Detroit Real Estate

Novi Real estate

                                 Novi sellers tips

About a year and a half ago I went out on a listing appointment.  I had done a CMA (comparative market analysis) on the property.  I showed the Novi home sellers three homes that were almost identical to their home that had recently sold.  One home had sold for $30,000 more than I was recommending as the target sales price.  But that home had an updated kitchen, and bathrooms where my sellers did not.  The other two were really close.  I left the house that night without the listing as the sellers were interviewing two other agents the next day.  A couple of days later I called the Novi home sellers to find out their decision. 

They told me they had gone with another agent that was going to list their home over a $125,000 more than the house was worth (Way more than I was going to list it for).  They basically said I didn't know what I was talking about.  That I didn't know what their house was worth.  I thanked them for the courtesy of letting me have the chance to sell their home.  They went on with the other agent.                                                                

Well the home sellers ended up having the home for sale for over a year and a half and two agents later.  During that time they kept lowering the price but it was always over the market price.  About 6 months ago they got more agressive and lowered the sales price to about market price.  It finally sold last week $65,000 less than my target price after a year and a half.

The home sellers ended up chasing the market down.  They got sold a bill of goods by another agent.  They ignored recent sold homes in their neighborhood.  They got emotionally attached to what prices were 2 years ago.  They got the idea their home was the best because it was their home and didn't look at the other homes amenities.  They ignored other homes that were high priced and that had long on market times.  They ignored the times on the market for sold homes.  They lost money on their Novi home.  In this market you can't afford to do that.  You can't afford to over price your home.

I know western Wayne and Oakland Counties very well.  I do neighborhood updates every six months for a lot of Novi, Plymouth, Northville, Livonia, Canton, and Farmington subdivisions.  I spend a lot of time taking buyers around showing homes.  I seem to have a new Michigan relocation buyer coming every month not including all the people that live in state that are buying.  I see a lot of homes.  I know what the competition is.

As a Metro Detroit home seller it is important to pay attention to homes that have sold in your neighborhood in the last 6 months.  That is what a CMA is all about.  Showing you what has sold and how they compare to your home is what you should be looking at.  Not what prices were 2 years ago.  Or that you think your home is the best.

In this Metro Detroit home buyers market you have to price your home to sell.  After all that is what it is all about.  Getting it sold for the highest price possible in the market.  Getting it sold is your goal.  Getting it sold, to move on with your life.  So price it right. 

You want the sold sign in front of your house not the for sale sign.