When selling Lake Michigan property, even the average person who knows little about real estate will tell you how important it is to determine a price that's sensible based on the features and location of your home but also competitive. There's a reason after all why some homes unfortunately languish for several months on the market.
There's a couple of reasons why you shouldn't overprice Lake Michigan property, starting with real estate agents themselves. A home that's overpriced will seem like a greater risk to an agent in terms of the timeframe. Sure, your home will earn him or her a nicer commission but in the time it takes to sell your home, there's a greater chance that he or she can sell two or three of those within the same time period provided they're competitively priced.
You may also want to consider whether you're looking for any Lake Michigan property yourself once you've sold your existing home. Not only will overpricing your home extend the time it takes to receive the amount you're asking for, it may force you to miss out on a property you've had your eye on.