Selling your property is a complicated business made even more difficult if you are looking for a quick sale. If you live in Michigan and have been trying to sell your home, but to no avail, there are some things you can do to make it more attractive and get the right price. This post will discuss the housing market’s current state in The Great Lakes State and some advice you can use to find interested buyers and get the best price possible.
Current State Of The Michigan Housing Market
If you want to get the correct price for your property in Michigan, it is first wise to understand the market and current trends. House prices rose steadily and were up by 7.1% in March 2022 alone. Moreover, because the current median house price for the entire US is just over $400,000 and only $218.500 in Michigan, the state looks like a desirable proposition for new homebuyers. However, it all depends on a range of factors, including where you live. The top five cities that experienced the fastest price growth include:
- South Lyon
- Forest Hills
- Burton
- Detroit
- Pontiac
Furthermore, over 41% of home sales have concluded above their initial listing price, with a median of 22 days on the market. All of these data points indicate that you should be able to sell your Michigan home with ease. Nevertheless, as with anything, things are slightly more complex, and if you want to get the right price, there are some things you can do to ensure a speedy sale at a fair price. So let’s take a deeper look into what you can do if you want to be in the top range of sellers in the great state of Michigan.
Find Out How Much Your Home Is Worth With An Appraisal
The importance of getting your home appraised before putting it on the market cannot be stressed enough. It is a good idea for many reasons and should be at the top of everyone’s list when selling their property. Getting your home appraised before putting it on the market is a good idea for several reasons:
- It will give you an idea of what to expect when you sell your home.
- You can check if any repairs need to be done, which can be done before the appraisal is conducted to increase the estimate.
- If the appraiser deems your property not worth what you ask, it will save you time and money by knowing this information upfront.
Conversely, it will enable you to adjust your expectations and list your home at a fair price to facilitate a speedier sale.
Analyze Recently Sold Properties
Following on from the previous point, it is vital that you analyze recently sold properties in your area before you put yours on the market. The data that is available for these recently sold properties is invaluable for determining how much to list your property for, what price to list it at, and how long to wait before lowering the price. Look at similar properties that have been for sale in the same area as yours over the past six months. When performing your analyses, you should narrow down your search by only looking at comparable properties in terms of size and age. This will provide you with a far more nuanced picture that you can use to come up with a fair price.
Hire A Real Estate Agent Who Knows The Area Well
It’s not just about listing your property; it’s about understanding the local market and how to price your property to sell quickly. It’s about understanding how to appeal to a buyer’s needs and wants. In order to be successful in selling your home, you need an agent who understands the nuances of the local market and knows what buyers are looking for in their next home. Therefore, a real estate agent who understands the local market is essential when trying to sell your house. The agent should be able to give you an accurate estimate of how much your home will be worth (that should compare with your own research) and what they think the best approach would be to sell it. In addition, local agents will have an extensive network that they can tap into to increase the likelihood that your home will sell according to the median time on the market, as mentioned previously.
Maintain Your Property To Increase Its Saleability
The housing market is a competitive one, so if you want to make the most money off of your home, you need to be able to make it look as attractive as possible. If you have any outdated features in your home, such as an old kitchen or a bathroom that needs updating, now is the time to fix them up before putting yours on the market. Additionally, it is a good idea to hire a contractor to fix any problems on your property. Make a list of maintenance issues with them, and then decide which are worthwhile and which can wait. For example, simple issues leaky faucets drastically reduce a buyer’s offer price but are very simple to fix, making it something that you should get on top off right away.
Remain Flexible
The housing market is constantly changing, so it is vital to remain flexible when selling your home because the current state of the market will affect the price and time it takes to sell. The housing market has been experiencing a shift in recent years. The prices of homes have been rising while the inventory has been shrinking, especially in Michigan. This means fewer homes on the market, making it more difficult for buyers to find what they are looking for. The demand for homes has also increased over the past year, meaning that buyers are willing to pay more than ever before, and sellers need to be prepared for this when pricing their homes. However, rising interest rates are set to put a damper on the market, meaning that you should be willing to adjust your price according to demand and current events.
Getting your property price right is probably one of the most important things you can do. You can quickly find yourself spending months or even years trying to sell your home. So it’s worth spending the time to give yourself the best chance of succeeding.
