973 746-1515. Carl
I've recently looked at this question in my market of Newport RI and found that consistently over the last 2 years, the sale price vs. list price has averaged 93%. Note that the list price is the most recent list price and could have been lower than the initial asking price. An agent in your area can do similar research in the MLS and advise you on how to set the price of your home. These numbers are important because overpricing the house will end up with the seller likely getting less for their home than they would have if it was priced correctly and attractively from the beginning.
Best of luck,
As far as stats go, the MLS is the source of data and is easy for a good agent to tap and analyze. If I can be of assistance, don't hesitate to reach out....
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Figuring out attractive listing price is very important along with house location and condition, complete marketing plan to sell your home quickly in this market. Houses are selling in Bridgewater, as a matter of fact, some houses have multiple offers these days. Are you planning to sell your home? I can prepare different marketing reports customized for your home and show you different ways to sell your home fast. Let me know. Thanks.
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Arriving at a price even in this market is dependent on it's positioning, it's condition and competition. The housing market is considered a comodity and fluxuates the same as coffee beans or pork bellies. It takes a seasoned realtor to evaluate all the conditions. The marketing of a home is also critical. So in a down market it takes exposure to the buying public to accomplish the desired sale. Your question about percentage then varies with all these conditions.
In analyzing the 12 properties sold in December you get the following findings:
Sales price as a % of Original List Price: 91.49%
Sales Price as a % of Final List Price: 96.42%
Sales Price as a % of Assessment: 93.49% although the numbers do jump around quite a bit.
The most important numbers to compare here are Sales Vs. Original List Price and Sales Vs. Final List Price. The change is almost 5% which is significant. As stated earlier, price it right and the house will sell. I hope this was helpful.
Another great tool to help you gauge the market, is to have Auto Email set up so that you are keenly aware -without delay - of what is new to the market or prices that have changed. Knowing your competition is always key to success in any endeavor - certainly true here.
I advice my sellers to expect that only one buyer will be in the market for a home like theirs and we want to make that buyer ours. So, price it right and present it in its best light.
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Total Inventory in Bridgewater = 297
Total Under Contract in last 30 days = 38
Market Absorption/Time to Sell = 8 months
Breaking it down to a finer cut by price point can be helfpul, as the results can vary.
Under $500,000: 189/23 = 8 months to sell
$500,000 = $999,999 = 94/14 = 7 months to sell
Over a million = 14/1 = 14 months to sell
Post tax credit, the results for Bridgewater is quite even up to the million mark. Building up to the Tax Credit deadline, the lower price points were moving briskly as first time buyers gunned towards the deadline. We've see a slowdown, post deadline, with the urgency lessened for sure, and for many buyers, gone. The market has slowed down Pam and so it is even more important to get everything right in your marketing effort in order to successfully sell. Because although it has slowed, homes are selling - 38 of them in Bridgewater in th last 30 days. To put it in perspective, 5-6 months to sell is considered a "normal" market, less than 5 is considered a "seller's" market; over 6 months a "buyer's" market.
To see a full view of all homes that have gone under contract, click on the Gallery View Link: o http://mls.gsmls.com/mlsreports/mainListingReport.do?method=
Johanna is right - homes do sell between a 1-5% band of their asking price - once they hit their "strike price" as judged by the buying public. I find this to be consistently true across communties, counties, price points. It points out the important of getting your price right, because in a declining market, time is not on the side of the seller. If you price high, and try to chase the market, you will sell for less - fetching the same approx 96% of your then asking price - but that price will have depreciated with the price reductions required to atract that offer. The sellers that understand that dynamic and price correctly right out of the gate - or correct very quickly if not - will sell for more - NOT less, than their overpriced peers. It proves out time and time again.
The most important thing you can do to improve your odds is to take an objetive look at your price and make an adjustment.. The first 45 days of any listing are themost important time. If you are in this period, capitalize on it. If you areoutside this time, all the more important to adjust - because the excitement for any listing drops off after the initial push.
Price is the answer Pam.
Good luck to you!
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For the last 60 days, closings in Bridgewater have averaged 96.9% of asking price.
Please take a look:
Best of luck,
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