are you waiting for? You don 't want to miss out on a buyer not seeing your property because it is priced right. Aren't you still paying taxes on it? That's wasting more money, and more time. There's no telling how long it will take to sell, but if you know the price isn't right, then now is the time to lower it.
0 votes Thank Flag Link Fri Sep 19, 2008

Real estate is local so while some areas are presntly turning, other areas are many months away. Your situation is common. The question you need to answer is how much are you willing to pay to move on. If your answer is nothing, then you need to wait and be patient but understand the longer you are the market for a given price the less likely you are to receive that price. If you are willing to part with a couple thousands dollars just to move on with your life, reduce your price and move on.

Cameron Piper
Web Reference: http://www.campiper.com
0 votes Thank Flag Link Fri Sep 19, 2008
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