What should you set the price of your W Bloomfield lake home at? If you heard how some people set the prices of their lake houses you would be shocked. There is one house on my lake that the owners have set the price at almost double what it should be. At over $400,000 more than it should be. How the owners came up with that price I have no clue. I have seen that lately on two other lake homes in Oakland County. Another owner invited me out to list his lake home next spring. The house had been on the market for two years and it was originally started extremely high. After looking at the home I believe that they started at almost double the price too. It’s crazy. The home owners have been paying taxes, and utilities on this home for TWO YEARS when they didn’t have too. If only the home price was set correctly in the first place the home would have been sold and the owners would have been moving on with their life.
A beautiful fall day on the lake
After all isn’t that what you want to do…..sell the house???
What are some of the ways I have heard West Bloomfield lake home owners have set their prices?
A.) There was a house in the neighborhood last year that was like ours and sold for….. You can’t do that. Well you can, but it is not the smart way to price your home for two reasons.
1.) The first reason why you do not price your home unless you are comparing apples to apples. You have to look at how your house compares to the house that sold. If your home is in worse condition than the one that sold then your house is worth less. If your home is larger then you should get more money than the one that sold if it is in equal condition. You have to compare whether your finished basement has more or less amenities than the one that sold. Whether you have the same number of bedrooms or bathrooms as the other home. You have to be honest with yourself on how your home compares to the other homes that sold.
Wow is the word
2.) The second reason is that you have to compare prices that are recent within the last year and preferably within the last 6 months to get a true reading of the real estate market in West Bloomfield at the current time. If you try to go back to far the home prices may have changed or even it may have switched from a buyers market to a sellers market or vice versa.
You cannot just pull a number out of your hat otherwise you might end up like the two sellers I mentioned earlier. Being on the market for 2 years or being so extremely over priced that nobody even puts in an offer. It happens all the time.
One of the reasons it happens is because there are not many West Bloomfield real estate agents that would turn down your listing or tell you no because of the price. Many real estate agents will hope at some time in the future they will be able to convince you to lower your price. They hope to convince you to come back to reality. To set your lake home price at what is should be. It’s part of the business. We see it all the time where the seller has a price in their head.
Find your dream lake home in West Bloomfield
It is sometimes our job to explain to them the recent sold prices. Sometimes it takes multiple times of putting the comparables in front of them. Showing what has sold in their area and what it sold for. Sooner or later they accept the reality of the market and what homes are selling for. Sometimes it takes years and multiple new real estate agents before they list at the right price.
I hope you look at the recent sold homes in your area and sit down and compare them. Be honest with yourself. How do the sold homes compare to yours. How is their condition compared to your homes? How does their size and characteristics compare to yours? Be realistic and really look at the comparables. That is how you price your West Bloomfield lake house.
Shorewood Lake in West Bloomfield is just one of 35 West Bloomfield Lakes. You have a wide variety of waterfront homes in the township. Some are older, some have been built within the last 15 years. You have many choice of lake homes. Echo Lake homes for sale Bloomfield are on a smaller lake than Simpson Lake Condos in West Bloomfield.
There are quite a few condos on Simpson lake that have great lake views. If you are looking for a nice condo on the water this may be a complex for you. I have also compiled a list of West Bloomfield Lake sizes to help you in your Metro Detroit lake home search. It also includes the depths of the lakes too.