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...

Have you?
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.  

Price your home 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!

Seeing dollar signs!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.


Seeing dollar signs!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.



Seeing dollar signs!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!



Seeing dollar signs!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!


Seeing dollar signs!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.

Seeing dollar signs!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.  

Charlotte NC Homes for SalePrice 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.

Debe in Charlotte

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

JUL
24
2008
1,552,023 Points 277 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Debe- This is a great article for sellers who are going to be listing their homes, and they should be listing with you!
6:17pm • #1

Great job going over pricing do's and dont's. I like to assist both buyers and sellers...a nice balance keeps it fun!
6:41pm • #2
1,142,581 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Katerina:  Thanks and I agree--I heard a couple of horror stories about listing agents today as I was sharing mine and can't believe that Sellers are being so 'dupped'!  They SHOULD be using me!

Kelly:  I love the balance but, am trying to gear up my team so that I can predominantly sell--however, you KNOW I'll be taking some Buyers out too!  I love showing off this city!!!


Debe in Charlotte 
6:49pm • #3
1,328,983 Points 189 Featured Posts Outside Blog Attended Rain Camp Called Shot Master

Debe, I am going to enjoy this series you are starting. PRICE is oh so important in getting it as best you can right, up front.
8:06pm • #4
1,142,581 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Gary:  This'll be my very first 'series'!  I have contemplated writing my 'Ray' book on AR using the series but, unfortunately I've already done the Cliffnotes version--so everyone knows the ending!


Debe in Charlotte 
8:19pm • #5
JUL
25
2008
629,905 Points 18 Featured Posts Localism Sponsor Outside Blog Called Shot Master

Debe,

I think that you have hit the nail on the head.  I thought that your myths were a lot of what we are hearing in the real world and that the facts were awesome points.  I too will be waiting for the rest of the series.

Don R.
6:23am • #6
251,512 Points Outside Blog

Debe, great post! So true on the statement that "Price" is now number one over "Location". How things have changed.

I totally agree with you on the "emotions" statement, if buyers aren't doing their "Due Diligence" as they would in any investment they better watch out.  Now your talking our business talk! Grin.

Duane
8:47am • #7
164,581 Points 7 Featured Posts Localism Sponsor

Debe - This is really good information!  I hope you're putting these into an e-book to put up on your website after you've finished Part 3!  (Hint, Hint, Hint)

~Renae
9:44am • #8
2 Featured Posts

Debe, Very imformative and important information. Thanks for the post.. God bless,
10:35am • #9
1,142,581 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Don:  Thank you!  We ARE hearing alot of the 'myths' in dealing with clients and it is imperative that we set them straight from the  beginning!

Duane:  Haven't things changed in the last year?!  So many Sellers are floored with these lowball Offers by Buyers who think that it's 'normal' to offer 25% less than list price!  At least here in Charlotte, it's NOT normal--we're still seeing 97% list to sales prices!

Renae:  Thanks girl!  I'll take the tip and run with it!!

Cheryl:  Thank you so much!  Your department is coming up in this series also!!  Got any good before and after shots you'd let me use?!!

Debe in Charlotte 
11:04am • #10
274,066 Points 41 Featured Posts Outside Blog

DEBE - Excellent as always!  I hope that this gets featured on AR.  Sellers in all areas should be reading this and taking your advice.  It's amazing how the same myths exist all over the country.  Great job, Debe.
11:24am • #11

DEbe, you've become one of my favorite bloggers.  I always love to see what you have to say.  Way to break it down. 
7:51pm • #12
JUL
26
2008
1,142,581 Points 242 Featured Posts Localism Sponsor Outside Blog Hit Router Attended Rain Camp Called Shot Master

Adam:  Thanks!  It seems that recently I've spoken with Sellers who are still 'livin' in '05!' and I've had alot of hurdles with pricing, etc.  So, I thought this would be a good starter for a series!

Michelle:  Well, thank you so much!  I've always got plenty to say!!  I appreciate your comments.

Debe in Charlotte
9:48am • #13
JUL
29
2008
387,618 Points 19 Featured Posts Localism Sponsor Attended Rain Camp Called Shot Master

Debe - Wonderful post.  I wish that I could express my feelings as well as you do on this topic.  I have bookmarked it and just subscribed to your blog. 
8:18pm • #14


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Debe Maxwell - Search Charlotte Homes for Sale - Charlotte NC Neighborhoods

Charlotte, NC

More about me…

iCharlotteRealEstate.com Savvy + Company Real Estate

Address: 1920 E. 7th Street, Charlotte, NC, 28204

Office Phone: (704) 491-3310

Cell Phone: (704) 491-3310

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Author Bio: Debe Maxwell is a Certified Residential Specialist in the Charlotte Metro region with a focus on the Charlotte luxury home market. My team of agents each have their own specialty areas, a benefit to anyone buying a home in Charlotte NC.

 

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