Mint Hill, NC Real Estate Agent and Home Stager: February 2012

Pricing your Charlotte NC home to sell

Pricing your Charlotte NC home to sell.   I have written many articles about pricing your Charlotte, NC home to sell but a recent listing appointment really hit home on this point.  

I recently went on a listing appointment to meet a couple who was referred to me by a dear friend.  They were a lovely couple just as nice as could be and I thoroughly enjoyed meeting them and spending time to review my listing presentation. The house was immaculate, their furniture was up to date...BUT the house was dated, floral wall paper, outdated bathrooms, outdated kitchen, I could go on and on.  They had owned the home for over 45 years, added on over the years (including some things that were very personal and not very marketable), this home was part of the family and there was a high emotional attachment to it by the owner which meant they were completely out of touch with the reality of what this home would be worth in the current Charlotte real estate market.

I spent several hours going through the home with them while they pointed out every detail and then went back to the office to prepare my listing presentation.  I knew I was going to have to walk gingerly around the subject of their home's condition and how to price their Charlotte NC home to sell.  To them the house was perfect and worth top dollar;  to a buyer it would be no more than a dated fixer with good bones at best.

I began my listing presenation as I always do, with a review of market conditions and an explanation of what it takes to sell a home in today's real estate market:

  • Absorption rate - how long it will take the current inventory to sell if no other homes come on to the market. Current absorption rate in their area 12 months ie: their is a 12 month supply of homes on the market.  Six months supply is a balanced market, less than 6 months supply is a seller's market, more than 6 months supply is a buyer's market. They are in a buyer's market.
  • In order for your home to sell quickly you MUST address the two things you have control over - Price and Condition.  Pricing your home ahead of  the market (at or slightly lower than current comparable sales and actives) gives you the highest probability of selling.  Condition, putting your home in the best most cost effective condition gives you an advantage over the competition who does nothing.
  • I also included a chart I obtained from my Ninja selling class to hit home this point:
If you price your home at:
15% over fair market value, you have a 10% chance it will sell
10% over fair market value, you have a 30% chance it will sell
5% over fair market value, you have a 50% chance it will sell
At or below fair market value, 95% chance it will sell !!!

Pricing your Charlotte, NC home to sell
 
I also explain in my listing presenation that the first 30 days are the most critical for any listing. That is when you get the most activity and if the home is priced and staged correctly the highest probability of getting an offer is in that window or shortly there after.  If you overprice it during this period to "see" if you can get more money, you end up wasting time, going through multiple price reductions and chasing the market.  Time and time again statistics prove that someone who over prices their home ends up getting less than if they priced it correctly in the first place.
 Pricing your Charlotte, NC home to sell
 
Even after spending hours with these prospective seller's explaining the concept of pricing your Charlotte NC home to sell it still did not seem to sink in as they wanted to overprice the property almost 30% over my recommended number.  Ultimately and very diplomatically I told them I would have to decline the listing if they were unable to price it within my guidelines and follow my staging recommendations.  They were a bit stunned that I would decline their business.  I further explained to them that as a business person it did not make sense for me to spend time and money to list a property that had little to no chance of selling.  No business operates that way including real estate!

Become my Friend on FacebookView my Profile on LinkedinFollow me on TwitterSearch Charlotte, NC Homes for Sale

This article was written by:  Jennifer Manchester.   If you want to learn more about Staging your Charlotte, NC home to sell contact Jennifer Manchester at www.JenniferManchester.com  and make an appointment to give your home a competitive edge and use the ultimate  home seller's  marketing tool to beat out your competition and get your home sold faster.

If you would like to search homes for sale in Charlotte, NC or search homes for sale in  Matthews, NC or search homes for sale in Mint Hill, NC and surrounding areas, you can see for yourself what is available.  If you would like to meet with Jennifer Manchester to discuss buying  or selling your home in the greater Charlotte, Matthews, Mint Hill area visit her at www.JenniferManchester.com to schedule an appointment today!

Comment balloon 12 commentsJennifer Manchester • February 22 2012 06:51AM
Pricing your Charlotte NC home to sell
share
Pricing your Charlotte NC home to sell. I have written many articles about pricing your Charlotte, NC home to sell but a recent listing appointment really hit home on this point. I recently went on a listing appointment to meet a couple… more
Why do some Charlotte NC Short Sales not close?
share
Why do some Charlotte NC Short Sales not close? I have a property currently listed for short sale in Matthews, NC a suburb of Charlotte. It is a great property for a short sale fabulous location, doesn't need much work and it is priced rather… more