How Does Over-Pricing Your Charlotte Home for Sale Effect Your Bottom Line?
Charlotte real estate agents hear it all the time, “I won’t take less than ___ for my home,” when sellers purchased at the height of the market and expect to make a significant profit. Working primarily with sellers, I share with them the fact that not only are they having to take a hit on their home when they sell but, whatever home that they purchase as a move-up, downsize or lateral home in a different area, that home seller will also be taking a hit.
It’s a form of reverse economics but, it’s difficult for sellers to swallow; we’re so accustomed to making a profit on our home sales, we don’t WANT to see the forest for the trees!
Sellers, if you truly wish to sell your Charlotte home in a timeframe that will not only increase your list-to-sales price ratio but, also reduce your carry costs, this market data should demonstrate the effectiveness of pricing it correctly from the very beginning. With the large supply of homes on the market, pricing has become more of a factor in selling Charlotte your home than location ever did. The bottom line: With a smaller buyer pool coupled with the strong supply, pricing your Charlotte home properly is more critical than ever before.
If your home sits on the market over 120 days, you’re likely to average as much as 5% less than your already-reduced property! Here are the stats for Charlotte proper, Mecklenburg County, single family homes only:
Pretty shocking statistics, aren’t they? To further demonstrate the effects of over-pricing your Charlotte home initially, this graph shows not only on the impact on the longevity on the market but, on the seller net as well.
If you’re thinking of selling your Charlotte real estate, do give me a call to discuss your pricing and the absolute best marketing strategy to get your home SOLD!
