How is the Charlotte real estate market different than it was 3 years ago? Or even 5 years ago? I am suggesting that the basic economics of buying and selling real estate are not all that different. For sure, the prices are different. And it's more difficult for sellers that need to sell. On the flip side, maybe that makes it easier for buyers to purchase a home they want for a price they can pay. I won't offer an opinion on whether I think a sellers market is "better" than a buyers market. But one thing that is absolutely true is that Charlotte real estate - and real estate anywhere - is, in fact, a MARKET.
Simple economics state that when supply is low and demand is high, then prices rise. Of course what we have now in many parts of the country (including the Charlotte real estate market) is high supply and low demand, consequently driving prices down. So what is a seller to do?
Since a single seller cannot affect supply in the marketplace, let's look at the demand side of the equation, and also throw in Price, Location, Condition and Terms, since these are the main reasons a home sells. I won't address Location and Terms in this blog, since in most instances in the Charlotte real estate market, individual sellers do not have control over these items.
Price: Any house will sell at the right price. The challenge is finding the right price without leaving money on the table. The right price is what a ready, willing and able buyer will pay. In the current Charlotte real estate market, the right price is at the low end of the active listings (if not lower, depending on how long these have been on the market) and below recent sold comps. A seller can affect demand by giving the buyer the absolute best deal for the money. Otherwise, the buyer simply moves on to the next house.
Condition: Buyers want move-in ready. End of story. You will need to be the best looking home for the price. Buyers need to feel they are getting a "deal". Though price is key, condition often tips the scales in your favor. Sellers can absolutely affect condition. Maintain your home regularly and, when you get ready to sell, PLEASE listen to your Realtor®. They want the same thing you do - to sell your home at the highest price, in the shortest time, and with the best terms.
Some of my fellow agents tell me I am mean to my seller clients. I disagree. I simply tell sellers the truth about their home and the Charlotte real estate market. Sometimes they are not happy to hear what I have to say. But, in every instance, they have been grateful. Sometimes the truth is tough. But in the long run, it is the right way to go. Just ask my clients who have sold their homes!