Everyone is worrying about the rising inventory of homes for sale in the Lake Norman area, both sellers and realtors alike. With loan approvals depending upon more stringent credit criteria, there are fewer buyers in the market. More homes + fewer buyers = buyers’ market. That means it could take longer to sell your home.
It could….but it doesn’t have to. The single most important thing any seller can do is price the home right from the beginning of the sale. So many people want to believe 1) their home is worth more than the comparable sold properties, because they painted their bathroom with paint by Ralph Lauren., and 2) if they price it high, and it doesn’t get offers, they can always come down later.
Back on February 18 I wrote a post about a new lisiting in Curtis Pond, a large subdivision in Mooresville. The sellers had a recent appraisal, and listed the home at what the appraiser said it was worth. Yesterday, February 28, it went under contract at full price with some concessions. There are literally dozens of homes in that community listed for sale in the MLS or For Sale By Owner, that have been on the market for months.
The single biggest factor to this home getting a contract so fast? I’d love to tell you that it was my marketing genius, but the truth is, these owners didn’t enter the market with unrealistic expectations about their property. They listed their home at the right selling price. My job was to make sure everyone knew that this house was available. The rest is history.
Moral of the story: In a buyers’ market, if you want to sell your home, start by pricing it right!