What happened to Seller’s Market in Macomb County?
Is your home for sale? If so, you may be wondering what happened to the buyers your real estate agent promised you. Chances are your showings are down. This in a seller’s market. Or is it even a seller’s market anymore?
There are all kinds of factors that influence the housing market in Macomb County, not least of all our weather. This is Michigan, after all. As a seasoned agent, I’ve sold homes in blizzards and heat waves alike, but this year a somnolence hangs over the neighborhoods. In the real estate business we call this a lull, a temporary downturn. Conveniently, we’re blaming it on the hot, hot summer, but there is a low-level of uncertainty in the county that we haven’t seen in a couple of years, a renewed fretting about “values” and the economy in general.
While this malaise is nothing more than a holdover from the great recession, when Macomb County saw its values plummet, it is no indication of our current state, which remains strong despite the summer slump. But what to do if you are that seller who must sell and sell quickly?
First, if your showings have trickled, don’t panic. Sure, there are fewer buyers than there were three months ago, but the people who are looking now are more apt to be serious buyers. They haven’t abandoned the house search like so many other potential buyers, the ones who yawn and tell me they’ve decided to wait until after they close the cottage or come back from vacation.
“Well priced homes do sell, even during heat waves.”
Secondly, if your property has been listed for more than thirty days and you are not getting any showings, it may be time to assess your asking price. While our values in Macomb County are holding steady, the recent spring rush in which “hot” properties received multiple offers, is, unfortunately, no longer in play. As the market is continually evolving, we sometimes need to adjust our asking price accordingly. Usually, a minor adjustment is all that is required to spur renewed interest.
Thirdly, as the amount of foot traffic has slowed, you want to do everything you can to make your home as attractive as possible. This means keeping it clean and free of clutter.
Fourthly, remember that well-priced attractive homes do sell, even during heat waves. So take heart and enjoy the summer.