How To Price Your Wilmington, NC Home to Sell
How to price your Wilmington, NC home to sell for the most money and quickly is difficult. A balance between being seen as unrealistic and giving the perception of value for the money is the goal.
When the market is hot like today, the difference is getting a few showings the first weekend and getting a barrage of showings. The more showings you have, the more offers you’ll get. The more offers you get, the more highly qualified the buyers. This drives your sales price up.
Pricing Considerations
Generally, my advice is to price a home slightly below where it will eventually sell. This number will be different for homes with more amenities than less.
Many “reality” tv shows portray that it’s best to be too high than too low. I couldn’t disagree more with this philosophy.
Pricing Above Market
Pricing above what the market says your home is worth results typically in increased on-market times. The longer a house stays on the market, the more price reductions you’ll need to get it sold. I don’t know about you, but price reductions seem like the wrong direction to go. The longer a home is on the market, the more buyers think there is something wrong with it.
Pricing Slightly Below Market
Conversely, if you price your home slightly below market, you’ll get increased interest and multiple offers, which drives the sales price up.
The goal is to set up the eBay mentality. Get multiple buyers bidding on your home, driving the price up. Once you’ve got multiple offers, you send out multiple counter offers and see who comes back with the highest price. Buyers don’t want to lose out if they can avoid it.
It’s the listing agents job to work this system to get you the highest sales price possible.
Pricing slightly below market always nets the same result: a higher sales price and quicker sale with the highest qualified buyer. Highly qualified buyers close the sale and make the process less stressful.
The only people who get upset about this pricing strategy are the buyers’ agents because they know they will have to compete to get the home. When buyers compete, the seller wins every time.
How to Protect Your Sales Price
Before you list your home, it’s best to conduct a home inspection and include the report with the listing. When the home inspection report is available, the buyers know, in advance, what the condition of the property is before they make an offer.
Also, North Carolina state law requires that, among other disclosures, the seller fill out the Residential Property Disclosure Form. Completing this document upfront and including it with the listing will also let the buyer know what the seller knows about the home’s condition.
When the buyer knows the home’s condition and makes an offer with all that information in hand, they are more likely to close the sale.
It is sometimes the case that a buyer, once there is an agreement, might come back to you after their home inspection and try to haggle down the price if they find something they don’t like. With a home inspection report and the Residential Property Disclosure Form in hand, you’re eliminating haggling, generally speaking.
Please call me if you’re considering selling your Wilmington, NC home. I’ll come over, get to know you, and talk about how to prepare and price your Wilmington, NC home to sell quickly and for the most money possible. Please click here for my contact page.
Thanks for visiting!
