Home Selling in 08807>Question Details

Vishan, Home Seller in Piscataway, NJ

Hi I'm new to the site and I'm trying to get some information on selling my house in Bridgewater NJ. Does?

Asked by Vishan, Piscataway, NJ Sun Oct 28, 2007

anyone have any general advice or maybe know where I can go to get some? I'm using Hills Realty to sell it. Thanks.

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Vishan, just wanted to see how things turned out with your Bridgewater property you were selling last fall? I hope you reviewed all the great responses everyone in the Trulia Community have given you throughout the past year. As the market has stabilized over the past year, it's going to be wise to have your current agent run new comps/market analysis at least once a month to re-evaluate the area of your home if it's still on the market for sale. As mentioned, not only should you look at what has sold in the past 6 months (max.) but also what properties received offers recently (Under Contract) as well as what other Active homes are currently listed to see what your home is competing with. If you haven't sold your home, and are not working with any agents, I'd be glad to run the new data for you. Please don't hesitate to contact me with any other questions either!

Christine Markow
ERA Statewide Realty
Office: (908) 874-7797, ext 519
christine.markow@era.com
http://www.newjerseyhousehunt.com
http://learningaboutrealestate.blogspot.com
0 votes Thank Flag Link Sun Sep 21, 2008
Hi Vishan,
I have been looking at homes in Bridgewater area to buy for over a year now. Here is what I have found. Comp's are yet another "smoke and mirrors" trick in the real estate magic act. You should check out other similar properties for sale in the neighbourhood to judge how your property stacks up against them, however, keep in mind that beauty is in the eye of the beholder. A home's desirability is in the heart of the buyer. One buyer may love the idea of a swimming pool in the community, but a buyer who does not care for swimming may not want to pay the extra monthly association fee. The same applies for a fancy gourmet kitchen or jaccuzi in the master bathroom that most people never use. An agent may show you homes that sold in your neighbourhood, but often the last sale maybe six months or a year ago, however that does not reflect current market conditions. Buyers are not willing to pay year ago prices any more and yet the current homes for sale are listed at prices higher than a year ago. When you compare your home against the others currently for sale, but since they have not yet sold, you don't know what price a buyer is going to pay for it. You can look at the prices homes sold at in the recent past, but you can not see what upgrades were done to that home. I have seen homes where the owner has updated the kitchen, finished the basement, added a deck, and spent $100k to $200k in improvements and yet the neighbour next door who has not spent a single penny on home improvement, asking for the same price for his home. A buyer would have to be a sucker to buy the unimproved home for the same price as the one with all the upgrades. And yes there is a sucker born everyday so a seller can choose to wait and find his sucker or he can choose to be realistic and do his homework and price the home to sell.
When I sold my elderly parents home, I looked at several homes for sale in the same development. Then I priced out what it would cost to bring our home up to the same level as the other homes for sale. I chose to make some of the improvements, (new carpeting, new ceramic tiles, lighting, etc.). I chose not to upgrade the kitchen or the bathrooms. I then listed our home at a price lower by the amount it would cost to do the comparable kitchen and bathroom upgrades. The house was listed in late September, which is a slow period. We had an offer the first week, and several more in the second week. The house was sold by mid October after some negotiating at $14k lower than the listing price of $429k. We closed in the first week of November, less then six weeks after it was listed.
Every parent thinks their child is the greatest, every homeowner thinks their home is the best. However, the buyer can spot the flaws that the seller chooses to gloss over. So do your homework, be realistic, detach the emotional aspect, remember that in the end it is a business transaction nothing more. Then price the home appropriately and you'll be able to sell your home in no time.

Hope this helps and good luck.
Potential home buyer from Piscataway.
0 votes Thank Flag Link Sun Aug 3, 2008
Please feel free to browse my website. You will find plenty of information on homes in Somerset County. Let me know if I may help in the future.
0 votes Thank Flag Link Sat Aug 2, 2008
Hi Vishan, I hope that you succeed in selling your home in Bridgewater but if not, the Bridgewater market is actually performing better than some right now. The best way to measure how inventory is selling in different communities is using something we call the "market absorption rate". It is a statistic that uses total inventory in a category and divides by the number of home in that same category that have gone under contract in the last 30 days - the result is the number of months it will take for the existing inventory to sell at the current rate of sale. It is a very helpful gauge in setting your expectations on how long it might take to sell, or gauging the condition of a market more generally. Since conditions change, it is a statistic that should be revisited periodically.
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Tue Apr 29, 2008
Wow, thanks for the responses. I guess my biggest concern then is that my agent isn't the best. Hills Realty was basically picked out of an ad and I don't think much research was done. It's been about 4-5 months and no one has made an offer. Do you think that I should find another agent? The reason I am doubtful is because of the state of the market right now, but I don't know how things actually are in Bridgewater, I'm not up on reading the data.
0 votes Thank Flag Link Mon Oct 29, 2007
The previous answers were great. I would also ask your listing agent to acutally take you and show you the properties your house is competing against. Then you can see what a prospective buyer is seeing and make the adjustments necessary to make your home the most attractive one of the group.
0 votes Thank Flag Link Mon Oct 29, 2007
Hi! I agree with Carrie totally. Comp's in the area will let you know what price range to be in. In today's market you should never overprice! Also curb appeal. Trim bushes/trees..landscape so it is crisp and clean the the eye. Inside, pack away any personal items or at least limit them. We want the buyer to be able to go in and imagine there belongings inside..how they would make it look for them. Neat and no clutter. Light some candles or bake cookies for open houses..check with your listing agent and request this or have the items available. It should not be a problem for him/her. I do it in all my open houses. There are so many ways to make your property memorable to buyers coming through. Those are just a couple. Good luck! Janice Morze
0 votes Thank Flag Link Mon Oct 29, 2007
Vishan,
The market in general is crazy. Your agent can list your home on this site. There are many other sites like this they can list on as well. As to having any special tips. Your home should be the prettiest girl at the ball and the most affordable. Price and condition always have and always will be what sells a home. Go over comps with your agent. If it has been awhile since you listed revisit every couple of months. Good Luck
0 votes Thank Flag Link Mon Oct 29, 2007
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