Home prices in Michigan are on the rise. The home price index report from Corelogic has announced that Michigan's 12 Month Home Price Index is up 14.1%. Since the decline in home prices started in Michigan in November of 2005 and dropped nearly 40%, this still leaves us with a -23.9% decline overall. So, it's good news for seller's but expecting the price of your home to get anywhere near what the value was in 2005 is unreasonable. Keep this in mind when pricing your new listing. I am seeing a lot of turnover on homes purchased between 2003 - 2005 - the top of the market in Michigan. We still have seller's "upside down" on their mortgages and this can be a problem if you want to sell. While you purchased a starter home then, and are wanting to upgrade, we still need to be realisitic about what the value of the home is today.
Be wise to the market and expedite your home sale. By pricing the home smartly - it will sell quicker.
Need to sell your home - contact me for information and a market analysis! This is a service I provide at no cost to you.