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Even if You LOVE Vegas - Don't Be A Gambler in the Wake Forest NC Real Estate Market

If you want to sell your home in Wake Forest NC AND you contract me as your Realtor® you can be sure that you will receive a thorough, in-depth and detailed CMA prior to suggesting your listing price. Now, what I don't understand from past sellers is their need to take all of the work that I have put into that CMA and decide to gamble in the Wake Forest NC Real Estate market.

When I suggest a listing price it is based on several criteria:

1. The CMA that I prepared for your home which takes into account the current listings in your neighborhood (your competition - fair market, foreclosures and short sales), the homes that are currently under contract (how long were THEY on the market, did they adjust their price, what was the Wake Forest NC Real Estate market like when they initially listed their home, etc.) and the homes that have sold in your neighborhood in the last 3 months. Notice I didn't say 6 months, 9 months or a year - that is just not relevant anymore.
2. Your motivation as the seller to get your home sold quickly. Are you downsizing, relocating, upsizing, or are you in financial crisis and must sell.
3. The condition of your home. Is it in pristine showing condition? (I'll reserve what I consider that for another post) Do you have curb appeal? What stands out about your home from the competition. And, no, just because YOU think your home is better than the competition doesn't mean that it is - you are EMOTIONALLY attached and viewing it through rose colored glasses shaded with sentimentality, warm-fuzzies and emotions.

When I suggest a list price it is because I have done the research, visited the competition, and evaluated your current situation. When a seller counters my list price suggestion with a higher price they are only gambling in the Wake Forest NC Real Estate market. I think they always think "what-if" - well, let me share with you some of the what if's if your home enters the market listed too high.....

• you won't be taken seriously as a seller. Remember, buyers have BUYER'S AGENTS and they are educated as well. They'll know the competition and realize that you are priced too high.
• Once you lower the price you take a huge gamble that your home has become stale. You become THAT house. And, if you think that you can take the house off the market and relist it you CAN'T. Did you know that it is unethical in Wake Forest NC for a Realtor® to do that? Besides, MLS now keeps track of cumulative Days on the Market (DOM). Again, buyers will have a BUYER'S AGENT - they will know!
• When you do lower the list price you may have very well missed a selling window. Let's say you list in the Spring - the prime time to get homes fresh and sparkly and on the market. You price too high, wait a few months and then decide to lower the price. You have just missed one of the best selling times of the year!

So, whether you choose me as your Realtor® in Wake Forest NC or another - trust them! It's why we do what we do!

• Ask questions - I, personally, love to involve sellers in the process.
• Trust - the highest respect I can ask for is your trust!
• Listen - one of the pillars of the foundation of a professional relationship is listening

And, if you ARE thinking of listing your home I would welcome the oppportunity to earn your trust in me! I don't gamble! Besides, I AM the Wake Forest NC House Chick! I live, work and play in Wake Forest NC and I know the Wake Forest NC Real Estate market better than anyone! Feel free to give me a call at 919.649.6128 or simply send me an email!

For more information regarding CMAs or what a Market Analysis is then don't miss this post!

IMPROVED List for Foreclosures in Wake Forest NC

Every week I update and post a List of Foreclosures in Wake Forest NC to my website. This list also includes Rolesville NC and part of North Raleigh NC.

There are foreclosures, REOs, Lender Owned Homes, Auctions and HUD/VA owned homes on this list and let me just say - awesome prices!

There is eveything from townhomes, historic homes and Estate Homes available! Check out the latest list and as always.....if you have any questions please feel free to call me at 919.649.6128 or simply send me an email!

A Comparable Market Analysis Gives You The Edge in the Wake Forest NC Real Estate Market

First off, what is a Market Analysis?

A Market Analysis is a tool used to help guide you when deciding on a price to list your home. Your List Price. A Market Analysis will use similar homes in your neighborhood that are currently on the market, pending (have a contract on them but have yet to close) and recent Sales. In the past, recent Sales could go back 6-12 months to justify a price. Today? Not so. Lenders are now requiring (in most cases) Sold homes used in a Market Analysis to be no more than 90 days. What if there are no sales in your neighborhood in the past 90 days? Should that be the case, several other factors come into play.

• A comparison of recent activity for List Price to Sales Price ratios must be looked at. What was the List Price of the home and what was the ultimate Sales Price of the home? Were there any concessions offered to the buyer such as Closing Costs, etc?


• A more in-depth look at current homes on the market in your neighborhood will be looked at. DOM (Days on Market) will be analyzed. Have the homes been listed for less than 90 days? 180 days? Over a year? This is considered a "time on market" adjustment.

Years ago if there was a Foreclosure in your neighborhood mixed in with Fair Market sales you could somewhat discount that foreclosure in your equation. Unfortunately, today's market has many more foreclosures and, more than likely, they will need to be factored in when doing a Market Analysis. While that may be quite disheartening to you as a seller it is what is happening. You must keep in mind that if a buyer is faced with 5 homes for sale in a neighborhood and 3 of those 5 are foreclosures, chances are they are priced much lower than the Fair Market homes. That is your competition.

A Market Analysis has become a much more complex method in deriving a house value than in years past. If you are thinking of placing your home on the market in this soft environment it is in your best interest to hire a professional that will prepare a solid Market Analysis and continually update that Market Analysis while your home is on the market. Remember, if you receive an offer that is below your asking price and you have a professional, thoroughly prepared, and concise Market Analysis you will be in a better position to defend your asking price and more educated to negotiate.

There are many Wake Forest NC Homes for Sale so education is key when it comes to pricing your home!

Should you have any questions about your neighborhood activity or if you are considering putting your home on the market and would be interested in a FREE CMA (Comparative Market Analysis) I would be happy to help you navigate the process. Please feel free to call me at 919.649.6128 or simply send me an email!