Dorothy, Home Seller in Woodbury Heights, NJ

For a newly listed home in Woodbury Heights, how many showings should be anticipated in the current market? Also, what has the average sell time been?

Asked by Dorothy, Woodbury Heights, NJ Sat Mar 6, 2010

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Hi there, calculating the "time to sell" is an easy for your agent to do - you need access to the data and she'll have. You start with the total number of active listings and divide it by the number that have gone under contract in the last 30 days (that is your current rate of sale) and the result is the market absorption rate, ie "time to sell". This will be helpful in assessing your local market conditions. Make the calculation as specific as you can, ie community specific and general price point. In my area, the entry level price points are moving much more quickly than the upper end, largely thanks to the Tax Credit. You want to finetune the metric as best you can so it is more accurate and useful.

Now all that said, and regardless of the outcome, the fact is this...the first 60 days of the marketing of the home are THE most important. Even if the statistics suggest that it will take longer, and they probably will, the reality is that the greatest excitement and interest for your home will be during that initial period when you are new and fresh. The buying public is more educated and sophisticated than ever before - thanks to the resources like Trulia. They know what you paid, they know when you bought, they know the comps, and they will recognzie if your home is priced properly or overpriced. If you price too high during this period, you are making a huge mistake, because you will quickly lose the attention of buyers - and frankly agents that bring buyers to you - and you may not get them back even with price reductions over time.


Be realistic and price your home properly right out of the gate. Maximize the activities in the first few weeks - broker opens, public open houses, explosive online promotion, email blasts to agents, maximize everything about your listing - photos and verbiage - to draw attention and visits to your listing. Then listen and process the feedback. If you are are priced too high, adjust quickly.

Do this and you will sell quickly and for top dollar. Also, to put your home in its best light, declutter, and lightly stage. I can't tell you how many homes that haven't sold in our area are being repriced and staged, and wa la, success!

Good luck,
Jeanne Feenick
Unwavering Commitment to Service
Find success at http://www.feenick.com
Web Reference: http://www.feenick.com
1 vote Thank Flag Link Sat Mar 6, 2010
The showings question is legitimate but one that can't really be answered without looking at the many variables... price, location, condition, time of year, etc... as well as the marketing planned for the property. In my listing appointment with sellers, we discuss the unique circumstances of their situation and we make a plan and set some expectations based on those circumstances.

The days on market is a little more cut and dry, however, you should look at the current month as well as the trend over the past year. I would also look at the same stats for neighboring towns and the region in general. It's easy to misinterpret statistics so this should be just to give you an overview of the market NOT to nail down an exact timeline or to set unrealistic expectations.

Why are you asking the question? Are you evaluating your current listing agent's performance? I think if you expand your question and include the reason you're asking, we'll all be better able to help guide you.

I hope that's helpful... if so, click the "thumbs up" below,

Joe
---------------------------------
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read my Blog at http://hometeamNJ.com/blog
Meet me at http://www.facebook.com/JoeMontenigro
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1 vote Thank Flag Link Sat Mar 6, 2010
Good answer Andrea!

Pricing is very important. Its a buyer's market. If you overprice your home in hopes of negoiating down then expect very little or no showings at all. If your agent does not take the time to post pictures and provide a full description then expect no to little showings. If you want folks to flood into your listing then price 3-5% below market value. Agents and buyers alike will recognize the potential and see you as a serious seller. You can save yourself many months of showings and no offers or no shows along with frustrating missed appts and keeping the home show ready by pricing right. In the long run the longer you are on the market the less you will net. A detailed market summary report along will outline how to proceed. Many folks now are taking advantage of the extended tax credit. Set a goal to have your home under contract before this time period expires. Who knows what the market will be like and if buyer interest will cool off come July 2010.

Best regards,

Jeremy S. Hill, Realtor Associate,
Keller Williams Realty
http://www.YourPhillyHomeSearch.com
http://www.SouthNewJerseyHomes.com
Office: 856.685.1651
Direct: 609.876.5817
Fax: 609.482.8235
Licensed PA, NJ
"Your Interest 1st Always"
1 vote Thank Flag Link Sat Mar 6, 2010
Hi Dorothy -

According to TREND MLS, the average days on the market for a home in Woodbury Heights for January 2010 was 147 days. If your home is priced correctly and shows well in pictures and is showcased properly on the internet you should have a steady stream of showings. The first 30 days is the most important for a new listing. If you would like to see more detailed market information for towns in Gloucester County follow the link below.

Best Wishes

Andrea
1 vote Thank Flag Link Sat Mar 6, 2010
Hi Dorothy, nice name, it is also my middle name. Anyway, the area doesn't matter, all of my listings SOLD last year. The key is having the "right" Realtor, someone who is truly an expert. This is a market where u need an agent who really knows how to market it correctly and a seller who is also willing to take that agents advice on what they need to do. It is a business relationship. Ok, well, to now to answer ur question more realistically from 30 to 90 days if a few important factors are in place. Important factors are those I like to discuss on a FREE market evaluation. 25yrs experience, "knowledge is power". Have a wonderful sunny day. Email me if I could help further, thanks LauraCent21 at gmail
0 votes Thank Flag Link Sat Mar 6, 2010
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