Don’t sell your Metro Detroit Home

Don’t sell your Metro Detroit Home if you do not have to.  Don’t put it on the market….If you are just thinking of trying out the market and “seeing if you can get your price”.  Don’t sell if your are not serious about selling.  Selling your home in the Michigan Real Estate Market is going to take time and the home prices are going very low compared to prices in 2003 & 2004.

Here is the scenario in Southeastern Michigan real estate.  Some economists are predicting that it will take 10 years for home prices to get back to their high prices.  Here are my thoughts and warnings:

1)  Don’t buy another Metro Detroit home until you have yours sold unless you can afford 2 mortgage payments for up to 1 1/2 years.  Can you afford 2 house payments, 2 insurance payments, 2 tax bills, double utilities for up to a 1 1/2.  Some houses are taking up to a year and a half to sell.

2) Don’t put your house up for sale unless you have to.  Some of the reasons to put it up for sale are.  A) a death in the family.   B) A divorce.   C) A job transfer  D) Retirement and want to get on with your life  E) Want to get a bigger house. 

Prices are not coming back to their highs in 3-5 years (in the metro Detroit Area).  It would take double digit appreciation to get back to their highs in 3-5 years.  What would change that our real estate market would get red hot?  Do you think the Michigan economy is going to get red hot in the next few years?  People who have their homes foreclosed can’t buy a house for 3 – 4 years.  So many people can’t buy a home so more homes will be vacant.  We do not have enough qualified buyers that banks would give a loan to.(with the tightened bank guidelines) 

It is not unusual for buyers to offer 10 – 15% less than the listed price.  If you think you are going to get full priced offer you might be shocked.  You will get a good offer is your home is updated, very clean, and priced right.

Pay attention to the comparative market analysis (CMA) that the Michigan Realtor gives you.  That is a good indication of where your local real estate market is at.   If you are serious about selling and willing to adjust your price to the changing market then put your home up for sale.  If not do not waste your time, your money, your realtor’s time, or your Realtors money by putting your home up for sale.

For more of my outlook on Michigan real estate, seller’s tips, how to buy a bargain go to my website www.russravary.com