How Much Does It Cost You If You Overprice Your Charlotte Area Home?

 

The VERY High Cost Of Overpricing A Charlotte Area Home

It may be a seller's market in the Charlotte region, but that doesn't mean that overpricing a home doesn't come with serious consequences. Sellers understandably want to cash in.  But one thing we're seeing in the data is a STEEP drop from the original sales price when a property doesn't sell relatively quickly.

As the charts below clearly show, during the past quarter, on average, homes sold in the first week on market, sold at list price or even for OVER list price. Homes sold in the first month "cost" a seller anywhere from $10,000 to just under $20,000 off the original list price.  But when a home sat on the market for two months or more,  the average drop in sales price versus the original list price ranges from $40,000-60,000. Now that's "real" money, if you ask me.

As tempting as it might be to "test the market" with too high a price, it's important for home sellers to understand that the longer their property sits, the less money they'll get (not to mention the extra holding costs that need to be added) even in a "hot" market.

 

Cost Of Overpricing A Home In The City of Charlotte

 

 

 

 

 

 

Cost of Overpricing A Home In South Charlotte

 

 

 

Cost of Overpricing A Home In Ballantyne

 

 

Cost Of Overpricing A Home In Charlotte's "In Town" Areas (Uptown to South Park)

 

No matter how tempting it might be to "test the market" by overpricing your Charlotte area home in a hot seller's market... DON'T DO IT! It will cost you big in the end. Pricing your home just 10% above market value can dramatically cut the number of prospective buyers who will come to see your home increasing time on market and increasing the discount to original list price (see chart below).

 

 

 

Wondering What Your Charlotte Metro Area Home Might Be Worth In Today's Market?

 

 

 

 

Things To Consider Before Selling Your Home

  

If you're considering selling or purchasing a home in the Charlotte metro area, I'd love an opportunity to earn your business, exceed your expectations, and to prove to you that:

 "The Right Broker Makes All The Difference."

 

Overpriced home image credited to Michael Sike/Realtor Serving Central Texas 

 

SEARCH ALL CHARLOTTE METRO AREA HOMES HERE

 

Nina Hollander
Broker, Realtor, CRS, GRI, ABR, SRES, CDPE, SFR, SPS, CMRS
Carolinas Realty Partners with RE/MAX Executive Realty
Direct: 704-779-0813
Website: www.GreatHomesInCharlotte.com
Blog: http://activerain.com/blogs/ninahollander
Search for Charlotte Area Homes: www.HomesInCharlotteArea.com

2007 - 2016 Charlotte Magazine 5-Star Customer Satisfaction Award Winner

 

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Disclaimer:  Nothing in this blog article is to be construed as legal advice, tax advice, or financial advice.  For legal advice see an attorney.   For tax advice or financial advice see a tax attorney, certified public accountant, or other qualified professional.