Home Buying in Woodlynne>Question Details

Cpunkin, Home Buyer in Clementon, NJ

Why has this property 126 Elm st Woodlynne been on the market for over 1 1/2 years and there has not been really no movement in price? Its a new

Asked by Cpunkin, Clementon, NJ Mon Mar 14, 2011

home but, due to its close proximity to Camden City, why wont the price be reduced appropriately, considering what houses are going in that neighborhood...just wondering...

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Larry Sarlo (CDPE)’s answer
I want to add one more thing. A real estate agent will give you market information to make an informed decision.

What other homes are selling for in the area will give you a better idea the market value and maybe the offer you would like make on the property. Knowing the market value of a home will also prepare you for your loan appraisal. Values are fluctuating monthly right now. Some up some down. It is what you fell it is worth but it is also a loan to value issue if financing a home, which most people do.

I grew up in Woodlynne ,of course I am now 51, It was a close town where everyone knew everyone and their business. I mean that to be funny and serious.

Larry Sarlo
Weichert Realtors
0 votes Thank Flag Link Mon Mar 14, 2011
There has been some movement on the price. The house was originally listed at $164,900 with the current brokerage company on 6/2/2010, the the price was reduced to $159,900 as of 10/02/2010. That was around 5 months ago. It has been listed with 2 separate brokerage companies and has had numerous price reductions over the total life of the listings.
You have to remember, you do not have to offer what the owner is asking. You can view the property and determine what the property is worth to you. You would then make an offer to purchase. If the owner accepts your offer, or they can make a counter offer that you can accept, then we move onto the next step....the sales contract.
However, if neither you nor the seller accepts an specific offer, there is no deal. That is the way the market prices are set. Where there is an agreed upon price that the seller is willing to sell at and that the buyer is willing to buy for.
I can't speak for either the listing agent nor the seller as to why they selected that specific price at which to list the property. All I can say is to look at the property and make an appropriate offer for it.

Terry Iwaniw
Real Estate Consultant
ReSales & Investment Realty, LLC
Web Reference: http://www.iteamhomes.com
0 votes Thank Flag Link Mon Mar 14, 2011
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