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Home Sellers Are Out Of Touch
By admin | November 10, 2008
Home Sellers Are Out Of Touch With The Real Value Of Their Home, A MSNBC article spells out!!
According to the MSNBC article even today, most home sellers do not understand or have not accepted that home values have declined in most areas. This is true for all of Northern New Jersey, including such desirable towns as Summit New Jersey which has seen a 16.8% decline in the median home sale price. Millburn New Jersey which has had a 15.5% decline, and Chatham New Jersey down 3.4%.
(data from gsmls for the periods April, 1 2007 - November, 1 2007 -vs- April, 1 2008 - November, 1 2008)
I personally have been finding that there are a fair number of home sellers in the area who are out of touch with what home values have been doing over the past few years. In fact I lost a home listing 2 doors down from my home, because I told them the real value their home was likly to sell for, while another REALTOR came in an just told them what they wanted to hear. That number they wanted to hear happened to be $100,000 higher than what I and 5 other very experenced REALTORS in my office agreed the home would likely sell for. This home owner fell for one of the oldest tricks, which is to shoot the home owner a high price, knowing that most home owners will equate the higher price with the skill of the REALTOR. Sorry to disappoint, but anyone can quote a price, it does not make them skilled.
In case you missed it, I really dislike Morris County REALTOR’s who miss lead home sellers on listing price.
Pricing your home too high to begin with, is a major error and costs many home sellers tens of thousands of dollars. Most home sellers still do not understand that the highest price they are going to get for their home is from a offer that is written in the first 2 or 3 weeks on the market. That is when the interest is highest, and when the people who have fallen in love with the home write offers. Price it too high, and you denture those that have fallen in love with the house, and they start waiting for a price reduction. In the mean time they continue to shop for a home. Guess what, they usually find something else that is at least the equal of your home, and write a offer on that.
As a home seller here in Northern New Jersey here is what you should experence if you list you home for the right price to start with. In the busy spring and fall selling seasons you should get 15 to 30 showings within the first 2 weeks your home is on the market. During the slower winter and summer home selling times those numbers will be closer to 7 to 14 showings in the first 2 weeks. If your home is price right to start with you should have a offer which is within 3% of your asking price within 4 weeks of you home being listed for sale. During the slower selling times that offer should be in your hand within 6 weeks of listing your home for sale.
Morris, Essex, and Union County New Jersey home sellers, do yourselves a favor, when interviewing area REALTORS to list your home for sale, do not hire the REALTOR who quotes you the highest list price. That REALTOR is likely the least experenced, and least capable of getting your home sold for the best price possible.
If you would like me to do a real and truthful CMA (Competitive Market Analysis) for your home, I am happy to do so, just give me a call at 973-647-0253 or send me a message including some information about you home such as the address, any improvements you have made to it with the years you did them, and the general condition of your home.
Cheers,
James Boyer
New Jersey REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
Specializing in Morris County Real Estate, Essex County Real Estate, Union County Real Estate, Somerset County Real Estate, and Sussex County Real Estate.
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