Southeast Michigan Real Estate: How to Set the Right Price to Sell Your Home

Posted in Southeast Michigan Real Estate by Michigan Real Estate Expert on September 23rd, 2010

Setting the asking price for your home for sale is one of the most important decisions a Southeast Michigan real estate homeowner has to make in the selling process.  Why is it so important?

1. You only get one chance to make a good first impression.  With so many competing Southeast Michigan homes for sale, yours has to pop out immediately as a good value or buyers will move on, unlikely to return. You get one stab at your home’s debut, and it’s easy to blow it.

2. Set the price too high and you could hurt your chances of selling your home.  The amount of traffic a home gets in the first week on the market is about 5 times what it gets the following weeks.  The traffic continues to decrease every week. You might say, “Well, I’ll just lower my price.”  This hurts almost as much as it helps.  It conveys to buyers (the few who are still considering your home) that your home was overpriced and may still be.

3. Setting the price too low can be almost as harmful. Buyers who are looking in a specific price range may not consider your home because of the low price tag.  They assume it will not fulfill their needs or worry that there’s something wrong with it.

How do you know what that magic number should be for your home?  Here are 3 factors to take into consideration when setting your asking price:

1. Neighborhood sales prices:  Recent closed sales in your immediate neighborhood offer the most pertinent data for predicting the sale price of your home.  List prices of homes still on the market should be taken into consideration also, because they show the current pricing trend.  A professional Southeast Michigan real estate agent will do all this research for you as part of their services.

2. Condition of your home:  If your home has been better maintained, is more up to date and shows better than the other homes for sale, it will sell faster and for more money. Updates, even those as minor as having current paint colors, impact pricing.  Updated kitchens and baths are especially important to buyers.

3. Appraisal value:  As the seller, you can get an appraisal on your home before putting it on the market.  You’ll have to pay for it, but it may be worth it to get access to this pricing tool.

Are you ready to sell your Southeast Michigan real estate?  Let me do the research for you and help you set the best price to get your home sold.  Call me today at 248-514-2640 or email me at

Lee Morof sells North Woodward Homes in Oakland County Michigan RE/MAX Showcase Homes

Lee Morof
Associate Broker/Attorney
RE/MAX Showcase Homes
Birmingham, Michigan
Call:  248-514-2640

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