Ilona Matteson

Do a search on ActiveRain and you’ll find hundreds of blogs in different locations with advice on how to come up with your listing price for your market. I searched how NOT to set the price and found nothing. So here are a few ideas on what NOT to do when you decide to sell your Outer Banks home in today’s market.

• Tax Assessment - Don’t confuse your county tax assessment with market value. Your tax assessment is for the purpose of assessing a tax amount to you for the purpose of revenue to the county. It doesn’t in any way suggest that’s what a buyer is willing to pay or a seller is willing to sell for. Most importantly the assessment on your home right now is 8 years old! On the Outer Banks they only re-assess every 8 years. Because it’s 8 years old, it also doesn’t take into consideration any improvements that have been done since the last assessment.

• Old Appraisal - Appraisals are only good for the day they are written. What? Yes, that’s correct. Considering that anything and everything could change tomorrow, an appraisal can only be valid for one day. If you have a year old appraisal and want to base your price on some reflection of that, you’ll find yourself the highest bidder of your home! Congratulations, you don’t have to move.

• Old Sales in the area – All agents have heard it… “Well my neighbor sold last year for $30,000 more.” Well, sadly, in a declining market that’s what happens. There are so many factors affecting the value of your home today, relying on what sold several months to a year ago will cost you many months of additional mortgage payments on this home!

• Recent Improvements – We’ve also all heard… “Well I have a new roof, HVAC and carpet. I want to ask $extra to cover those costs.” The fact that you’ve done these “maintenance” items is great. It shows you’ve taken care of the home. The problem is all houses need a roof, HVAC and carpet. In a market flooded with inventory asking more for items the buyer expects to be there AND expects in good condition is a losing strategy. What you can ask more for are upgrades. Changing vinyl to tile or carpet to hard wood, or laminate to granite are all upgrades. However, the best way to create value in a market full of homes for sale is to have MORE for LESS. That’s how you stand out above the crowd!

• Basing the price on your needs – We would all love to get the seller the most money possible. That’s part of our job. However, we can only sell the home for the true market value. Just because you NEED to get $50,000 at closing doesn’t mean it’s going to happen. You have to consider all the current factors in your marketplace and if those point to a lower price, you needing that money will not cause a buyer to pay it if the value isn’t there. You may need to adjust your plans based on what’s realistically going to come out of the sale of your home.

• Stuck on 2005 value – It was a good time…a very good time back then. However, all good things must come to an end. Sure, we’ll see prices like that again, but just as that cycle was OVER 15 YEARS in the making, so shall be the next. It’s been 7 years since 2005! It’s time to put those prices to bed. If you don’t need to sell any time soon, great, DON’T. However, if you do need to sell, forget 2005, it’s history. It will be a very long time before prices rise to that level again. Let’s get adjusted to this market and make the best OVERALL decision for your family.

• Focus only on Price – So often I hear, “I don’t have to sell, I’ll just wait if I have to sell at that price.” Selling a home is based on a LOT of decisions, not just the price for it. No one wakes up and turns to their spouse and says “Honey, the house is worth $X, we have to sell it.” Selling is based upon life changes, new needs, maintenance costs, jobs, marriages and so many more things that are related to the way we live our lives. It’s always a shame when I see a seller refuse to sell based solely on the price in today’s market. That means they are putting that dollar value above the benefits selling the home can bring to the family. Don’t let the emotional response to the price create a long term inconvenience for your entire family.

Now that we’ve covered what NOT to do, if you need help pricing your Outer Banks home for a prime spot in our market today, certainly let me know how I can assist you!

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Don't be caught 3rd and long! NFL players prepare an entire season for the one chance to make it to the Super Bowl. Right now is your chance to "get in the game!" The next few months will be the best selling season of the year. It's the Super Bowl of Real Estate!

According to statistics over the last 4 years, March, April and May see a 30% spike in sales compared to the previous 5 months. This means starting this week, if you've been thinking about selling your home, it's time to get our game faces on!

In addition to the normal spike in sales, we're also currently experiencing the lowest level of residential home inventory on the Outer Banks since before 2006! That means more buyers and less competition.

To get in on the action, make sure you’re in winning condition with the following ideas:

1. Do your spring clean early to get the home looking its best!

2. Spruce things up! Replace old, worn bedspreads, window treatments, shower curtains, rugs and other accessories with fresh ones to brighten things up!

3. Get a home inspection. There’s nothing worse than a surprise at the last minute. Once you get your home under contract, there’s no reason to have the deal fall apart over an unexpected repair issue. Address it early and it’s a non-issue later!

4. Talk to your agent about setting the best possible price! Don’t miss the best time of the year to get your home sold because you needed to “test” the market at a higher price. All trends point to you paying for it later!

If you'd like more information about what your property's market value is, contact me and I'll get a report to you within 24 hours.

Don’t be caught on the sidelines…you’re trophy beach house is only a play away! NFL players prepare an entire season for the one chance to make it to the Super Bowl. Right now is your chance to "get in the game!" The next few months will be the best selling season of the year. It's the Super Bowl of Real Estate!

According to statistics over the last 4 years, March, April and May see a 30% spike in sales compared to the previous 5 months. This is the best time for buyers to get in on their beach dream. You’ll have half of the year’s expenses with ALL of the season’s income! Talk about a great way to start ownership.

In addition to the normal spike in sales, we're also currently experiencing the lowest level of residential home inventory on the Outer Banks since before 2006! That means more buyers and fewer homes to choose from. You don’t want to be stuck with the picked over, left behind properties.

To get in on the action, make sure you’re in winning condition with the following ideas:

1. Don’t get benched by not having a solid pre-qualification letter from your lender. If it’s a good home at a great price, there’s a chance for multiple offers. Strengthen your position by having this in place.

2. You’re allowed to work with your agent under a verbal agreement. This is good until BEFORE you write an offer. Then by law, it has to be put in writing. Go ahead and get this document done once you’re comfortable with your agent. That way, your offer isn’t delayed over this technicality.

3. Have your agent review with you the Offer To Purchase and Contract. There have been many changes to it in the last 12 months and really favors the buyer! Go ahead and decide on some of the terms ahead of time so if you’re in a crunch to get an offer presented on a great house, you’re not delayed on details that can be decided easily ahead of time.

4. Get your trip to the area planned out. Even if you have to move it to another date, having a plan keeps the process moving in the right direction. Plus, if you end up offering on a house before your visit, the seller will be comforted by knowing you’re coming sooner than later.

If you'd like more information about the area’s “Best Buys”, contact me and I'll get a report to you within 24 hours.