Lee Morof's Real Estate Blog

Sellers are quick to blame their Bloomfield Hills real estate agents if their homes are slow to sell, but that can be an unfair assumption.  Here are four reasons for a slow sale that have nothing to do with your Bloomfield Hills real estate agent:

Reason #1:  Your neighborhood has seen better days.
There are many signs that a neighborhood is in decline. Examine yours to determine if this could be one of the reasons why your home isn’t selling. Here are a few signs to look out for: local businesses going out of business, schools deteriorating, major traffic jams or a multitude of foreclosures or short sales. What can you do to get your home sold if your neighborhood is in decline? Work with your Bloomfield Hills real estate agent to set the price of your home based on the neighborhood’s current market value.

Reason #2:  Your home is located in an area of high unemployment.
When businesses close or down-size, it impacts more than those who have lost their jobs; it effects the value of homes in the area as well.  It also makes it difficult to attract buyers to the area because most people want to live where there are more employment opportunities.

Reason #3:  You have an unrealistic idea of what your home is worth.
Regardless of what you might think, a Bloomfield Hills real estate agent is not going to price your home at bottom dollar just to get a sale.  This type of strategy doesn’t help anyone including your agent.   Do your homework on what comparable homes in your neighborhood are selling for, and listen to your agent’s pricing advice – you’re paying for his or her expertise!

Reason #4:  We are in a recession and banks are less willing to lend.
Banks have much tighter lending requirements and people have less money to spend.  That means buyers must have higher credit scores and larger down payments to qualify for a home loan.

The fact is that in the current market homes take longer to sell.  So, before you decide to replace your agent, be fair in assessing their job performance. And, don’t blame your Bloomfield Hills real estate agent for the slow market.

Thinking of selling your Bloomfield Hills home? I’d be happy to do a free comparative analysis of the current value of your home. Give me a call today at 248-514-2640 or send me an email at info@NorthWoodwardHomes.com.

Lee Morof
Associate Broker/Certified Distressed Property Expert/Attorney
RE/MAX Showcase Homes, Birmingham, Michigan
Call:  248-514-2640
info@NorthWoodwardHomes.com
www.NorthWoodwardHomes.com