ERA Statewide Realty
Office: (908) 874-7797, ext 519
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.
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