Home Selling in Red Bank>Question Details

jill, Both Buyer and Seller in Red Bank, NJ

Is the red bank market truly sluggish? how long is too long to be listed?

Asked by jill, Red Bank, NJ Sat May 15, 2010

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Francesca Patrizio’s answer
Jill,

In today's market, a prudent agent would eduate their buyers that most properties are "on the maket" for 6 months or more due to the current economic conditions and that this is NOT necesarilly an indicator of poor condition (as in the previous market). Having said that, once u hit the 1.5 to 3 year mark, it is a clear indicator that u r "chasing the market" (i.e. price is continually above true market value) which most certainly will hurt the bottom line.

Sincerely,
Francesca Patrizio, ePro, SRES
Coldwell Banker Residential Brokerage
Francesca@PatrizioRE.com
732.606.2931 (24/7)
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Sat May 22, 2010
This question is best answered by understanding how much equity is in the home currently.
Equity is cash after the sale. If there is equity (an amount based on accurate appraisal valuation vs any outstanding loans), the question is how motivated are you to sell sooner vs later. If sooner, you may need to adjust your price down if no offers are being presented in the first 3 months. If later, you can be less aggressive with any price reductions, and just be patient as you feel out the market for a longer period. If you have no equity and are in a short sale scenario with the loans outstanding, then I would say anything over 9 months (without an offer is very risky...) A short sale needs to be priced aggressively to generate an offer as quickly as possible. If you cannot get an offer in the first 3 months of a short sale, reduce the price in increments to 1) establish a price history and 2) get an offer. In all scenarios, you need to have a cost-benefit analysis done based on your goals and your specific situation to determine how long you stay "unsold" in the marketplace. The analysis will also reflect how much cash reserve you have to continue paying your other expenses and loans, and should show the economic affect on you for whatever decision you make. If you provide more information., I can be more specific. Tom Hinz http://www.shortsaletosell.com
0 votes Thank Flag Link Mon Jun 15, 2015
If your home has been on the market for 60-90 days with no written offers at all then a price improvement needs to be done along with an aggressive marketing campaign by your list agent. If your list agent hasn't explained or done this for you then they are just appeasing you and not working in your best interest. I can tell you that agents today need to gain better integrity in their business dealings so to make sure they are being honest and forthright with their clients. If you do want to sell please let me know. My office is in Red Bank. No area is particularly sluggish. A home doesn't sell due to 2 factors.. Price and or marketing poorly. I'd love to help if you would like from a rare honest engine agent! Thanks!
0 votes Thank Flag Link Wed May 19, 2010
If you have been on the market for some time, have visitors but no offers, the marketing is maximizing your exposure, the property shows well, is neat, clean, clutter free and the don't forget the exterior curb appeal, consider a price reduction--review comps--recently sold similar properties in the immediate area and see what the data suggests--keep in mind that a home is worth what someone is willing to pay for it, it doesn't matter what the seller wants or potential buyer can afford to spend, market conditions do matter--what is your agent advising.
0 votes Thank Flag Link Sun May 16, 2010
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