Lee Morof's Real Estate Blog

I just received this email from a potential seller of Southeast Michigan real estate. The email and my response are well worth posting. First the email:

We are interested in listing a single family residence in Birmingham.   We are not in any rush to sell the property and fully realize the market is currently depressed.   We do not want to give the home away in the currently depressed market but thought we should list it at this time.   We want to avoid wasting your time or our time if you are not genuinely interested in listing it with an asking price of $450K which may well be $100K over current market value or appraisal.   If interested please respond to this email

Now, my response:

Wow! Very interesting email. First, if you don’t need to sell at this time then don’t. We are experiencing a severe buyer’s market and homes listed at the top of the market are not selling. Realtors who list properties at the top of the market are either incompetent or using their sellers to attract buyers to sell other home to. Moreover, by listing a home they know or should know will not sell, they are only perpetuating a buyers market.I don’ t want anyone to give their home away either. As you know, youi cannot sell a stock on the New York Stock Exchange for a price above market. The same is true for a home in a buyer’s market. If a buyer falls in love with your home and agrees to the above market price, the transactioin will fail because the home will not appraise and the buyer won’t ge the financing. If you are certain that the $450,000 amount is $100,000 above market, then I respectfully am not able to help you. If you are not certain, I would be happy to do a market analysis of your Southeast Michigan real estate in Birmingham free of charge.

Lee Morof
RE/MAX Showcase Homes
Birmingham, Michigan
www.NorthWoodwardHomes.com
info@NorthWoodwardHomes.com
Call:  248-514-2640