Thanks for coming back online with additional information about your situation.
Some properties are very easy to comp...with very similar properties (condition, size, area) that have sold within the very recent time (under 3 months.) Other properties are more difficult to comp, because there simply aren't highly similar properties which have sold in the immediate neighborhood. Yours seems to fit the latter.
There are trade-offs with every situation. When comps are very clear to everyone, the price becomes clear. In a situation like yours, there may be a slightly wider range in the opinion of value, but there will still be a range. Overpricing never works for any property, but a unique property, like yours may require additional marketing to show the value and to reach potential buyers.
All sales rely upon a combination of price and exposure. This follows the basics of all marketing, which are the 3 P's...Price, Product and Promotion. The Product is your property. While subtle changes can be implemented to increase the speed and likelihood of an offer, many characteristics of the Product are not changeable, at least in the short term. In resale real estate, we make minimal changes to the Product, and limit these changes primarily to staging, cleaning, and de-cluttering. Since there is little we can do to completely repackage our Product in rea estate sales, our focus becomes setting the right Price and doing the right Promotion (giving your property the best exposure based upon a likely buyer.) Across many of my writings, readers will hear me refer to Price and Exposure. Selling your property comes down to setting the right price AND giving it the right exposure. You need both. Marketing cannot make up for overpricing. Great pricing without marketing limits your market exposure and buyers who may be interested in your property may not know it is there.
Since your home is unlike the majority of homes in your area, it presents both challenge and opportunity at the same time. Who will a likely buyer be? An extended family? An investor? A first time homebuyer who can qualify for the mortgage, but wants to limit their financial obligations with a rental offset? How will your agent reach the general real estate market? How will your agent target niche markets? (Note that niche markets never refers to any protected class that would violate any Fair Housing laws! Niche marketing may be investors, for example.)
For pricing, you do have a starting point from which to build. You had a pricing opinion last year. You may have past appraisals on hand. You have a recent pricing opinion. You may want to call in another Realtor for second or third opinion. The lack of similar recent comps does make your property different than a colonial surrounded by like colonials, but it really does sound like you have a good head start on the pricing issues. The fact that your most recent pricing opinion trended down is probably not a surprise.
In almost all instances, it is better to under price vs. overprice. If you under price and market aggressively, the market will produce interested parties. When multiple parties show interest, it gives you a measure of the best that the market can deliver for you. If you overprice, you will be rejected by the market and actually help sell your competition, by making them look better by comparison. Donâ€™t be afraid of under pricing by 5-10%, Serious sellers will, and they are the ones finding buyers.
Hire a Realtor who will guide you based upon the principles of marketing, Product (your Property), Price and Promotion. Ask prospective Realtors to detail their marketing programs for you and explain how they intend to customize a plan for your specific needs. Rather than look at your uniqueness as an obstacle, I would make that the focal point of the marketing and approach the campaign with that premise; promoting the rare find.
Best wishes for a successful transaction and happy shopping in Cape May. I chat with a few Realtors down in the Cape May area, so let me know if you need any referrals there.
Deborah Madey - Broker
Peninsula Realty Group
Soooooooo, that's our story... Any and all advice is much appreciated...
Did you meet with Realtors who service your market, and did they provide pricing opinions based upon comparables with which you disagree?
Or, are you trying to use an online automated valuation service and is it pulling data from a computer algorithm that is pulling comps from out of your area?
If you have met with a handful of Realtors and they are all using the same comps, there may be a reason, and those comps may have validity. If you met with one Realtor, and you lack confidence is that person's ability to evaluate the market, go for a second and third opinion.
And, finally, if you utilized an online automated valuation service, know that these are very flawed and should not be relied upon for pricing. Zillow.com for example has full disclosure on their site that there is a margin for error.
Good luck in marketing your property.this summer.
Make sure that you interview a couple of agents. Ask for the facts. I can provide you with a market analysis which shows you exactly what has sold recently that is comparable to your home. Make sure your agent is Full Time and has settled atleast 20 properties a year. Ask for proof. Hire an agent that has continued education in the Real Estate field as well. Don't just hire a Realtor that gives you the highest price and the lowest commission. That is generally the biggest mistake homeowners make. That is important so show that you have an agent that is experienced. Feel free to contact me for any additional questions.
Janet Larsen, Broker/Associate
660 Woodbury-Glassboro Road
Sewell, NJ 08080
856-415-1210, ext 321 offc.
ReSales & Investment Realty, LLC
Do you live in this duplex? Or do you think the property will sell strictly to an investor? Are you a lone duplex in amongst many single family homes, or in an area that's mostly multi-family housing? If you think the most likely buyer is an investor, then the rents and condition will play the biggest role in what price that market will bear. I know what the GRM's are for Camden and Burlington counties, but not Gloucester. If you don't know what that number is, along with some others, then you should find a realtor that does.
If you think that your most likely buyer is an owner occupant, then you may want to approach the pricing a bit differently.