Berde,

It appears that your property was priced right. I would suggest relisting with your current agent at perhaps $10K less, provide more attractive pics and perhaps remove all of the verbiage that are red flags to the need to "sell quick" and have the agent advertise the listing on the MLS as both LAND and Single Family. All of this change may or may not generate add'l interest.

In the alternative, relist with a different agent.

Love and Peace,
Francesca, Realtor, ePro
Francesca@PatrizioRE.com

Berde,

Having spent 3 years as the top producing agent for Weichert, Brielle (now closed), I can tell you that 6 months is NOT a long time on market for Brielle (and this goes back to when the market was booming!). In fact, in 2005, the Star Ledger and local newspapers produced an article on the challenges of the Brielle market deeming it an anomoly as compared to current market conditions in 2005.

The 2006 assessment has not helped matters as this appears to be a gauge within which Realtors are using to determine market value . . . . a method which I vehemently disagreed but over the long term have had to concede to when working with both buyers and sellers.

It would be helpful to know if you are referring to Country Club , east of 71 or west of 71 to further assist you.

While I don't do this often, I have a passion for the Brielle market so I am going to put myself out there, you might be interested in utilizing the services of a flat fee company, such as the one I currently work with to help facilitate a sale.

if you have any questions, please do not hesitate to contact me. I provide the same services as the traditional real estate company at a fraction of the cost and would be happy to provide you with mulitple references in Brielle that have utilized my services with complete satisfaction.

Love and Peace,
Francesca Patrizio, Realtor, ePro
NJAR Circle of Excellence 2006, 2007
Million Dollar Sales & Marketed 2006 - 2008
Francesca@PatrizioRE.com
732.606.2931 (24/7)

B
How many properties, similar to yours, have sold in the last six months.?

If any have, then it's price.

Hi Berde, Diane is right - 6 months, no offers = price too high, no question. Properly priced properties are selling.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com

One option is to sell it to a real estate investor--the "We Buy Houses" types. The formula they'll use to determine what to offer is:

Maximum Allowable Offer=(After Repair Value *0.65)-Repair Costs

That is, the most they'll offer is the after-repair value times 65%, minus repair costs. So, for instance, let's say the house in fixed-up condition would sell for $500,000 and it needs $30,000 in repair costs.. You multiply $500,000 by 0.65 to come up with $325,000. Then you subtract the $30,000 repair costs, and end up with a maximum offer of $295,000. They'll probably begin a bit lower. But if you'd be willing to sell that house in this scenario for $295,000, then you should be able to find an investor to buy it quickly. (If you can't, I can refer you to some.)

Hope that helps.

Regrettably, the market continues in freefall and shows no signs of stabilizing any time soon. Briefly, a real estate agent's representation is essential but the majority of current practitioners (and homeowners) have zero experience of a bear market. Find someone with the experience and judgment to assist you.

If you strongly believe that the value is in the land and that the current structure is a tear down, then you have to use the cost approach to value. Your previous realtor probably only used the Market approach. The market data approach is based on comparable sales. In other words, you can reasonably expect that a property will sell for something close to the price of similar properties located close to the subject. However if the value is in the land then the cost approach should be used in my opinion whereas you separate the values of the current building from the property to figure out the value of the land. For the typical investor or developer, cost may be useful to confirm valuations made with other approaches. You can then compare land sales that are comparable so you have a more solid estimate of the land value. My company handles Brielle. Please let me know if you need assistance with the sale.
Take care,
Laureen Coup
Broker-Manager
Crossroads Realty

Hi Berde,

You have great advice from Diane Glander. I'm not sure how you or your previous agent came up with the list price before but I would definitely suggest that you price it realistically for today's market. As Diane suggested, price it not only below the competition but also slightly below its' current value. This hopefully will create some excitement and urgency to buyers. You also will have a slight edge as values are still on the decline.

I would also recommend you listing it again with a reputable, well-known agency - one who has strong statistics and who is familiar with Brielle. Get recommendations from people you know in the area who were happy with the service they received from their realtor. I also would suggest you sit down with more than one and carefully review their presentations - don't pick the one with the highest number - make your decision based on their experience and the analysis they provide. They should be able to back up the numbers they suggest. If you're not familiar with local realtors, feel free to contact me. I know Brielle well and would be happy to give you my professional opinion.

Feel free to contact me with any questions. I can be reached at 908-309-9405. Good luck!

Nita Rose

Hello Berde,
If you were listed for 6 months with no offers, you were probably overpriced. That is the number 1 reason houses don't sell. So: if you had showings and no offers, it means that the buyers thought you were overpriced. But, if you had no showings, it usually means that the agents thought you were overpriced and would not show your home.

The second thing you need to look at is your advertising. If you were not advertised properly or frequently enough, that could have contributed to the problem. Also, you should have been getting a new CMA every 2 weeks or so from your agent, showing you where the market was going, what was selling, what wasn't, what was reduced and why. You need to stay ahead of the market, not chase it with price reductions that are too little too late.

From what you say, it would seem that you should have been listed for land value only. But, don't feel too bad. In the last 6 months, only 13 houses sold in town. The average days on market was 145 days, almost 5 months! and prices are off over 8% from list to sold. Right now, there are 59 homes for sale! It will take a very long time for all those to sell. So, my advice to you is if you want to sell quickly, be priced well below your competition. You need to be the next to go!

Hi Berde, I'm working with a number of buyers that are looking for really good deals - can you send me an email with more info, perhaps photos, a link to the prior listing? If you do I will share the info with my buyers - as long you agree to pay me, I am happy to work with you.

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com