It has been a generation since the sales inventory of Outer Banks real estate has been so low. Now that many people do not have to commute, demand for homes on the Outer Banks is also at historical levels. If you are serious about selling, then how do you get the most money for your property? This article will describe the pros and cons of two home pricing strategies that Outer Banks property owners are currently using.
Close to Market Strategy
Since properties are generally selling for more than the most recent similar sale. Some sellers are pricing their home slightly above that last similar sale. What often happens next is that seller ends up with more than one offer in just a few days. Having buyers compete against each other can result in offers of more than the asking price and sometimes even result in the seller receiving some non-refundable due diligence money. With this type of strategy, the seller almost always holds more negotiating power than the buyer. Sometimes when this pricing strategy is employed a seller will feel that they have priced the property too low.
Shoot for the Moon Strategy
Sellers using this strategy put a price on their property that is well above the most recent similar sale. In this market, it is unknown how badly someone may want the property. The limited number of properties for sale will likely help just about any home receive interest and showings. If they like what they see, then an offer may result. Using this strategy eliminates most chances of the property selling for lower than what another buyer will pay. On the other hand, it may take a while for a buyer to make an offer and the seller will usually have less negotiating power with that buyer.
One thing is for sure…with more buyers than homes for sale chances of selling your property at a good number today are much better than they were a year ago. Please feel free to contact Sandy if you would like to have an opinion of value on any Outer Banks property.
By Jeff Scott with Scott Team Realty