You Listed Your Home For Sale - Have You Checked Your Competition Lately?

By
Real Estate Broker/Owner with RED Properties NC #129285

In the Wake Forest NC Real Estate market, both commercial AND residential inventory and sales Wake Forest NC Real Estate Agentare fluid!  Fluid as in moving like a rushing river and changing course!  What may have been considered a reasonable price point a few weeks or months ago for a property has most likely changed.

I can promise that no Realtor® will argue the point that if you want to sell your home you must price it properly.  But, even well priced homes will, at times, linger on the market for a little longer and there may be certain factors that play into that.

  • If you are in an area where you have strong competition chances are the other Realtors® and sellers are just as savvy and priced their properties properly.  With that, not every home, regardless of price, is going to be the perfect "fit" for every buyer.  
  • Maybe you are in an area where you are comparing RED apples to RED apples.  If that is the case have you considered staging your property?  Staging your home might be that one little touch that sets you apart from the rest of the competition.
  • Is anything else moving in your neighborhood?  That brings me to really the point of this post.

You and your Realtor® must continually re-evaluate your local real estate market.  Review your local market competition on a regular basis - depending on your area you may consider doing this every two weeks.  See what has sold in your neighborhood or perhaps what properties may have gone under contract.  More importantly, have any of the properties adjusted their price and possibly added financial incentives to buyers such as paid closing costs, agent bonuses, warranties, etc. 

And one important reminder, don't rely on information from your neighbors.  Especially those that also have their homes on the market.  Trust that your Realtor® will give you the most up to date information and accurate information.  They have a vested interest in selling your home, too! 

If your home is currently on the market and you do NOT have this open and continual communication with your Realtor® you may want to reconsider your expectations and if you and your Realtor® are a good fit.  NO Realtor® should ever scoff at having to "check in" with you or be too busy to provide you with the information you need to get your home sold!

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 RED Properties RaleighRed
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Show All Comments
Rainer
147,916
Mike Woods
M.S.WOODS REAL ESTATE, LLC - Indianapolis, IN

Great post Leesa, this must be done for every customer. I actually set my customers up on an IDX search from my website so they can receive updates on their neighborhood. It sends a notification every day of new listings, price changes and new solds. The sold information is nice so they can see the actual sale prices, instead of the inflated number their neighbor gives them :)

Nov 17, 2011 06:41 AM #43
Rainmaker
544,437
Eric Michael
Remerica Integrity, Realtors®, Northville, MI - Livonia, MI
Metro Detroit Real Estate Professional 734.564.1519

Leesa, great post from a grea real estate agent! They really need to understand that pricing the home right is very important.

Nov 17, 2011 12:38 PM #44
Rainmaker
316,562
Sandy Acevedo
951-290-8588 - Chino Hills, CA
RE/MAX Masters, Inland Empire Homes for Sale

Hi Leesa, great post and congrats on the well deserved feature. Communication is always key.

Nov 17, 2011 03:09 PM #45
Rainer
158,294
Anthony Daniels
Coldwell Banker - San Francisco, CA
SF Bay Area REO Specialist

Always a good idea to know what the competition is up to, especially the sneaky, slithering types.

Great post, thanks for sharing it.

Nov 17, 2011 05:35 PM #46
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Oh, Janet!  I despise those words "Testing The Market"......really?  Why play around?  It is a competitive market, more now than ever, if you want to sell your home then don't play games.

Nov 17, 2011 11:40 PM #47
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

HAHA!  Now THAT is a sticky situation, Kathy, if the neighbors house is on the market too!  I have seen some harmonious relationships turn REALLY sour when it comes to competition between neighbors to sell FIRST!

Nov 17, 2011 11:41 PM #48
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Hey there, Farooq!  You bring up a very interesting point!  I, too, am seeing quite a few homes that were DEALS a year or two ago show up as short sales now.  It is CRAZY right now in the real estate market (at least in my area) and it is CRUCIAL to stay on top of what's going on!

Nov 17, 2011 11:44 PM #49
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

I am sure that your sellers really appreciate you, Charlie!  You being able to communicate with them all the recent activity really gives them a competitive edge if they act on it.

Nov 18, 2011 12:26 AM #50
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

You always make me smile Fernando!  Have an awesome day!!!

Nov 18, 2011 12:27 AM #51
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

That is a great idea, Gabe and I was so excited to see that so many of you are already doing that!  Great service for your sellers!

Nov 18, 2011 12:28 AM #52
Rainer
284,468
Steven Cook
No Longer Processing Mortgages. - Tacoma, WA

Leesa -- You put things in such an understandable way - sellers should be kept informed (just like buyers should be kept informed by their lenders).  Have a fantastic weekend.

Nov 18, 2011 11:09 AM #53
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Hi Eileen!  Absolutely and thanks for getting my point.  It is so sad to see properties listed and then forgotten! 

Nov 19, 2011 01:17 AM #54
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Ha, Jerry!  Will we know what to do????  ;)

Nov 19, 2011 01:18 AM #55
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

I know the local market here, Evelyn, is changing VERY FAST!  What you thought was a good price last week may not be this week.

Nov 19, 2011 01:19 AM #56
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

It's nice to see that so many of you are doing that, Mike!  It is such a great service to the sellers and keeps them well informed of the activity in their area.

Nov 19, 2011 04:04 AM #57
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

You're making me blush, Eric!  Thanks for stopping by - I greatly appreciate it and I KNEW you would be one to keep their sellers well informed!

Nov 19, 2011 04:05 AM #58
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Thanks, Sandy and YES you have NOTHING without communication!

Nov 19, 2011 04:06 AM #59
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

LOL - that's funny Anthony!  It is surprising to watch the trend in some places - when one lowers the price they allplay catch up to lower theirs as well.....

Nov 19, 2011 08:19 AM #60
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Thanks, Steve - I hope you are having a fabulous weekend as well!

Nov 19, 2011 08:20 AM #61
Ambassador
2,384,599
Robert Vegas Bob Swetz
Las Vegas, NV

Hello Leesa and you are very welcome and it looks like you had your hands full replying to comments ... ;o)

VB

Nov 19, 2011 07:05 PM #62
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Rainmaker
635,598

Leesa Finley

RED Properties - Raleigh NC Real Estate
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