I am sure you have heard about the drop in prices of homes across the U.S. Here in the Charlotte area, we are not immune to those problems. Luxury homes like those on the waterfront of Lake Norman have especially been hard hit. Agents at Carolina Living Real Estate take pride in doing the research to price a home accurately. It has become a difficult process with each and every Charlotte neighborhood having to deal with foreclosures. If you are selling your home or thinking of selling your home, here are some real reasons why you should pay close attention to the comps your Carolina Living agent provides for you.
1. Appraisal problems. Appraisals are killing deals all over the Charlotte area. You need to know that many appraisers are looking at the same comps that your agent is providing. As a matter of fact, your agent should be contacting the appraiser to ensure that the comps are accurate to how he/she priced the home. If the home does not appraise, most likely the deal will fall through unless the seller will come down on price.
2. No Showings. This speaks for itself but with the Internet buyers will already know that a house is overpriced before their agent even shows them the facts. Overpriced homes are skipped over a majority of the time. The longer the home sits the more likely it becomes stale. This causes any potential buyer to assume desperation resulting in very low offers.
3. Promoting the competition. Think about it. One caveat to overpricing your home is that you are directing the buyer to your neighbor. While they would love to see your home sell for more, it is likely that it won’t and the home priced right will get the traffic.
4. Sending the wrong message. When agents see new listings pop up they immediately see if it is priced realistically. If not, they won’t even bother showing it to their clients. (see number 2). If they do, the stigma of being unrealistic sticks with the listing and the agent will most likely tell the client that negotiations will be pointless.
5. Lost opportunities. Buyers searching online and agents searching online will never see your listing as they enter price parameters in the search!
