Charlotte Home Buying & Selling Intel: What’s Going on in the Various Price Points Around Town?

What goes up must come down…? Join us for a quick journey with our trusted expert agents from Helen Adams Realty through Charlotte’s current real estate market to get the scoop on what’s hot and what’s not at your price point.

Let’s start at the beginning: What’s the best way to decide on the right price point to buy or sell?

Knowing how to price your home is arguably one of the biggest reasons to hire a professional to help you. And, while agents aren’t willing to give away all of their secrets, we can share some of the ingredients that make the magic happen.

REALTOR® Leize Watkins, says “It’s all about the data! Analyzing the neighborhood comps will give you an expected range. From there we look at days on market, % list/close price, price per square foot, updates of comps, etc. It’s never a good idea to just throw a price out there and see what happens.”

Buyers and sellers need to use the research that their realtor provides which can make all the difference especially when a property receives multiple offers.

But, there’s price and then there’s ‘worth’

There’s what you’re willing to pay and what you really value. Again, this is where the expertise of a real estate agent comes into play. It’s not just about the cost of the property but how you want to live.

REALTOR® Christine Hotham says “I take into consideration location and schools, and dining/shopping options within the price range to determine what price point is reasonable, and where each particular buyer is willing to bid in order to not lose the property to another buyer and have to start over.”

Christine notes that if the buyer’s budget allows, they will sometimes compete in order to secure the best house for them even if it means a higher price. “With limited inventory the alternative to winning this house could mean no house at all, which may not be an option or a desired outcome.”

What price points are you likely to find some inventory, and which are still slim pickings?

Consistently scoring high on all the lists from most desirable to livable and loveable cities, Charlotte’s real estate market moves fast and often independently of national trends.

Whitney Bridges, who works out of the Fort Mill office says “In the market around York county, there are many homes in the $600,000-750,000 range, the number of homes above and below that seem to be very slim. Most of these homes have 3-4 bedrooms, and rarely have primary bedrooms on the main level. If you are shopping between $250,000-400,000, they go very fast with multiple offers in the first 24 hours. And, there are absolutely no homes on the market in the $800,000-one-million range.”

People want to move here for work, to retire, and everything in between.

“We are not quite yet to the terms we saw buyers offering last spring, but it is starting to ramp up as the buyers are still out there and still moving here from all parts of the US to enjoy weather, lower taxes, great business/restaurants/shopping/hospitality and overall lower housing prices than their original cities of departure,” says Christine.

What features can a buyer expect at higher-end price points vs lower-end?

Leize says this is a tough one to answer because it depends on the neighborhood.

For the most popular areas around Charlotte including Myers Park, Elizabeth, Plaza Midwood, NoDa, the SouthPark area and Wesley Heights she says “The closer you are to the city, the more expensive price per square foot. The homes up to $500,000 are usually 1-2 two baths with 3-4 beds. They are typically a bungalow or ranch style. You can expect a traditional layout with stainless steel appliances, hardwoods or Laminate floors and a good outdoor area.”

If you’re more in the $800,000 price point, Leize expects to see a more modern layout with an open kitchen and living, maybe a screened porch, more crown and baseboard molding and updated bathrooms.

At the higher end price-points the home has usually been remodeled with high ceilings, large living spaces, larger bathrooms and closets, and more outdoor living space (outdoor kitchen area, porch, pool).

Square footage and upgrades can increase the price – but the one thing that pushes a home into the next price point is location.

Are buyers willing to pay for move-in ready?

Pricing a home right is imperative and move-in ready sets the stage for a quick sale at a top price.

Christine says “In order to maximize the net proceeds for a seller, we are doing painting, floor refinishing, light future updates, staging, and even kitchen refreshers. These are game changing. Even with tight inventory, we want to create excitement and buzz and an urgency for buyers to see and want to own the home. My sellers are prepping with all of this in mind.”

Buyers are touring in person, they want to see themselves in the space and are willing to pay for it – if you want to be priced at the ‘top of the comps’ the home needs to be show ready.

“Personally, I think buyers have upped their expectations of listings as compared to what we were seeing in 2020-2022 – because we are now able to see properties in person, buyers want more move-in ready and are willing to pay for it! When your name is on the line as the listing agent, you want to give any potential buyers the best possible outcome, having the house freshly painted, carpets cleaned, de-cluttered, professionally cleaned, lawn maintenance and exterior items, “ says Jennifer.

What’s the strategy to reach the most people and sell fast?

The longer a home sits on the market the more people think they can negotiate.

And, as scary as it sounds you only get one chance to price a home. You want to create demand, which contrary to popular belief, can actually mean pricing a property higher. You also don’t want to set it too low so that buyers wonder if there may be something wrong with the property.

Jennifer strategically lists in MLS as ‘Coming Soon’ revealing that “The coming soon status can stay in MLS for up to 21 days, so you can market, market, market, then the first weekend we are live I prefer to have two open houses for several hours each day to get the maximum appointments/exposure.”

Christine and Whitney’s strategy involves the bridge pricing method. “I use the bridge pricing method but always suggest we try to be exact or a bit under the market value in order to gain the most views and get the maximum amount of exposure from all buyers. Bridge pricing means straddling common price points. For example, pricing at $499,999 may seem like a good strategy, but in actuality, you’re missing out on a huge portion of buyers. Most buyers search in ranges $450,000-500,000 or $500,000-550,000. An increase of $1, from $499,999, means the home will appear in the maximum number of searches,” says Whitney.

“We price at the $100,000, $50,000 or $25,000 segmentation when at all possible, so the home has the opportunity to be seen at the top of one buyer’s search and also the bottom of another buyer’s search,” Christine.

Trying to sell your home without a real estate agent is a little bit like trying to make a movie without a director.

If you want a great opening weekend reach out to the experts at Helen Adams Realty.