Home Selling in Williamstown>Question Details

Bailey, Home Seller in Williamstown, NJ

My townhouse priced at 183,500 its in good condition.I 've had a few showings and little feedback in 3 mo. Should I lower the asking price?

Asked by Bailey, Williamstown, NJ Thu Dec 23, 2010

8yrs old 3Br,2bth,hardwood fl, finished basement

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16
Bailey,

Would you mind providing a little more information? The MLS# would be helpful. I did a search for all properties between 183k-184k but didn't find a townhome in Williamstown listed for $183.5k. Once we have that info, we can give you a better idea based on other sales in your development, recent activity, and our own independent traffic stats for that area to give you an idea how many showings you might expect at each price level based on absorption and demand in your area.

-Ed
1 vote Thank Flag Link Thu Dec 23, 2010
Your agent should be giving this advice. He should provide you with all feedback, market info for your area including comparable solds. Days on market, actives (your competition ). , also know what your market absorbtion is for williamstown. Just lowering your price means you are chasing attention to your listing and not looking for buyers of your home to value. Few showings little feedback. Demand your attention. You hired th to do a job. They'll either step up or you'll have your answer of their ability and willingness to continue. Obviously pricing may be the answer but it is a slow market incl williamstown


Sent from my iPhone
Larry Sarlo
Weichert realtors
609-868-1171
lsarlo@Comcast.net
http://www.freenjhomelistings.com
1 vote Thank Flag Link Thu Dec 23, 2010
Virtual opinion is not in your best interest. No professional can render an opinion UNLESS review of comp's , history of sales and etc recommend lower the price.

Listing agent what info. have they supplied you with ?

Busy home buying season April - Aug

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
1 vote Thank Flag Link Thu Dec 23, 2010
How fast are you looking to sell? The real question is are you offering value compared to the other homes that are listed for sale. If you are not in a rush, some markets may require some patience. But if you are not priced in line with similar homes, than you will only be helping to sell them and prolong finding a buyer for yours.
0 votes Thank Flag Link Fri Jan 7, 2011
Bailey,

All of it seems to point to pricing. Have you and your agent evaluated closely the activity in your neighborhood and priced it accordingly? Its important to constantly evaluate your position in the market. Homes listed in your price range at the same time you listed may have significanly reduced their prices, making yours now appear to be way overpriced.

There are other factors like photos, detailed descriptions, property website, open houses and the type and extent of marketing done for you, but being priced properly is the biggest factor in this market.

Recently I reviewed this type of information with one of my sellers when I encouraged him to adjust his price. What I was able to show him was that homes similar to his that had gone under contract or sold since he had listed had reduced their prices an average of 8%, my client had reduced only about 3%, so he was not keeping up with the market.

If I can be of any further assistance, feel free to call/text or email.

Barbara Smith
Weichert Realtors
Licensed Salesperson in PA & NJ
cell/txt: 609-980-7593
email: BarbSmith321@comcast.net
Web Reference: http://BarbSellsSJ.com
0 votes Thank Flag Link Mon Jan 3, 2011
Yes, if its been 3 months and no offers you should consider lowering the price and maybe even offer some incentives to either the buyers agent and or the buyer such as credit for closing costs. You need to have your agent run new comps for the last 90 days to see where your home stands against the the ones that have sold and the active competition and get a better idea where you should price your home now.
0 votes Thank Flag Link Tue Dec 28, 2010
Bailey,
Put on your buyers hat. Would you buy your townhome at that price? My guess is the first thing you would ask your buyers agent would be where are the deals? In order to stimulate traffic you need to be the leading edge of the prices that are your competition. Several times I have underpriced a property and got multiple buyers submitting their highest and best. Then selling the property for close to list price. Remember you do not have to accept any offers, but also remember you can only sell your property for what the market will bear not for what you want. Have you agent check comps on the most recent sales within the last 90 days and see if you are trending up or down.
0 votes Thank Flag Link Tue Dec 28, 2010
Yes! We all do our best to price inventory at time of listing, but the fact of the matter is that the real answer comes from the market. A lack or shortage of showings or offers is the surest sign that the price needs to be adjusted. My suggestion is to adjust the price just after the first. Have your agent do a new pricing analysis and make your adjustment and hit the market hard with your "new story".

