Unlocking West Michigan Real Estate Success
At Jenna Pope Realty, we understand the unique real estate landscape of West Michigan, and we’re here to address a common concern for homeowners like you. Has your West Michigan home been languishing on the market without finding a buyer?
In this region, where the supply of homes for sale remains notably low, this situation is far from the norm. Buyers in West Michigan’s real estate market have limited choices. Therefore, your home holds value in a market with few options.
So, if your West Michigan property still hasn’t attracted a buyer, there’s a compelling reason why. Let’s delve into one potential obstacle that might be discouraging buyers: Asking Price.
Pricing sensitivity is at an all-time high. Buyer’s have less buying power today due to elevated interest rates on mortgages. This means, they can’t afford the monthly payment for that expensive home they had their eyes on a couple years ago when rates were historically low.
As highlighted in a recent Wall Street Journal (WSJ) article:
“If you are serious about selling your home now, don’t get greedy with the asking price. This is still a seller’s home market as there simply aren’t enough affordable homes for sale in many parts of the country. But with average 30-year mortgage rates above 6%, buyers are much more price-sensitive than they were a year ago.”
Why Setting the Right Price Matters
It’s crucial to acknowledge that an inflated price tag can dissuade potential buyers and cause them to dismiss your West Michigan property as an option without even visiting it. In turn, this can create a stigma on your home leaving buyers and agents to wonder ‘What is wrong with that home? Why has it been sitting for so long on the market?’.
The undeniable truth is that your home will only sell for what buyers are willing to pay in the current climate.
If your goal is to secure a sale for your West Michigan property, it’s essential to take action to evoke interest in your home. This is precisely why you need a local real estate professional and strategic partner (like me) to assist in the process.
Realtors leverage data to determine whether your home is priced appropriately for the West Michigan market. Realtors can determine the best price for your West Michigan home. They consider nearby homes, market trends, buyer interest, your property’s condition, and other factors. This strategic approach will enable you to close this one chapter and embark on your next adventure.
While it’s true that West Michigan’s housing inventory is limited at the moment, the asking price of your home plays a pivotal role. If your West Michigan property isn’t selling, it may be time to reevaluate the pricing strategy. At Jenna Pope Realty, we’re dedicated to helping you navigate the West Michigan real estate market with expertise and precision, ensuring your property’s successful sale.
