Monday Coffee with Buddy for August 23 2023

Happy Monday to you this is Buddy Blake here in Wilmington North Carolina realtor with Coldwell Banker.

If you are out there and you're thinking about selling your house I want to share with you one of the tactics that we're using and we're using it very well is price marketing I realized for the last two or three years up until the last year or so you set a price everybody comes in makes offers go above and beyond pick the highest and the best and you work it out when you get 10 offers well that's not the market now if you're thinking about selling your house what you don't want to do is put your house out there and yeah I get you're going to try to get an aggressive price because you know your neighbor did your friend did or your relative did or maybe you did it a few years ago and were able to get whatever you wanted well listen to your realtor and price it according to what your realtor's saying not necessarily what somebody automated systems including ours are saying because they're not always up to date and especially now when we got a market that's moving kind of trending down where the median price inventory starting to pick up but what I want to talk about is Price Market don't put your house out there and leave it at a price because let me tell you how it works your home buyer their first showing is going to be online whether it's on our website whether it's on Zillow whether it's on realtor.com whether it's on ABC realty they are going and they've got some system that's sending them updates on houses that not just come on the market that fit their criteria but also that have price adjustments the magic number that we've seen is about every 14 days you need to have a planned price Improvement adjustment reduction whatever you want to call it that sounds more palatable but don't put your house out there and just leave it priced Forever at a certain price because what happens is the market forgets your house and I get that some people say oh I don't want somebody to think I'm desperate well here's the deal I'd rather get offers on a property and not be able to work them out because they came in too low then they get no offers at all so you kind of pick your poison there but we think 14 days and we're kind of seeing it in our Market where if you do it it and adjust it every 14 days and it doesn't have to be massive price reductions if you adjust it every 14 days you're going to see initially you're going to see your online views they go up and they go down they go up and down with the price adjustments versus the straight line where you see it just goes down down down down down and then everybody thinks there's something wrong with your house but the other thing is usually a week or so behind the showing activity you're going to see the actual visits agents showing your house activity this is the one that's critical now a lot of people bought houses over here just off viewing during covet but it's not the case now they're coming to take a look at the house because they want to be more selective they don't want to make a mistake because they realize they're probably paying a higher interest rate if they're getting a mortgage or if they're paying cash they're taking their cash out of something that might be earning five percent or six percent in some cases if you look at the treasury market don't put your house out there and just leave it forever at a price it's not the way to do Marketing in today's world because people get those notifications of things that change prices if they've looked at it before maybe they've saved it every time something happens to it every time a price is reduced they're going to get a notification and you want to stay top of Mind in this market so that when the buyer is ready to do something or in many cases has to do something you're going to be top of mind and ready to go I hope this is helpful if you have any questions about this and you'd like to see our strategy kind of laid out how we do it you can click below or you can give us a call or shoot us an email thank you so much