As we head into the holiday season lets take a look at the condition of the luxury market for the greater Charlotte area over the last five months. The chart chart below reflects the Top Quartile of the Charlotte market by price point. You can see a direct correlation: As prices have dropped, So has inventory.
These market conditions remain: It is still a very aggressive and strong buyers’ market, there is still a glut of inventory, a smaller buyer pool, difficult financing conditions and downward pricing pressure on non-distressed home sellers having to compete with all the foreclosures and short sales in active inventory. These conditions make it Absolutely Critical that homeowners follow this 4- Step Formula:
- Make sure the house is in top condition – Buyers buy with their eyes first and the old saying “you never get a second chance to make a good first impression” has never been more true.
- Strategically Price the home at point of entry into the market – This is not the time to “test the market.” It is no longer 2006 and this is no longer a realistic strategy nor does it make good business sense.
- Make your home easy to show and prepare for every showing like it is the only one you are going to get – there are too few buyers and too many other choices out there to not treat each showing in this manner.
- Hire a REALTOR® who understands and leverages strategic marketing, advertising and social media for your home – Notice I put this fourth. No amount of advertising and marketing dollars spent can make up for incorrectly implemented Steps 1 – 3.
Following this formula will successfully guide you to the coveted “Sold” status!