Shore Realty Outer Banks Home Sales

Chasing the Market

The human in you is going to want to set the list price as high as possible in the hopes of getting more money out of the deal. In the current market this usually backfires because you end up chasing the market down.

Here’s what I mean:  if the Fair Market Value (FMV) of your OBX property is $100,000 and you list it for sale at $115,000, your property will languish on the market. Six months later you finally reduce the price to $100,000. Unfortunately, values have fallen during this time and now the FMV of your property has gone down to $90,000.  Six months later you reduce the price to $90,000 but, again the value has fallen to $80,000.  

Eventually you reduce the price again, and once again you are still too high for the market until you either give up or sell the property for less than you could have sold it for 6 months earlier.

The only thing we know for sure in this market is your property is worth more now than it will be worth a year from now.  Price it right the first time and you will save money in the long term.

 

Average and median price chart

Choosing an Agent

Pricing

Marketing

The Offer

The Closing

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