The Complete Guide to Pricing Homes in Charlotte, NC
Uh-oh, the dreaded listing price talk- a conversation few realtors enjoy having when their clients aren’t on the same page. Various factors go into coming up with the correct price for a home. That’s why we’ve put together a complete guide to pricing homes in Charlotte, NC.
It’s important to have a good understanding of all of them before considering putting your home on the market.
In order to price your home to sell, you must recognize the current market trends, look at the comps, and consider your timeline for moving. Using tactics like the “99 Rule” can help draw in buyers who may not have been looking above an even-numbered price range. Overall, pricing your home right the first time will generate more offers and limit the headache of multiple reductions.
In this guide, we’ll discuss what goes into pricing homes to sell in the Charlotte area!
How to Properly Price a Home in Charlotte, NC
Most sellers have one thing in mind, and that’s getting the most money for their property. While it’s tempting to price your house on the higher end of the spectrum, that may not get you the results you’re looking for.
Here’s why: Overpriced properties sit on the market until they become stale (and nobody likes spoiled milk). Once this happens, it’s hard to make a price adjustment without looking like you’ve received no interest from buyers. Then, low-ball offers come pouring in because people think the seller is either unrealistic or unmotivated.
The longer your home sits, the more desperate you’ll be to sell it and the less profit you’ll end up taking home.
To avoid this nightmare, ask yourself these 5 questions when getting ready to price your house:
1. What’s the local market like?
2. How quickly do I need to sell?
3. How does my home compare?
4. What tactics will draw in the most buyers?
5. Has my home been appraised?
Knowing the answers to these questions puts you one step closer to the right dollar amount for your property!
Question #1: What’s the Local Market Like?
The real estate market is cyclical; it goes up, down, and around in circles. As of recently, we’ve experienced some of the highest market prices for homes that have been seen in decades.
What does this mean for Charlotte? While most people describe this time period as the “top of the market,” it’s hard to say when (and if) it will slow down.
Because North Carolina, and Queen City, in particular, is one of the premier destinations for people relocating from other parts of the United States, housing prices may continue to rise for years to come.
The October 2021 sale-to-list price ratio was 101.03%, which means that homes in Charlotte sold for an average of 1% over ask. This is a wonderful indicator that now’s the perfect time to get top dollar for your listings!
Question #2: How Quickly Do I Need to Sell?
Your timeline is a massive personal factor that will dictate how aggressively an agent prices your home.
If you need to be out of your place yesterday, pricing your home too high won’t do you any favors. However, if you have a few months or even a year, testing the waters at a higher but still reasonable listing price may be an option.
The idea is you want to attract as many offers as possible, but don’t be discouraged if this doesn’t happen. Oftentimes, the first offer is indeed the strongest.
Question #3: How Does My Home Compare?
Looking at comparable prices (like what neighboring homes sold for and why), along with how your home’s features stack up to the competition, is an important job of your broker.
A house’s value can be accurately defined by what the area demands and by what other recent buyers have paid. Maybe the home next door sold for a higher number than anticipated, but that’s because the inside was completely renovated. Or perhaps your home has more square footage, which justifies a higher asking price.
These are all tell-tale signs that help to point towards the right price for your house.
Question #4: What Tactics Will Draw In the Most Buyers?
Mind games aren’t just for dating; they’re also for selling your home!
Here are a few tips to attract the best offers from qualified buyers:
– Use the “99 Rule” to price your home just below an even number. This will grab all of the home buyers that have a budget just beneath that mark.
– Factor in the cost of renovations or any necessary permits to put in amenities (i.e., a pool).
– Spruce up the exterior and interior. Staging might be unnecessary, but adding some minor landscaping can give your home a much-needed facelift.
– Get your house appraised before receiving an offer in order to prevent buyer-backout.
– List your house as “Coming Soon” to generate interest.
– Hold an open house on the first weekend your home is listed.
– On a listing appointment, end with the best room in the house instead of starting with it. A glowing final impression is just the push a buyer needs to write an offer.
QUESTION #5: HAS MY HOME BEEN APPRAISED?
We mentioned this one above.
A seller-generated appraisal is the ultimate weapon, in some cases. While many agents will advise that you don’t need one in a hot market, sometimes it’s the perfect piece of paper to justify your asking price.
The beauty of a seller’s appraisal in Charlotte, NC, is that you can use it to defend your price but don’t need to disclose it to the buyers if they offer more.
It will also ensure that you don’t leave money on the table. Sometimes you’d be surprised at what your home will appraise for!
BONUS QUESTION: WHAT DOES MY AGENT THINK?
The whole point of hiring a qualified agent is to use their expertise and tact when pricing your home. After all, it’s their job (and in their best interest) to get you the highest possible price for your property.
Using a qualified and experienced real estate broker is one of the best things you can do when setting a listing price for your property. They’ll do the legwork of researching recent sales and gathering all the necessary information needed to determine a reasonable number.
If they don’t support what you want to list your home at, don’t be offended. They’re looking out for your best interest in terms of being realistic.
Above all, agents know what sells and what doesn’t.
Pricing your home can be tricky, which is why it’s helpful to have a trusted real estate agent by your side.
They’ll be able to advise and defend your listing price, as well as attract the best buyers for your property.
At Daniels Real Estate Group, we pride ourselves on getting clients top dollar for their homes. If you’re interested in listing your home in Charlotte, NC, we’re happy to help you start the process!