If you’re getting ready to or considering selling your home in Charlotte NC what does the level of real estate inventory mean to you?
First what it doesn’t mean:
– It doesn’t mean you can ask whatever price you feel like! Sold, similar, nearby comparables are still the most important factor on realistic pricing
– It doesn’t mean that your home’s realistic sales price just skyrocketed because we’re out of buyer favored market territory (that sold comparable thing again)
What it DOES mean to you:
– It’s an indication of how much and how strong your competition will be (how many options buyers will have to choose from). Lower inventory means fewer options for buyers.
– It’s an indication of the buyer audience – recent demand
– It needs to be specific to your nearby area, and general price point. More customized than area-wide or city-wide. Some neighborhoods have incredibly LOW inventory right now, in others it’s higher. It’s local!
The current real estate inventory in many areas of Charlotte has dropped out of buyer favored territory which IS good news for anyone considering selling a home.
But even with lower inventory it’s still critical to price your home realistically based on the nearby, similar, recent (ideally last 3 months) of closed home sales.
I’ve seen this happen in neighborhoods I know quite well – homes are listed way out of line with what’s supported by the sold activity. And they sit. While other homes (that are priced and presented appropriately) SELL.
If you’ve been planning to sell your Charlotte home or maybe put off moving for the past few years, the current market conditions (and home BUYER audience) are generally the best you’ll have had in more than 3.5 years.
What questions do you have about real estate inventory and how it relates to you? Email me at firstname.lastname@example.org and I’ll be happy to assist!
Copyright©2013 by Diane McDermott, All Rights Reserved, “When Selling a Home in Charlotte NC – What Real Estate Inventory Means to You”
The content of this blog is the original content of Diane McDermott, NC Residential Real Estate Broker in Charlotte NC’s real estate market serving neighborhoods in Charlotte NC