The short answer…..YES. Price does matter, A LOT! There were 1,172 price decreases for homes in our market in the last 72 hours because price matters….just like location matters, just like on line marketing materials and the overall condition of the property matters. The market is in the middle of its seasonal adjustment. Spring prices don’t work in a fall market, so agents are making adjustments.
When it comes to selling a property, there is only so much we can control. Sometimes owners can’t control the condition. No one can control the location. But the price can be tweaked and the marketing materials can be top quality. The important piece here is knowing how and why you might want to tweak your price.
What do third quarter numbers tell us? Between July 1 and September 30, 8,841 properties in the Charlotte have sold. Roughly 25% of those sales were of properties at $200,000-$300,000, which tells us what our average buyer can afford. Fourteen percent of sales were of properties between $300,000-$400,000.
What are buyers looking at? According to our area showing service, in the last 30 days, 555 showings were of properties priced between $100K—$199,999. The largest draw for showings, however, was for homes between $200,000—$299,999.
So when you are talking about pricing, think about who the ready buyers are. Ask your agent who you are competing with—what do their properties look like? What are the conditions? Remember, you can control condition and pricing. That’s all. Be competitive! Be smart! Remember, what you paid for your property or what you need to net from your property doesn’t determine the price. The buyer determines the value of your property. Know your buyers!