In Part 1, Part 2 and Part 3 of the series on the subject of “Can You Sale Your Emerald Isle Home Yourself“, these post dealt with the many challenges home sellers face when trying to market their own home. Because the issue of pricing your home is so critical, it is important this subject be given the full attention it deserves. When it comes down to pricing your home accurately, it really shouldn’t make a difference if your home is being sold by you the owner or by an agent. Market value is market value. Buyers may want to negotiate with you on that point. More on that topic in a later post.

What Determines Property Values?

When pricing your Crystal Coast home, there are many factors to consider. The following variables impact the fair market value of your Crystal Coast condo, primary residence or vacation home:

  • The law of supply and demand. Yes – local market conditions determine the value of your Emerald Isle home. Is it a buyer’s market, a seller’s market or is the market neutral/balanced?
  • Desirable location. Most of the time you will see that word mentioned in triplicate because of its obvious importance.
  • Has the home been updated with the latest highly sought-after features and upgrades
  • What is the overall condition of your home?
  • Desirable (or undesirable) features, amenities or characteristics of the property
  • Local economy and job market – goes back to supply and demand
  • Recent sales (within the last 6-8 months) of similar homes in the immediate area
  • Recently sold foreclosure/REO (bank owned) properties may impact area home values too
  • The urgency or motivation of the sale (never let the buyer know why you’re selling your home)

When Pricing Your Crystal Coast Property, Remember This!

The right price is usually within 2%-5% of the market value. When pricing your Crystal Coast home, if you price it too high the home will generate little interest, and the result will be prolonged days on the market plus few(er) showings. If you price it too low there will be many buyers and you will miss out on potential profit.

New to the Market Energy!

Remember this important point, your home will generate the most interest when it’s first listed. During the first couple of weeks expect to get a flurry of interest on the part of agents eager to preview it for their clients and those buyers “flying solo” without an agent. If you price your Crystal Coast property too high neither you nor local agents will be able to sell it.

The Results of Overpricing

Owners of overpriced Crystal Coast properties face the painful prospect of your home languishing on the market. The longer it remains on the market, prospective buyers may conclude you’re becoming desperate. This is an open invitation for low-ball offers. The result could mean you end up accepting an offer less than you normally would have received had the property been priced correctly in the first place. In the most difficult of market conditions, homes in good repair with a desirable location sell if priced accurately and marketed properly.

Your Feedback

Because most Crystal Coast real estate agents use a similar method to attach value to properties, I recommend you seek the help of a local market pro. Agents will provide you a “CMA” or a comparable market analysis for your home. A CMA is a combination of market data that includes what homes with similar location, features and condition sold for, plus your agent will also draw upon his or her personal market experience when arriving at a value for your property. What thoughts do you have about pricing properties here on the Crystal Coast? I look forward to your comments.

Helping you sell smarter,