Home Selling in 08648>Question Details

Fred, Home Seller in Lawrenceville, NJ

I have a 4 bed 2 1/2 bed 2,400 sq ft home bought in May 2007 for $520,000 which I have to sell as I my job is

Asked by Fred, Lawrenceville, NJ Mon Oct 22, 2007

moving. How have prices changed in last six months and how long will it take to sell?

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6
Hi Fred,

Actually, my post was intended to provide you with a specific strategy..........you could use it very well to protect your own interests, since determining the list price & time the home will take to sell correspond to each other.
And the Realtor you hire to market the property effectively runs the strategy.

Overall the buyer pool is shrinking to better, qualified buyers......that's the good news for Real Estate.

However, if you have to sell now, the list price should be aggressively established & the condition of the home improved to maximize the opportunity of the 1st 2 weeks of exposure.

Our market is not what it was 6 months or 3 months ago.......we are n a rpaidly shifting market , with multiple factors creating an impact .........and hence all have to be considered & a strategy established.

My estimate is that your home is in a 1st time home buyers range for our area......yes, I am a local Realtor in the Greater Princeton area..........I just don't try to solicit business here, as it is primarily an advisory forum & I actually think it is a great place for buyers & sellers to get educated .........especially if they see similar advice coming from established local Realtors.
Web Reference: http://www.SoldByShalu.com
1 vote Thank Flag Link Mon Oct 29, 2007
Hi Fred,
You may be surprised of how the market has changed. There are a couple of ways for you to check on prices. One is to access the Market Snapshot on my website from your computer at home. It will provide some statistical information on homes similiar to yours, or you can get a complementary market analysis of your home which I will prepare for you after getting the statistics of your home. The market analysis combined with the Otteau Report will provide you with the information you are requesting. Call me if you would like this material.
Web Reference: http://www.WayneZelenak.com
0 votes Thank Flag Link Thu Jun 19, 2008
Fred
This is a question that we cannot truthfully answer (IMHO). Ask a Realtor that knows the local market and is familiar with your home and situation.

The previous posts have some useful information, but because none of them have intimate knowledge I would be cautious about accepting their advice, however well-intentioned.

Your personal situation may have greater bearing than the market in terms of how the sale is handled. We became accidential real estate investors when that happened to us!
0 votes Thank Flag Link Mon Oct 22, 2007
Keith Sorem, Real Estate Pro in Glendale, CA
MVP'08
Contact
Location & condition determines price , so you need a realtor who understands the local market / community / homes in your area.
You did not mention which community your home is in & the age of the home..........both could be relevant....age definitely is.
Find & interview 3 local agents, affilliated with a brokerage with National exposure. ...a brokerage that offer local or regional exposure is not going to cut it.
If an AGENT ( not the brokerage) does not have a presence locally & is not working with buyers in this market.........move on to the next one who does.
An agent who mostly lists homes really has no clue of the type of buyer for your home, what the current buyers for your type of home are looking for in terms of price, features etc.
Importantly, if there are other similar homes as yours on the market , does the agent have a strong knowledge of the inventory prices etc.......without having to check the MLS.

A simple market analysis is no longer the smart way to price properties & relying on the MLS to come up with a list price alone makes for a poor marketing strategy.
Also, a general formula & a cut & dried approach applied to marketing your home is not the answer either.
With due respec to the poster " If you price it right".....that's what a listing agent mainly gets paid for....getting the price right.........not knowing where the list price should be will cost the seller in terms of money, time & lost effort.
A price reduction, shows a lack of knowledge, expertise & self-confidence o the part of the listing agent IMHO
Testing the market at the sellers expense, at best, a price reduction translates to a ost opportunity for the seller, as potential buyers eliminate that particular overpriced property of the list..
By the time the price is reduced............they've bought something else.

So, if you have to sell, find 3 local experts...interview them on thier recent qualification of working with buyers & marketing expertise especially on the internet in terms of a written comittment to you as a seller.
Get references & verify their experience.
Don't hire someone based on what their broker will do, but what the agent will.
Good luck
Web Reference: http://www.SoldbyShalu.com
0 votes Thank Flag Link Mon Oct 22, 2007
If you price it right, in NJ, homes will sell in 16 days on average (according to Jeffrey Otteau, Fortune 500 appraiser) Prices on average in NJ are down 1/2 of 1%/mo (again, per J. Otteau.) So you should be able to list at 3% less than you paid, but if you need to sell quicker, price more aggressively. Get a good agent to help you. Good luck.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Mon Oct 22, 2007
Have a top realtor in your area run a comparable market analysis for you. This will show you what homes are actively for sale that are similiar to yours and at what price. It will also show average days on the market , what has sold, how long it took to sell, what it sold for and what concessions were given from the seller to the buyer.This will help you have a better indication of what your selling time frame will be.
Web Reference: http://www.northropteam.com
0 votes Thank Flag Link Mon Oct 22, 2007
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