Lee Morof's Real Estate Blog

I am a RE/MAX Associate Broker/Attorney selling homes in the North Woodward Area of Oakland County, Southeast Michigan. Like the rest of the country, we are in a buyers market with more homes than buyers to buy them. Many home sellers think that they can list a home at a price they have in mind and then “see what happens.” In my opinion, that can be a huge mistake and here’s why. In a buyer’s market, you usually have a pool of buyers who have been looking for a while for a home, usually more than thirty days. To attract those buyers, your home must first be in excellent condition. Second, you must price the home somehwhere between the middle and the bottom of the market as those are the homes that the buyers are looking at. Naturally, they are looking for the best deal. At the present time, in Oakland County, Michigan, one of every two homes sold is bank owned. The reality is that if you want to sell, you have to compete with the bank owned home. Most buyers will pay about a ten percent premium above a bank owned home because bank owned homes are usually in rough shape and have had the appliances removed. After thirty days, new buyers trickle into the market. If the existing pool of buyers have rejected your home due to its price or condition, you will be fighting an uphill battle. Some sellers I recently worked with in Ferndale, Michigan understood all of this and listed their beautiful home at a price around ten percent above the bank owned competiton. Within fourteen days, a first time home buyer who had previously looked at more than one hundred homes made an offer on a Ferndale Michigan home that was ninety six percent of the list price, right after he looked at the home.

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