The Problem with Overpricing Your Southeast Michigan Home

Southeast Michigan Real Estate Podcast with Derek Bauer

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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

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PRICE YOUR HOME ACCURATELY

FROM THE VERY BEGINNING.

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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!