Distressed Properties and What it Means When You Sell YOUR Home!
The state of North Carolina has 9.7 month supply of distressed homes on the market...
That means that if homes sales stated just the way they are today that it would take almost 10 months to clear the distressed inventory from the market.
What does that mean for you as a seller? With SO many distressed (discounted) properties on the market everyone that is looking to buy a home is looking for a deal.
So for the seller in today's market it means that you must be competitive in pricing your home to sell. Does this mean that you have to price where a foreclosure is priced? Certainly not, BUT you can not OVER price your home if you are REALLY wanting to sell....
You need to talk with your Real Estate professional to make sure you are making the best decision on getting your home SOLD in the time frame that you need to. There are many things to take into consideration when pricing a property and one of the things that you really need remember is that a house will only appraise for what the market will allow. So if you were to over price your home and get an offer you still have to get an appraisal that says the home is worth that much. A bank will only loan the amount that the home is actually worth....
I don't know too many buyers in this day that are willing to take money out of their pocket to buy a home that is over priced!
I would also like to remind you that the four hundred dollar wall paper in the master bath has NOTHING to do with what you are going to get for your home...
I hope that I have been able to shed some light on how important pricing home right is! Especially in today's market, there really is not a lot of room to “wiggle” on this topic.
Melissa McKinney