MI Real Estate Answers: How Can I Get What My Home Is Worth?

By
Real Estate Agent with RE/MAX Gallery
Q. I want to move to a bigger house but every agent I talk to tells me I won't get what I want. It's not that I "want" it, I need it be able to make a move.

A. If you're serious about selling, better to price where the market is selling rather than 'chase the market down', by continuing to reduce your price. This usually results in a longer time on the market plus a perception by buyers that there is something 'wrong' with your house because it has been on the market so long.

That said, you can ask whatever you want for your home. The rub comes after you've found a willing and able buyer ready to pay your price because your home needs to appraise for the selling price. Appraisers will use the very same comparable homes that the agents have shown you.

Remember, the beauty of this market is that although you'll take a hit on your home, you'll also be paying a lower price for your new home!

Comments (3)

Loan Survivor Real Estate Financing Expert
Purchases, First Time Buyers, Pre-Approvals, Refinance - Birmingham, MI

I still hear this so many times a week.  It's amazing what sellers think!

Mar 14, 2009 08:55 AM
Terry Lynch
LAR Notary and Closing Services - Saint Clair Shores, MI

Some sellers still haven't come to grips with the reality of todays market.

Apr 02, 2009 12:13 PM
Tim White
Coldwell Banker Woodland Schmidt - Hart, MI - Hart, MI

"Remember, the beauty of this market is that although you'll take a hit on your home, you'll also be paying a lower price for your new home!"

Oh you SO nailed it! I use this logic at least daily! Great minds think alike? Great post Debra!

Semper Fi!

Apr 20, 2009 02:46 PM