Selling prices-Looking at Chapel Hill and at Chatham county, are homes selling at the selling price or below?

Asked by Pulczinski, Ruckersville, VA Mon Apr 30, 2012

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Reg Morgan, Agent, Chapel Hill, NC
Wed Jan 16, 2013
Here's an update on prices and where we are in a current market in the Triangle. Sales are moving, but prices haven't caught up yet. It's still a good time to grab some valuable properties at a discount from 2008 prices.

http://www.newsobserver.com/2013/01/14/2607470/triangle-home…

Contact me for more information on current trends and we can look at what's on the market now.

Reg Morgan, GRI, CRP, Broker
Coldwell Banker HPW
Chapel Hill
MorganR@HPW.com

http://www.ReginaldMorgan.com
0 votes
Todd Neal, Agent, Chapel Hill, NC
Mon Nov 26, 2012
That is the wrong question since list prices range from unrealistic to aggressively motivated. That range creates false averages. For a more useful assessment you need to drill down a couple of layers and look at homes with similar features and in similar locations and look at contract price compared to original list price. Any agent should be able to run a report for you. If you are looking for deeper more predictive analysis please feel free to call or email at your convenience.

TODD NEAL
Broker/Consultant,
Coldwell Banker HPW
919.358-3662
todd11@aol.com
http://www.toddneal.com

MOVE SMARTER
0 votes
Jay Walden, Agent, Chapel Hill, NC
Tue May 1, 2012
As indicated in some of the other replies, we are typically seeing homes selling 2-4% below list price. But wait - that statistic is usually based off the List Price at the time it went under contract and that could have been after a price reduction. What typically is not shown or reported on is the comparison of Sales Price to ORIGINAL List Price. That difference could be as much as 10-15% for homes that were not priced well from the start. Pretty much every time I have run the numbers, what see is that homes that are priced right from the start (meaning there was no price reduction before going under contract), sell for more and in a much shorter period of time. In an analysis I did for a customer yesterday in a Chapel Hill neighborhood, homes that had a price reduction sold for 8% less and were on the market for an average of 7 months vs 2 months for those that had no price reduction. The bottom line is that if you price too high, not only will you not get the price you would have gotten if priced right from the start, you will get less - and be on the market 2-5 times as long!

A WORD OF CAUTION - Many sellers inflate their price a little to leave room for negotiating. Be very careful when doing this. If you bump your price above the bracket that your target buyers are looking in, they will never even see it. I had a seller once that insisted that we list his home at $355k. When he finally agreed to adjust the price to $350k, the online traffic tripled and we had an Offer in 8 days. His buyer pool was only looking up to $350k and never saw it.

Whether you are a buyer or seller, a strong agent can help guide you through the process and do the analysis so you can have a well thought out pricing strategy and game plan.

You can also use the link below to request a customized, no-obligation Market Snapshot report that is based on live MLS data for the area you define. It will show both active and sold listings, with lots if data, including inventory, sales, and charts on List Price vs Sales Price. I'd be glad to help any way I can as well.
0 votes
My NC Homes…, Agent, Chapel Hill, NC
Tue May 1, 2012
99% are selling below asking price, however the percentage below asking price varies widely from as little as 1-2% to as much in some cases as 10%. When homes are properly priced to begin with (this is for any market, anywhere) they should sell within 3-4% off asking price, When you see bigger discounts than this; it indicates that they weren't priced right to begin with. There is no simple formula you can apply and this is why you want to work with an experienced local broker who can help you with properly analyzing the market data so that you know the real "market" value of a home and can then properly formulate your offer strategy.

I've attached a link below to one of my more popular blogs here on Trulia that might interest you.

I specialize in Buyer Brokering, representing buyers the way listing agents represent Sellers. While it's both legal and standard operating procedure here in North Carolina, I will not work as a "Dual Agent"; in other words one agent in the middle representing both buyer and seller. My company and I believe this presents a conflict of interest and that the only person well represent in dual agency is the agent themselves whose focus is more on retaining the entire commission rather than on doing what's best for their client. If you decide to work with me, you can rest assured I will be focused on your needs and on getting you the best possible deal. If you are interested in finding out more about me you can check out my profiled here on Trulia and contact me from it.

I wish you the best of luck and happy house hunting.
0 votes
Vivian Olkin, Agent, Carrboro, NC
Mon Apr 30, 2012
i forgot to say that of all the counties that make up the Triangle, Orange County is the only one that has seen appreciation. There may be pockets of appreciation in various neighborhoods, but Chapel Hill/Carrboro is definitely still strong. There is less inventory and if priced right, it will sell. Reports for the first quarter have just been released, though it doesn't show what is happening now, so it doesn't show if places are going under contract faster than the first quarter of the year.

All I can say is that things are getting better.
Web Reference:  http://www.crazyvivhomes.com
0 votes
Vivian Olkin, Agent, Carrboro, NC
Mon Apr 30, 2012
I think it depends on the price range and the quality of the house, but things have changed immensely. There are many multiple offers once again. As you know, when there are multiple offers, the house generally sells for over asking price without contingencies. One of the keys is strategic pricing and having the house in pristine condition.

There are some areas and price ranges that are hot--Carrboro and certain areas of Durham will get multiple offers if priced right and location is good.

Are you wondering about selling your home? I'll be selling mine next year so I'm thrilled that prices are back up. Call or email if you want to "talk".

Vivian, aka CrazyViv
919-624-5479
Web Reference:  http://www.crazyvivhomes.com
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