That's what counts, you sold it. Life goes on. Best of luck to you. And thanks for putting the coda on the question so that we know what happened.

just as an FYI, we did sell our home within 3 months... After we lowered $50K below the asking price after the first month. We did get an offer. Then it fell thru due to a very low bank appraisal. ($150K under the price we paid for the house only one year ago. (A house that was completed gutted/ renovated from top to bottom) in the Wayland section. We put it back on the market and after one weekend we agreed to sell to the original people who made the first offer for another deduction of $20K. Unfortunately we lost over $100K on our home. The good news is: that we did sell.

Just noticed this question. There is a house on Afterglow that went under contract after 41 days, listed at $800,000 and sold for $769,000 2/09. It was marketed by a full service broker and agent from the area. The question is, how different is your house and situation from this one? Don't you think? What you need to do is contact one of the agents who have posted here and ask them to help you understand what is going on. If your house is listed by a broker, you must initiate the contact to an agent other than the listing agent. So many people post a question and are never heard from again. I hope it worked out for you by now.
Carl Witzig
Weichert, Realtors, Upper Montclair
973 746-1515
973 632-8593

Review the comps... Ask your realtor.... Review what is going on in the market. Thought that is what I said.

Sorry Lucy, I guess I just not sugar coat it enough to please some. But you will find my advice is what the others are telling you as well.

Ask your Realtor for a CMA, look to what was recently sold and what the prices are on the market currently. Your area (like most) might be going through what everyone else is. Stay to current market value of 15% below, that's it.

You're going to have to weather the stoprm likie everyone else.

Luke Constantino
Commercial | Residential
RE/MAX @ THE SLOPE
Direct: (212) 300-3919 | Fax: (360) 368-0098
http://LukeConstantino.com

Featured on NY1:
http://www.ny1.com/content/ny1_living/real_estate/98435/soci…

Hi Lucy,

Buyers look for perfection when a house is over $450,000 in this area right now. Check our link that provides what has gone under contract week-to-week.

It sounds like you've prepared the house well and you must be making it easy to show. The next two factors are marketing and price. It's not the fact that you already lowered the price by 30K, it's what price should you have started at in the first place and how off are you now.

People are buying, but most don't waste their time to even see houses they deem to be overpriced.

There are 110 single-family houses on the market in town as of this moment; these are homes listed by a real estate agent. Of those, 5 have accepted a contract and are in attorney review, according to the Garden State Multiple Listing Service. The highest list price of these 5 is $529,000.

There are 37 single-family houses under contract; 9 of these are listed between $500,000 - $899,000 and 21 of the 37 went under contract since May 1.

Now, here's the rub...31 homes have sold since March 1 of this year; 24 of them since April 1 and 5 since May 1. Out of these the 3 highest that closed were $450,000, $715,000 and $1,462,500. The latter is located on Afterglow Avenue and the 700k house in the Kips Castle section. There are only two more that sold over $600,000 since January 1.

Your agent should be reviewing these facts and feedback with you to fine tune your strategy for success.

Good luck.

Hi Lucy,

I will research the information for you, but of all things do ot take the advise of an agent from Louisiana when it comes to pricing the market in NJ, especially 20 miles form NYC. Louisiana is very nice and all, but the real estate market there is a a different game then here. We have not been affected in NJ like someplace like New Orleans.

Some agents just jump the gun to be the "first answer" rather then adding a posting of value within the area that it is needed.

Lucy - I question if you have a real estate agent. If you do then they should be albe to pull you the most recent comps and let you see what final selling prices are.

If you do not then I would suggest you look around your neighborhood. Grab some flyers and check out the stats compaired to yours and the list price.

And in this market a house that sold for 800k in fact may only sell for 600k this year.