Maximizing Exposure and Strategizing for Selling Your Home in Wilmington’s Current Market

Selling a home in today’s market requires a strategic approach tailored to the unique conditions of your home and neighborhood.

Danielle Gillespie is sharing what sellers need to do (and avoid!) to gain maximum exposure and ensure a successful sale.

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What Must a Seller Do to Gain Maximum Exposure in This Market?

In this slower market it is essential for a seller to have a proper game plan that is strategically tailored to their home/neighborhood/area/condition. Right now, buyers have more leverage, more options, and more time. Sellers need to make sure their home is market-ready to a T!

This includes staging, taking care of those home maintenance items you’ve been putting off, fresh paint, fresh landscaping, decluttering and depersonalizing, and top-notch digital marketing. You can secure this sort of preparedness by partnering with a local agent who is skilled and experienced in this type of real estate marketing.

Seller Must Do List

  • Create a Comprehensive Game Plan: Develop a strategy that is specifically tailored to your home, neighborhood, and current market conditions.
  • Ensure Your Home is Market Ready: Buyers now have more leverage and options, making it crucial that your home stands out. This includes:
    • Staging: Professional staging can highlight your home’s best features.
    • Home Maintenance: Address any deferred maintenance issues.
    • Fresh Paint and Landscaping: Freshen up your home’s exterior and interior.
    • Decluttering and Depersonalizing: Make your home inviting and neutral.
  • Top-Notch Digital Marketing: Partner with a local agent skilled in digital marketing to reach a wider audience.

What Must a Seller NOT Do in This Market?

Ready to sell your home? Keep these key points in mind to ensure a smooth and successful process.

First, do not overprice the home—buyers are super aware of home values, and homes overpriced by even $5k are sitting on the market. Also, do not assume your home is market and show-ready; first impressions matter. Do not sleep on the home maintenance items, as a well-maintained home attracts more buyers.

When choosing a real estate professional, do not hire second cousin twice removed Eddy unless Eddy is a true expert. Set realistic expectations and do not assume your home will sell in a week, nor should you assume your agent has a buyer lined up for your home. Finally, do not list FSBO (For Sale By Owner). Make informed choices for the best results!

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Seller Don’t List 

  • Overpricing: Homes overpriced by even $5k can sit on the market. Buyers are well-informed about home values.
  • Assuming Readiness: Do not assume your home is ready for market and showings without proper preparation.
  • Neglecting Maintenance: Unaddressed maintenance issues can be deal-breakers.
  • Hiring Unqualified Agents: Ensure your agent is a true real estate professional.
  • Expecting Quick Sales: Be prepared for a longer market time than in previous years.
  • Avoid For Sale By Owner (FSBO): Professional agents have the expertise to market your home effectively.

What is Your Pricing Strategy in This Market?

In this market, homes need to be priced at or slightly below market value. Supply is increasing, homes are sitting, and buyers are hyper-aware of maintenance, prices, and monthly payments.

A home needs to be competitively priced AND have a proper marketing game plan in place before listing to make sure maximum exposure is had. Homes sit on the market longer, so do not feel negative if the home sits for 3 weeks. Buyers are still making good offers, but it’s taking longer.

I also do not list homes at $xxx,999- this looks tacky to a buyer and 9/10 times they are not going to make an offer with a “$xxx,999” price.

Pricing your home right is more critical than ever keep the strategy below in mind.

  1. Competitive Pricing: List your home at or slightly below market value to attract serious buyers.
  2. Avoid Tacky Pricing: Listing prices ending in $xxx,999 can appear unprofessional. Opt for cleaner pricing.
  3. Prepare for Longer Market Time: Homes may sit longer, but with the right price and marketing, good offers will come.

What Buckets Are We Seeing from the Inventory in Our Market?

Homes that are priced well and clean, move-in ready, and in good condition are selling within 1-3 weeks. Homes that look nice and are move-in ready but are overpriced are seeing 1-2 price drops and selling around the 30-day mark. Homes that are overpriced and need work are sitting for 60+ days, and many even well over 90 days, depending on the condition.

  • Well-Priced and Move-In Ready Homes: These are selling within 1-3 weeks.
  • Overpriced but Ready Homes: These may see 1-2 price drops and sell around the 30-day mark.
  • Overpriced and Needing Work: These homes are often on the market for 60+ days, with some exceeding 90 days.

Market Breakdown from Danielle

For June 2024, the list-to-sale ratio is 97.4%, meaning most homes sold at 97% of their list price. This is down 1% from this time last year.

Our absorption rate is 2.9, the highest it has been in a year. We are technically still in a Seller’s market. 5 is neutral, and over 5 is a Buyers’ market.
DOM is 40, which is up 31% YTD.

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From the MLS, YTD 2024 for New Hanover County, the average difference from the list to sale price was $13,333 (under list price).  

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From the MLS, for 2023, the average difference from the list to the sale price is $7,000 (under list price). 

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From the MLS, for 2022, it was $2,400 (over list price). 

1116 snapper lane unit 1 carolina beach nc 28428

Want a knowledgable partner on your side? 

Contact the Gillespie Group and let’s chat about what you are looking for! 

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