Reality, Finally or How to Sell a Home in 30 Days or Less

So the Detroit Free Press has finally jumped on the bandwagon and figured out that the local housing market is inundated with homes to sell. Signs of Sagging Demand is the headline and the article goes on to point to examples of homes on the market for a long time, one as long as two and a half years!

On one hand, it’s nice to be vindicated with regards to what I’ve been saying for at least the last nine months. On the other hand, it’s a shame that the reality of the market is just now trickling out into the mainstream. The Freep quotes the Office of Federal Housing Enterprise Oversight (OFHEO), stating that Michigan saw a property appreciation rate of 3.76%. While that is the lowest rank among the 50 states, it is still apace with inflation. The other bit of silver lining in that low ranking is that by slowing the rate of appreciation, Michigan housing becomes more affordable and attractive compared to other states. According to OFHEO’s numbers for the Detroit-Livonia-Dearborn area, it is the third most affordable major housing market.

So, Freep, How Do I Sell My Home?

From the article, “You can price a house at what the market wants and it can move in 30 days, or you can price it at what the seller wants and it will sit for nine months.” [ed. Or two and a half years!]

I’ve not been able to say it better than that.
[hat tip: Dad Waller]

Update:  Go figure, I laud the local media for finally recognizing the housing market that we are in and the National Association of Realtors backs my opinion up further!

Technorati Tags: , , ,

0 Responses to Reality, Finally or How to Sell a Home in 30 Days or Less

  1. […] Well, recently, this blog commented on a Detroit Free Press article that highlighted how to sell that home quickly. The good news for Michigan homeowners: while our average property appreciate rate was 3.76% for 2005, 50th in the nation, that also makes us one of the more affordable states for folks to purchase property. And think about that 3.76% in appreciation. On a $300,000 property, that amounts to $11,280. Sure, not the rates of appreciation that we’ve seen in our state’s recent past, but better than -3.76%. […]

Leave a reply

1212 Woodlawn Ct, Wolverine Lake, MI | Lake Community Living
1212 Woodlawn Ct, Wolverine Lake, MI 48390 Search Wolverine Lake Homes » [more]
SOLD | 2001 Marble Ct, Commerce, MI | Expansive Ranch on an Acre
2001 Marble Ct, Commerce, MI Search Commerce Township Homes » MLS: 3258 [more]

Todd Waller | Ann Arbor Real Estate | Berkshire Hathaway HomeServices Snyder & Company, Realtors

todd waller | real estate | todd @ toddwaller.com | 734.564.7465

Homes of Ann Arbor

BeforeYouBuyAnnArbor.com

BeforeYouSellAnnArbor.com

©2018 BHH Affiliates, LLC. An independently owned and operated franchisee of BHH Affiliates, LLC. Berkshire Hathaway HomeServices and the Berkshire Hathaway HomeServices symbol are registered service marks of HomeServices of America, Inc.® Equal Housing Opportunity.

copyright ©2018 | todd waller | sitemap | privacy policy

Todd Waller Real Estate
Local Business: Todd Waller
Description: Todd Waller, a self described "destroyer of the real estate fortress of suckitude," focuses on helping sellers and buyers in Ann Arbor, Canton, Livonia, Northville, Novi, South Lyon, Plymouth, and Ypsilanti
Website:
Location: 2655 Plymouth Road Ann Arbor MI 48105
Email:
Phone: 734.564.7465