Keep An Eye On Your Competition When Your Home Is For Sale

By
Real Estate Broker/Owner with RED Properties NC #129285
https://activerain.com/droplet/T6c

In the Raleigh 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 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 your home selling, 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! 

For more information on selling your home please call me, email me or visit RaleighRed.

Posted by
 RED Properties RaleighRed
RED Properties RaleighRed

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Show All Comments
Rainmaker
390,167
Larry & Jacque Ficek
Alaska Dream Makers - Wasilla, AK
Realtors - Wasilla Alaska

Leesa, we count not have said it any better. We provide weekly updates to our sellers so they see the market and their competition. This helps stave off the pricing questions when they can see all the pending and new homes to the market (not just the active, still on the market-homes) to compare with.

Apr 04, 2013 01:21 AM #1
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

It is so sad, Larry and Jacque, when a home gets listed and then forgotten.  It is an ongoing process and if an agent is on top of the competition the house will get "lost".  Thanks for stopping by!

Apr 08, 2013 11:16 PM #2
Ambassador
3,244,056
Chris Ann Cleland
Long and Foster REALTORS®, Gainesville, VA - Bristow, VA
Associate Broker, Bristow, VA

That don't rely on neighbors line hits me right in the gut this morning.  I have a seller who I am trying to advise whose neighbor is telling them differently.  The neighbor has more credibility because they are giving positive reinforcement requiring zero work.  

May 09, 2013 01:09 AM #3
Rainmaker
1,187,840
Jane Peters
Home Jane Realty - Los Angeles, CA
Los Angeles real estate concierge services

Pricing is everything, even in a hot sellers' market.  So this is great advice, Leesa.  A seller needs to be in synch with what is around him or her.

May 13, 2013 05:37 AM #4
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Oh my gosh, Chris Ann - that is SO frustrating!  I just don't see how a seller can rely on anyone BUT a professional.

May 14, 2013 10:18 PM #5
Rainmaker
635,598
Leesa Finley
RED Properties - Wake Forest, NC
RED Properties - Raleigh NC Real Estate

Thanks, Jane and YES - a sellers market means they have to be super aware of what's going on.

May 14, 2013 10:19 PM #6
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Rainmaker
635,598

Leesa Finley

RED Properties - Raleigh NC Real Estate
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