TIMELY HOME SELLER TIP: Your List Price Is Not Set-It-and-Forget-It
Some sellers think that once their home is listed, the pricing decision has been made. Put the sign in the yard, upload the photographs and wait for buyers to discover how wonderful their home is.
Unfortunately, today’s buyers are doing plenty of discovering—and comparing--and 'sleeping on it!'
The latest available August snapshot from Canopy MLS showed that Charlotte-region sellers received 94.9% of their original list price during the week ending August 15. While the complete August monthly report has not yet been released, that current figure reinforces an important point: buyers are still buying, but they are not automatically paying whatever sellers ask.
That does not mean sellers should automatically reduce their price every week. It means the pricing strategy should be reviewed every week.
What new competition entered the market? Which comparable homes reduced their prices? Which ones went under contract—and which ones are still sitting? Are showings slowing down? Are buyers repeatedly making the same comment?
Your listing is not competing only against the homes that were available when we chose the price. It is competing against what buyers can and do choose today.
A price adjustment should never be a knee-jerk reaction. Sometimes the better response is improved presentation, corrected marketing or addressing an objection buyers keep mentioning. But when the market consistently tells us the price is the problem, ignoring that message rarely makes the home more valuable.
My seller tip: Treat your list price as part of an active strategy, not a number carved into the kitchen countertop.
“The market speaks through showings, offers and silence. Smart sellers listen to all three.” —me
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