Charlotte Real Estate Homes, Luxury Homes and Condos

What Are the Most Important Determinants in Selling My Charlotte Home in 2008?

Location- Price - Condition

Location- very simply, there are some locations that have more buyers than others.

In the Charlotte area,
that includes the inner core, South Charlotte and popular Huntersville
and Matthews. On any given day, these are the more popular places to
live. Price is the most important player in the marketing mix, made
even more important by the Internet. Back in the day, you could price
your home a bit high, and test the market. If it wasn’t too far out of
reach, people would come and look. Today, if a home is overpriced 5%,
it is much more likely just not to be shown. The ability to compare
properties online- feature for feature, size and price, almost side by
side, allows potential buyers unprecedented ability narrow their
choices, save time and eliminate those houses that don’t make the
“price-value” cut, and visit only the ones that make the most sense to
them.

Each location has its
own price points- or sub markets. For example, a home on the golf
course is priced at a premium to the home across the street that backs
up to another house. Like wise, waterfront homes sell at a premium to
waterview, which in turn sell at a premium to the interior lots of a
water community. Sellers need to be very sure they are comparing
prices- comparables, of homes with near identical location traits-
waterfront to waterfront for example. Even then, there is a difference
between “Big water views” and channel docks. I’ll speak more to this
below.

Condition-Your home’s condition is THE key to selling your home in this market.

In Charlotte, sales are
running about 70% of last year, that means there are 30% fewer buyers,
and 30% fewer homes will be sold… which 30% do you suppose won’t be
sold? If you guessed the 30% that are in the best condition… you
would be wrong. Most definitely, it is the 30% in the worst conditon
that sit and sit on the market. To sell your home at a decent price- to
even sell your home in 2008, your home has to be in very good
condition, and I’d prefer it to be in excellent condition. “Needs
Nothing ” is what I want a buyer to say when they look at your house.
Sure there are almost always a few decorator items, but nothing major,
and the fewer of the minor the better. That is why crazy bright colors
and loud wall paper need to be neutralized. There are a few exceptions,
but we want Buyers to give the house a Thumb Ups with regards to
condition; “Needs Nothing” means more sales.

The more homes that are on the market , the more important Condition
becomes. Why? Because you will always be competing with a handful of
perfect homes- your’s had better be perfect too if you want it to sell.

The most important element of the marketing “mix” is Price.

Presentation is important. Marketing and promoting the house is
important. Virtual tours, being diligent in follow-up, and doing all
things good Listing Agents do, all are important– and none matter a
bit if the home is over-priced. Not one bit. To help you answer this
for yourself, I need to ask a question…, If you are at the car
dealership, considering a car, wanting to buy the car, will a fancy
brochure sell the car if the price is too high? Likewise you are
reviewing used cars online for your daughter, your budget is between
10,000 and 12,000 dollars, which end of the price scale do your eyes
take you to? People naturally go to the lower prices in their
affordability range, and if they find something there that works, they
buy it. Only after exhausting the lower priced alternatives do they
move up in price. There are some exceptions here, but they do not
nullify the rule.

This is the 2nd reason price is so crucial in the marketing mix.
First is the fact that your home will not be shown if it is even 5-10%
over priced– and 2nd, is that the normal tendencies of buyer is to
work their way up. The typical Seller question is, “Well won’t the
buyer assume there will be a big discount?” The answer is some do, but
most Buyer Agents will do the research to let their buyer know that
this is a competitively priced home at the price offered, and the buyer
should approach his offer with that in mind.

And remember, first we want them to fall in love with the house…
if they want to think they can get it for less (because of an
incompetent Buyer Agent) let them think that… I want them “in Love”
with my Sellers house. If that happens, we’ll get the price we need.

Location, Price and Condition- the three keys to selling your home
in any market, but they are magnified by the bear market we find
ourselves in. In Charlotte- and most anywhere, these are the 3
determinants, they just change their order if it’s a Sellers market.

—————————————

Are you considering selling your home? Before starting a lot of
projects, why not have me out to have a look at your home, and make
recommendations of things that need to be fixed, or just as
importantly, not fixed. There is no obligation, but I can frequently
save you money. If you decide to list with us, you have my promise that
we’ll use our more than 500 signs on the Internet to help sell your
home. Our goal? Sell your home at the highest possible price, in the
shortest time, with the least hassle as possible.

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