Some home sellers who had sold their house over the last few years, may have made out pretty well. However, now the market is most definitely changing, and it is quite noticeable. The truth is, home values in Detroit are down, and are still sliding in a downward trend. Some people have simply waited too long to sell but it is impossible to time a market because no one can predict the future with pin-point accuracy! Contrary to what some people think, a house actually can be sold in any market condition. Even when home values in Detroit are sliding down!
Be cautious when pricing
A big thing we’ve seen a lot of, are sellers who are misinformed about how the real estate market in Detroit is doing today. The market is not what it was 12-24 months ago. This is a truth that many sellers don’t like hearing, but the numbers and data don’t lie. Houses are sitting on the market for much longer than before and oftentimes with multiple price reductions. The amount of housing inventory is also increasing which adds to it starting to lean more towards becoming a buyer’s market again. Real estate markets move in cycles and are mainly driven by supply and demand. As a seller, it is very important to stay well informed in order to achieve the best results as possible. Do not over price your house when trying to sell! It can be a very costly mistake and it is totally avoidable.
Reach out to a professional who knows the market
If you have any questions about selling your house in today’s market, please contact Detroit Fair Offer! Our team is highly experienced in the local Detroit real estate market. We understand the challenges that many owners face, that maybe specific to our unique area. Even though home values in Detroit are down, we can help you! Contact Detroit Fair Offer now!