Shopping for a Charlotte Realtor Offers Sellers Tips Part 1 Pricing
Charlotte
Realtor®
Offers SELLER TIPS, Part 1:
PRICING
Congratulations! You've just
signed that listing agreement and are now looking forward to the Offer
that
gets you moving on with your life! You've signed an agent who
you KNOW
is going to get the job
DONE and done professionally. You've gotten
your home ready to have potential Buyers and their agents come
through...
OR HAVE YOU?
Some real estate agents choose to either list property or represent
buyers. Some agents love doing both--I am one of those!
I
absolutely LOVE selling homes but, I also LOVE showing off our gorgeous
world-class city! With a history of working as a homecare
nurse,
I learned this city oh,
so well! So, I
enjoy keeping my hands on both sides of the transaction because I can
keep a pulse on what Buyers are looking for in homes that my Sellers
are attempting to sell.
 When
a Buyer contacts me to show them homes in particular neighborhoods (or
Charlotte in general), their four top 'qualifications' are as follows:
1. Price point
2. Total
Bedrooms & Baths
3. Total Square
Footage
4. School Zone
Let's address the first
priority FIRST: price.
Location used to be the premier point for the sale of a home
but,
in recent months, price has become top priority. Here are a
few
of the Seller 'myths' that have come to light recently--avoid these at
all costs!
 MYTH:
As a Seller, I can 'dictate' the sales price and am quite
confident that I will get multiple Offers on my home.
FACT:
Sellers should work hand-in-hand with their selected listing agent to
establish a price. The days of multiple Offers are on-hold
unless
you have a home that you're simply giving away or a dream home that
several Buyers have had their eye on for some time! Using
recent
sales, comparables are reviewed with great attention to detail--you
simply MUST not overprice your home or you'll wind up a very unhappy
homeowner!
Your property will NOT
sell if it's overpriced.
MYTH: I love my home
just the way it is! I'm sure I can get more than my neighbor
got a year ago for their home!
FACT:
In 2008, you must visit comparable homes in your area to see what the
competition is offering for their price. If you can't beat
those
homes on price & appearance, you're going to have to wait your
turn
for a sale. Your
home MUST be priced competitively.
MYTH:
The homes in my neighborhood are listed at $_______!
FACT:
Property
VALUE is not the list price--If
you want, you can list your $350K home for $1,000,000--that is IF your
agent will list it for that for you! The point is, we're
comparing recent SALES
to establish your price, NOT
list prices. Property is only worth
the price that someone is willing to PAY for it!
MYTH:
Two years ago, the Jones' got $_____ for their home!
FACT:
Just as lenders have increased pressure to do their due diligence for
new mortgages, appraisers are feeling the pressure as well. The rule-of-thumb is to
use sales that occurred in the last 6 months, either within the same
neighborhood or under one mile away. Their goal
is to get as close as possible
to square-footage, garage size, number of bedrooms, baths, lot size,
basement or not, exterior construction and condition of the home (these
are the main criteria). So, you're no longer comparing your
home
to your neighbor's that sold two years ago!
MYTH:
Other in my neighborhood have sold for $_______.
I've spent
an additional $_____ to have my walls faux painted, deck restained,
landscaping and a pool dropped into my backyard. I expect to
recoup every dollar spent on those items.
FACT:
You absolutely
WILL not recoup every dime that you spent on improvements!
Kitchens and baths bring the most return on investment but,
sometimes other work done or additions made can actually DE-value your
property. Everyone does not like faux painting--especially in
bold colors. Everyone does NOT want a pool and you will
certainly
not receive a dollar for dollar return for pool installation.
MYTH:
They're building million-dollar homes right behind me and my
$350K home's value has surely increased due to the new expensive homes!
FACT:
Actually, for some aging homes, this can prove to be more of a
detriment than a benefit to your home value! Your home could
completely lose it's value, and the land that it's on may become the
only value to your property. That million-dollar
neighborhood is
looking to expand and developers are not going to pay for that new
kitchen that you just installed--they're only going to want your LAND
and your property value will reflect only that price.
As a Seller, you
must take the emotion out of the process of pricing your home.
Keep in mind that this is a
business transaction and NOT a personal one!
Yes, it's personal because it's possibly your childhood home,
or
your children's childhood home or the home in which you were
married--but, that doesn't matter to your Buyer! They are
looking at this as their new home and as an investment.
You should consult an expert--a Realtor®
can help you pull your comparables. If there is any
uncertainty in the available list of SOLD homes (or lack thereof), consult an appraiser.
Tweak your price and be prepared to make final adjustments if
you don't receive an Offer in a timely fashion.
 Price point has become the #1
most important factor in listing a home.
IMPORTANT TIP:
Don't try
to 'save' money by listing with an agent who ONLY lists your home in
MLS for a fee and turns it over to you to do the rest! These
agents have absolutely no incentive to help you price your home
correctly as once your property is in MLS, their job is DONE!
You are then in command of the remainder of the
transaction. Unless you're a former real estate agent in your
state, you're doing yourself an injustice--your home MAY go under
Contract but, if it doesn't appraise and you have no 'counsel' to
assist you with your negotiations, you could not only lose the Buyer
but, precious time off of the market while under Contract. This
leads new potential Buyers to skip over your home because they fear
that something is 'wrong' with your home due to the length of time on
the market compared to others in your neighborhood that were listed by
qualified agents.
Read
my "Dear Seller" article here.
About the author:
Debe Maxwell is a Charlotte Residential
Real Estate Broker, Certified Neighborhood and Relocation Specialist
who can assist you with the purchase and/or sale of real estate in
Charlotte NC or any place in the country by connecting you with a
relocation professional in your destination of choice. Debe has created
a team of professionals throughout the country to ensure that you
enjoy a smooth transition to your new area. These professionals are
experts in the field of relocation and can serve many purposes beyond a
simple home search. The destination service is of no cost to you!
Please visit www.TheMaxwellHouseGroup.com
for your relocation and/or your local needs.
If you're interested in
speaking with a local
expert in home pricing and selling, call or email Debe!
Ask for a free consultation & market
analysis of your property today!
Debe Maxwell- HELEN
ADAMS REALTY - 704.491.3310 - Debe@DebeMaxwell.com
Copyright
© 2008 By Debe Maxwell, All Rights Reserved...
*Charlotte Realtor®
Offers SELLER
TIPS, Part 1: PRICING*
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14 Comments on Charlotte REALTOR Offers Seller Tips, Part 1: PRICING
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Debe- This is a great article for sellers who are going to be listing their homes, and they should be listing with you!