By Mary Ridenhour, Keller Williams Ballantyne-Area Realtor/Broker
As a licensed practicing real estate broker, I often get asked “how is the real estate market in Charlotte since the Covid-19 virus?” There is no doubt there has been an interruption to the market, but there is optimism on the horizon if you’re thinking of selling your home.
Spring months are peak season for buying and selling homes. The Charlotte region inventory of homes for sale in April declined nearly 27 percent over the same month from 2019 to 2020. The good news is, there are many buyers waiting for new listings to hit the market and average time on market before a contract is only 30 days. Homes that are well prepped for the market and properly priced can receive multiple offers.
So, how can you prepare your house to sell? I use what I call the “three P plan.”
In preparing to sell your home, you should plan on meeting with a skilled and experienced real estate broker who can offer expert eyes and candid guidance on what needs to be done to present the home in the best fashion to the buying public. A highly experienced agent will have recommendations on curb appeal, interior changes, and needed repairs. In my own practice, I provide a staging consultant to work with buyers to prepare the home, as well as provide resources for repairs and painting. Preparing the home also includes completing listing agreements, establishing an active date to market the home, and having professional measuring and photography taken.
Pricing the home is critical. Putting the home’s best foot forward with preparations will bring a better resale value in most cases. An experienced broker with a history of closed transactions understands the factors that affect the pricing of a home. For example, the market, the home’s unique features, the location within a neighborhood, and the value of surrounding homes can impact pricing. Pricing the home too high can have negative consequences, as the home is likely to have fewer showing appointments. Buyers can be discouraged and refrain from even making an offer on an overpriced home. Dangling a “carrot” to see what may bite is not a good strategy for getting a strong offer on your home. When priced appropriately, you will attract a broader range of buyers. Also consider that most homes go through an appraisal process, and buyers will expect the home to meet contract price in appraisal. If the home fails to do so, it could potentially be a reason for the buyers to terminate the contract.
The final “p” is promoting the home to the general public. This includes marketing the home through the MLS, realtor.com, Zillow, social media, and other consumer outlets. This is also when your agent should draw upon their contacts and communicate with buyer databases and other colleagues, including hosting broker open houses and public open houses. Finally, the use of high-quality photography and videography make a difference in attracting online attention through walk through videos, virtual tours, and fliers.
In summary, if you’re considering selling your home, now is the time to prepare. Use the process of prepare, price, and promote to ensure you increase your showing appointments and offers while decreasing your time on the market. In following the strategies I’ve discussed in this article, my clients have consistently received impeccable results and attentive service!
Mary is licensed in NC, SC, was a featured Realtor on HGTV House Hunters, is a certified luxury home marketing specialist, and has won numerous industry awards for top performances in real estate sales. She is proudly associated with Keller Williams Ballantyne-Area Market Center, the strongest performing single real estate office in the Charlotte market with annual closed office production exceeding a billion dollars. If you would like to learn more about your home’s value or have questions for Mary, contact her at www.marysrealty.com.