Farmington real estate market

Our market in the metro Detroit is changing.  It is no different in the Farmington MI real estate market.  We started out the year very strong in a sellers market.  We had a good spring and summer month selling season.  At the end of July the Metro Detroit real estate market started slowing down except for the hottest markets.

We are seeing more homes staying on the market much longer.  Homes that are updated and move in  ready are selling, but homes that need work or overpriced are really sitting.  It is very important in this market to paint and have your carpeting in the best shape possible.  Many buyers will turn up their nose at a home is it is not in great shape.  Todays buyers will over pay for a move in ready home and updated home and pass by a home that needs work.

Homes are sitting on the market much longer and price is becoming more of an issue for many home owners and Metro Detroit home buyers.  I know the market is changing because I am getting daily emails from other agents telling of price reductions on the properties they have listed.  You would not have seen this back in May or June.  To sell your Farmington Hills home you are going to have to price it competitively.  Gone are the days of  pricing at the top of the market and seeing if a buyer will bite at it. 

Even the best homes I would be careful on how you price your home this fall.  If your Farmington MI home is not up to par, or needs work you need to price your home aggressively if you really want to sell.  If you are a buyer in this market you should be able to negotiate more freely than you could a year ago.  However the good homes are still going to sell fast and for more money.