Are you struggling with your home not selling in Metro Detroit? We will review two options that cause a home not to sell. I’ll walk you through the Multiple Listing Service Sold Data by city, and you can see for yourself if it is the price or the marketing.
Your Home is Not Selling? Avoid This Big Mistake
If your home is not selling in Metro Detroit, one major mistake to avoid is overpricing. Setting a higher price might seem to give you room to negotiate or boost your potential profit, but in reality, it often backfires.
According to Realtor.com, nearly 20% of sellers—about one in five—reduce the price to attract buyers. This isn’t where you want to find yourself when your home is not selling. Let’s break down why starting too high can create problems and how to avoid this common pitfall.
How Overpricing Pushes Buyers Away
With rising mortgage rates and home prices, today’s buyers are stretching their budgets to make a purchase. A seller thinks buyers can negotiate down if they feel it’s priced too high, and buyers more often, their reaction is, “Let’s move on.” The result? Fewer showings, fewer offers, and a slower sales process. The National Association of Realtors (NAR) highlights this as a key challenge.
The Risks of Letting Your Home Sit Too Long
Here’s another challenge with overpricing: homes that linger on the market raise red flags. The longer your house remains unsold, the more skeptical buyers become.
Questions like, “Is there something wrong with this house?” or “Is the seller difficult to work with?” start to creep into their minds. Eventually, you’ll have no choice but to lower the price, but even that comes with risks. Price reductions often signal to buyers that there might be an issue with the property, further discouraging interest.
Your Home is Not Selling ~Finding the Right Price is Key.
So, how do you avoid these challenges when your home is not selling? The answer lies in strategically pricing your home. This starts with partnering with a local real estate agent who understands the Metro Detroit market inside and out and, more importantly, shares that information with you. Rolling up your sleeves and finding out for yourself what your home is worth is also essential.
Step #1 ~ Home Valuation Report
First, we’ll take a simple price-driven approach and get an instant home valuation report, which will be the starting point for your price range.
Step #2 ~ Access the Multiple Listing Service for Sold Data
Like a realtor, You can access my MLS account through a bridge. I have provided a how-to video. The key here is to check different price ranges. Play around with price ranges from low to high and see where your house falls into the mix. Take your time with this step, and be objective. Look at features, condition, whether the house is move-in ready, and how your home measures up with each sold property.
Macomb County Sold Data by City
Oakland County Sold Data by City
Value Driven-Approach
The most crucial step is understanding the difference between the Price-Driven and Value-driven approaches. To determine value, you’ll need an experienced real estate agent who can examine your home through the eyes of an appraiser. The appraiser adjusts the price based on several factors, and here are a few.
- Condition
- Updates
- Remodel
- Type of Materials used
- Lot elevation – Walkout or daylight basement
- Finished basement with amenities
- Updated Mechanicals and Roof
Step #3 ~ Know The Market
I update Metro Detriot Home Prices and Real Estate Trends by City by the 15th of each month. You have direct access to the Multiple Listing Service to track inventory, days on the market, the number of showings until a home goes pending, and whether home prices are going up or down. Knowing the market to determine your negotiation power and strategies is essential.
Macomb County Home Prices and Trends by City
Oakland County Home Prices and Trends by City
Your Home is Not Selling ~ Is It the Marketing?
If your home’s price aligns with the market but is not selling, it might be time to evaluate your marketing and advertising strategy.
- Are the photos of our home high quality and inviting?
- Does your online listing highlight your home’s BEST features?
- Does your listing stand out to the right audience online?
Even with the ideal price, poor marketing can hold back a sale. A strong marketing strategy and proper pricing can make your home irresistible to buyers. If you’re thinking of selling your home yourself, follow these tips:
Confidently Navigate Your Home’s Value vs. Price! Let’s Connect ⤵️
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Final Thoughts
If you’re having trouble selling your home in Metro Detroit, examine your pricing and marketing strategy closely. Avoid overpricing and partner with a local expert who can guide you toward success.
Selling a home doesn’t have to be stressful. With the right price and innovative marketing, you’ll attract serious buyers and confidently get your home sold.
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The information contained, and the opinions expressed in this article are not intended to be construed as investment advice. Metro Detroit Home Experts ~ Team Tag it Sold does not guarantee or warrant the accuracy or completeness of the information or opinions contained herein. Nothing herein should be construed as investment advice. You should always conduct your own research and due diligence and obtain professional advice before making any investment decision. Metro Detroit Home Experts ~ Team Tag It Sold will not be liable for any loss or damage caused by your reliance on the information or opinions contained herein.