Good luck to you,
Jeanne Feenick
Unwavering Commitment to Service
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Sun Dec 26, 2010
The real question is what is your time frame for selling and what can you live with. Also what is important is what is happening in the market around you. How many other townhouses have sold and what did they sell for? How many townhomes are currently on the market and what are they listed at?

How do you compare to the units on the market and the ones that sold? I would have your agent take you to the properties on the market that you are competing with to better understand pricing and other incentives that might be offered on those properties.

How many months of inventory are on the market in your price range ? Also what is the typical list to sell percentage and home many days are properties listed (like yours) before there is a accepted offer.

So there are lots of questions that need to be answered. A price reduciton might be needed and there might be other things needed as well.

Good Luck

Keith Manson
Certified Distressed Property Expert
Metro Milwaukee
http://www.milwaukeebailout.com
0 votes Thank Flag Link Fri Dec 24, 2010
Hello Baily,
These are signs that you probably should lower the price.... sounds high for a TH in Williamstown, depending on what section your in, but you can compare your competition here.....
http://hometeamnj.com/savedsearches/williamstown-1/
http://hometeamnj.com/savedsearches/williamstown-2/

A good listing agent should give you ADVICE and GUIDANCE based on your unique situation and based on their YEARS of experience. If you're not getting that, it's time to interview a new agent.

Joe
---------------------------------
Joe Montenigro REMAX Home Team
Broker, GRI (856)374-2800 x106
Serving Gloucester Twp, Washington Twp & South Jersey Real Estate Markets
Read my Blog at http://hometeamNJ.com/blog
My Tours: http://hometeamnj.com/search/virtual-tours

Note- Email me directly for follow up questions or answers, I don't monitor this forum for replies
0 votes Thank Flag Link Fri Dec 24, 2010
Thats pretty much the case, its basically what most likely needs to happen. Theres tons of tricks you can try and pull of iinstead, each of them costly in their own way but "money talks" and that the bottom line.
Web Reference: http://www.sjrates.com
0 votes Thank Flag Link Fri Dec 24, 2010
Hey Bailey! I'd say the best person to answer your question should be your listing agent. If I were you, I'd ask your listing agent to schedule an appointment with you to sit down and go over any and all settled comps to your townhouse. The truth of the matter is there is such a backlog of homes on the market right now that it could take many months for your home to sell.
Best of luck, talk with your agent, sit tight....and best of luck again!
0 votes Thank Flag Link Thu Dec 23, 2010
Yes, you should lower the price.
Web Reference: http://www.amygivoni.com
0 votes Thank Flag Link Thu Dec 23, 2010
As already stated, you need to talk to your listing agent. If you aren't getting many showings in 3 months that is more than long enough to know that your price may be too high for the location, condition, etc. of your townhouse. I know it's hard to accept but the market will dictate the value so it's a matter of how much you will listen to what the market is telling you. I would also ask your agent to define clearly what his or her marketing plan is. They should be able to tell you exactly what they are doing to get your house exposure. Most likely it is a price issue as it is with most houses that sit on the market for a protracted period of time.

Good luck and Happy Holidays!

Bob Kelly
RE/MAX Main St. Realty
0 votes Thank Flag Link Thu Dec 23, 2010
As already stated, what does your agent say? What is your marketing plan? Have you seen other townhouses and how does your compare? There are many questions, and all could be answered by talking with your agent! Good luck!

Laura Giannotta
Keller Williams Realty - Atlantic Shore
0 votes Thank Flag Link Thu Dec 23, 2010
What is your agent advising...and what was the little feedback received--keep in mind that a home is worth what someone is willing to pay for it; it doesn’t matter what the seller needs or potential buyers can afford to spend. Market conditions do matter as does the immediacy for a transaction to take place--review comps with your agent--recently sold similar properties in the immediate area, if price needs adjusting, adjust accordingly and be competitive; also review marketing strategies--make sure your exposure is maximized, if not adjust accordingly as well---again, your agent can best advise.
0 votes Thank Flag Link Thu Dec 23, 2010
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