Fairprice Bu…, Home Buyer in Pompton Plains, NJ

Why are sellers in Pompton Plains ridicuoulsy overpricing their homes when the local trends and numbers do not support those prices? Why do they?

Asked by Fairprice Buyer, Pompton Plains, NJ Mon Nov 16, 2009

think buyers today should pay MORE than the sellers did at the height of the market from the end of 2004 through 2006?

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5
Not sure all sellers fall into your generalization, as homes are selling in Pompton Plains.
Sounds like you have come up against some difficult sellers.
Bottom line is - sellers don't always follow the advice of their agents.........and, they are not always motivated or realistic.....at least, not initially.

Best wishes...........
Debbie Rose
Prudential NJ Properties
1 vote Thank Flag Link Mon Nov 16, 2009
Maybe Pompton Lakes is not a community that feels it is hit by the market issues. There are some communities that have not been hurt as hard as others. Ridiculously overpricing a home may just be your interpetation of that market. Remember, real estate is local. It is like anything lse.. supply and demand.

Maybe someone else would say, wow. good deal.
1 vote Thank Flag Link Mon Nov 16, 2009
Motivation! Some seller's do not have to move, they feel they have time. Seller's also feel that buyer's are coming in with contracts with a certain price in mind and will make an offer and stay at the price. No Negotiating at all. This has happened to plenty of sellers in town. The jaw drops and then we move on...NEXT!
When the seller makes that final decision to price their home aggressively and at the right CURRENT MARKET VALUE PRICE, they will sell.
Our office has been holding weekly Open Houses and we go over our weekend activity every Office meeting to see how each property did. Pequannock / Pompton Plains still by far has more traffic thru Open Houses than a lot of our surrounding towns. Average 10 couples per home. One weekend one of my new listings had 21 visitors. The agent hosting the Open House was exhausted but she was thrilled to meet several new buyers. You can always check out our open houses on Realtor.com & Century 21.com.
0 votes Thank Flag Link Wed May 12, 2010
Dear Fairprice,
You will be happy to know that homes are selling in Pompton Plains and Pequannock for far less than the market high of 2006. Some recent sales in town are more than 20% off those highs. The market has changed in the last year and sellers are realizing their home's market value. While I haven't noticed any in town recently that are priced more than their market high, there are plenty that are priced competitively. Savvy buyers are snatching up the best priced homes and sellers are appreciating that they can sell their homes quickly if they are priced well.
As some of the other respondents have noted, somethimes sellers can not lower their price without making themselves "upside-down" on their mortgage. They may have purchased or re-financed at the height of the market and now find themselves owing more than the can sell for. Personal circumstance like a job transfer, amy be forcing them to sell at a time that is not advantageous.
I would encourage you to take another look at what is available in Pompton Plains. You will find a well-priced gem, I am sure. The Spring market is heating up and some very nice homes have come on the market.
Best Regards, Eric
0 votes Thank Flag Link Thu Feb 18, 2010
Dear Fairprice buyer, I agree with Debbie. Homes have sold in Pompton Plains so maybe the ones you are trying to buy from are being difficult. I tell buyers and sellers alike...the market price of a home is the price a buyer is willing to pay and the seller is willing to accept. There are many sellers in this market that are in financial difficulty. Unfortunatly you will not know that unless the listing states a short sale situation. As a real estate agent our job is to educate both buyers and sellers to current market conditions with data, but some sellers and buyers look at the information we are giving as "our opinion". I am telling my buyers to look at the house and not the list price as many homes are overpriced. Have your agent give you the latest comparable sales so you have a point of referance.

Good luck to you in your home search.

DENISE GUETERMAN WEICHERT REALTORS 142 MAIN ST CHESTER, NJ 08930
908-303-2472 MOBILE 908-879-7010 OFFICE DENISEGUETERMAN@HOTMAIL.COM EMAIL
0 votes Thank Flag Link Mon Nov 16, 2009
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