The Three Truths of Real Estate: Price, Condition, and Location

In the wonderful world of real estate, there are a few axioms that I believe anyone who understands real estate will agree on. The first one is that price and condition are what will sell a home. The second axiom is that houses sell in all markets, regardless of whether you consider the market to be good or bad. The final axiom would be the adage of location, location, location. All three of these axioms are known truths in real estate and are worth being discussed at length. However, this is not the time for my real estate novel! Therefore, I will write on each of these axioms. I would love to break them down further for you or anyone you know who is looking to buy, sell, or invest in real estate! As my wife will tell you, I love real estate and enjoy talking about it!

The first accepted truth of real estate is that price and condition are what sell a home. I heard a local real estate coach say two weeks ago, “You can’t out-market an overpriced home.” What he meant by his statement is that when a house is priced right for the market, it will sell. We can have hundreds of open houses, the prettiest photos and videos, as well as amazing descriptions and social media posts. However, a home will sell when the price and condition match the market, as buyers only buy what they see as the best value. If you have read my articles before, then you have heard me say that real estate is a price war and a beauty contest. No amount of marketing will help you win the price war and beauty contest. You must win the “price” war and the “beauty” contest, especially in today’s market. So far this year, 50% of all homes sold in Craven County have sold in 29 days or less, while Pamlico County has sold 50% of their homes in 42 days or less. The National Association of Realtors (NAR) tells sellers that if your home is on the market for 14 days with no showings, the home is overpriced. If a seller has had 10 showings and no offers, according to NAR, that is another sign a home is overpriced. Depending upon the market and home, in my opinion, those days could be a little short for our area, though they would not be much different in any case.

Second, houses sell in all markets, no matter if you think the market is good or bad. What determines a person’s opinion of the market as being good or bad is what their role is in the market—whether they are a buyer or seller. If we look at the current market in Craven and Pamlico Counties, there were around 9% more closings in the month of August 2025 as compared to August of 2024. That is a good sign and would show the market is good. However, if you compare prices from August of 2025 to August of 2024, Craven County would show you the average sales price for August of 2025 is 8.13% less than August of 2024, while Pamlico County would be 17.74% less than August of last year. Fortunately, when we look at the year-to-date numbers for Craven County, we have sold only 2% fewer homes, and average sales prices are up 1%. Pamlico County would show that year-to-date, we have sold 2.3% more homes and average prices are only down 1.3%. With such a mix of data, is the market good or bad? If you are a seller, you like the idea of more home sales happening recently. If you are a buyer, lower prices excite you. I would argue there are no good or bad markets as there are opportunities in all markets.

Plus, if you look at real estate as a long-term investment, it has always been a winning investment. I am also a realist and understand that some markets are better than others... depending upon whether you are buying or selling. However, when the first axiom of price and condition is met, then a property will sell, no matter if you think the current market is good or bad.

Finally, we have all heard the last axiom of real estate: location, location, location. The interesting part about this last axiom is that it is the one thing that cannot change. Most people do not move houses, buildings, or land to give the property a different location. However, location can determine the price and condition a house must meet, as well as if a market is good or bad. Real estate is hyper-local. Therefore, what is happening at the beach or in Raleigh for their real estate markets will likely not be the same market as here in New Bern or Oriental. When you hear on the evening news about the different real estate indexes showing positive or negative signs, they are typically talking about the top 20-50 metropolitan areas in the United States. Though we have the charm, hospitality, and events that attract people, believe it or not, we are not a metropolitan—and for that, I am thankful. Location, location, location always impacts pricing and how a market is performing and is the one thing that buyers and sellers cannot change unless the buyer is looking in more than one area or a seller owns multiple properties!

The three known truths of real estate are more complex than this article and author have the time to explain. If you would like to discuss your options in the current real estate market and see where you fit in, we here at The Home Sales Team of Keller Williams Realty would love to sit down and help you discover how this market can work for you. As we say, if buying or selling a home is your dream, give us a call at The Home Sales Team!