Home Selling in 07746>Question Details

Out and About, Home Seller in New Jersey

price reduced, updates made, still waiting

Asked by Out and About, New Jersey Wed Oct 2, 2013

waiting for the right buyer. i get seller's need to manage their expectations, but what about buyers? they want everything, but want to pay little. unless it is a brand new home, there are some things in any home that need to be changed according to a buyers taste or liking. just a little frustrated. what is going on with luxury market buyers looking in Marlboro, what do they want?

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Luxury market buyers are out there and buying. When did you list your home? Timing has been key. 90% of my homes have sold for full price or higher in less than 2 weeks, and the key is "initial pricing". Your honeymoon period is long over. So you need to intrigue the buyer with something different (buying agent bonus, closing costs coverage, etc.). There are a multitude of options available to you through your agent.

How many showings did you have in the first 30 days? And how many offers? I ask because I can give you some conventional math.

By the way, the link I have here is to my monthly ColtsNeck home sales update. Would you like the info for Marlboro?
1 vote Thank Flag Link Wed Oct 2, 2013
i am working with an agent. but i don't think i will re-list with them when my contract is up. constant showings, reduced 1st time more than 5% and now i am currently list 10% less than originally priced. i am currently listed less than what my agent suggested. showings have been consistent.
Flag Sun Oct 6, 2013
NYC bound, I am only able to speak in generalities, as I don't have your specific property details. What has you agent suggested to bring the buyer??

My math, from experience, shows that if you have 10+ showings with no offers in the first 2 weeks, you are ~5% over-priced. If you haven't even received the 10+ showings in 2 weeks, you are at least 10% over-priced. Again this is my conventional math, without your property specifics. What is important to know, is that this math is most valuable when used within your 2-4 week "honeymoon" period. Once you're past the 30 day timeframe, you need to start pulling out more serious weaponry.

I respect your current working relationship, if you are working with a REALTOR. If, however, you are not, please call me privately and I can provide a more detailed merchandising strategy.
Flag Sun Oct 6, 2013
sure, i have been listed for 4 mos i have showings every week, open houses, i reduced my price 2x. i had recently made a recent improvement. i don't need a seller's agent, i need a buyer!
Flag Wed Oct 2, 2013
Larry provided you real straight talk. You responded 'Absolutely right.'
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You are engagings agents from across the country who assist owners and buyers in dozens of transactions a year. Successful agents, intitivly or with full awareness, are on the frontier of human perception. We know how to present a product to the intended audience in the manner that allows them to percieve, through all their senses, "this is the right home!"
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Where the wheels come off the wagon is your reference to "THE RIGHT BUYER!"
Help me out. Tell me who is the right buyer?
What attributes of your home presents unique value to this right buyer?
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As others have stated, no purchase offers, absolute silience means, YOU ARE OUTSIDE THE VALUE BRACKET OF THOSE SEEING YOUR HOME. Here are your choices:
1. Adjust price to fall with existing buyer value bracket.
2. Market to the RIGHT buyer. You will need to remove the obvious and predictable obstacles such an approach will present. However, the latter will prove INVALUABLE.
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You must choose two of the following: fast, cheap or good. You can not have all three.
Best of success to you.
0 votes Thank Flag Link Sun Oct 6, 2013
means layout. that has been the biggest complaint is the layout. never complaint about price and always said how beautiful and elegant my home is. yes i get showings every week and again it has been about layout not price. i just reduced my price and my agent and i agree it is priced right and that the marlboro market in the price range has substantially slowed. it's not like buyers look at my home and make an offer on my competition. they are just being very cognitive and really looking at the small number of house in that price point and comparing. sometimes they make the decision to go to a different town altogether and in some case spend even more.
so again i apologize for seeming defensive and argumentative. it's just frustrating.
i am working with a couple of offers now so hopefully i found the "right buyer"
Flag Sun Oct 6, 2013
i apologize, i don't mean to be argumentative. i will give you my point as i see it. it is not a professional opinion but it is relative to my situation. and i do consider myself and educated consumer. i am working with my agent together, and i look at closed sales and current homes on the market. my experience is based on feedback, is as follows: in the over $1M price range, it isn't always about price. those buyers are prepared to pay what you're asking and more IF it is everything they want. so if you reduce your price by 100k it still want matter to that buyer because it is not about price.not one feedback said it was too high. it's just like when you buy a new home and there are different models to choose from, each one more expensive than the next. different people pick different models because they like different layouts. that's what i mean about the right buyer, maybe other people refer to right buyer as someone who is kwirky or can see past a flaw etc. but to me right buyer
Flag Sun Oct 6, 2013
The Marlboro market is good for homes in all price ranges and has been all of this year. There are more buyers and available inventory is low , so if your home is priced competitively compared to similar homes that have sold in the same location, with similar square footage and amenities you should be getting a steady stream of showings. If you are getting showings but no offers it may be time to reassess the situation and figure out why.

Most buyers look for a home that is move in ready with a neutral décor and I will tell you the higher the price the greater their expectations. Floor plan is important too, that is something you can't change. Updating does help, so does staging and decluttering the home if needed.
Just make sure you find out what the buyers that are looking at your home are saying, and act on it rather than take it personally. Some homes just take longer to sell than others.
0 votes Thank Flag Link Sun Oct 6, 2013
Sorry, your house is not part of a special segment that takes longer to sell. That can be true if it were utterly unique, a trophy property, and valued in the tens of millions. In that case, it can take longer to sell because there are simply very few buyers who can afford it period. But some run of the mill $2 million Colonial in Marlboro? No. That should sell in 30-45 days no questions asked if it is priced correctly.

The buyers have given you excellent information. Use it. Or don't, and sit on the market for years. It's your time you are wasting. Everyone else is making decisions and moving forward. You are deciding to languish on purpose. Which is fine. It's a free country. But you won't achieve your goals with this attitude.
0 votes Thank Flag Link Thu Oct 3, 2013
You seem to want to argue with every answer you've received so why bother posting your question online to begin with?

I don't need to see your home as I've successfully sold well over a thousand homes in all price ranges in different areas and can tell you whether you wish to believe it or not, that when home doesn't sell in in the first 30 days on market there is only one reason and it's price. If you're getting as many showings as you claim then the market is screaming at you that the price isn't right and you're not listening.

You can continue to waste your time and rationalize your price to yourself for as long as you like or you could admit that you don't know as much about real estate as you think you do, and find yourself an experienced top producing agent(s) in your area, sit down with them, stop arguing and listen to what they have to tell you and find one that you believe will do the best job in marketing your home and list it with them. I can also tell you that you've missed the prime selling season and that between now and March homes sales always slow. This doesn't mean there aren't any sales but it does mean there are less buyers actively looking then there will be between March and June. I would also suggest that there's a good chance that you would be able to get between 3-5% more next Spring than you will likely get now.
0 votes Thank Flag Link Thu Oct 3, 2013
you're absolutely right....
Flag Thu Oct 3, 2013
statistics show that homes with out agents sell for 7% less than those by owner.

Call Lorraine. She can help you
0 votes Thank Flag Link Thu Oct 3, 2013
i have an agent,
Flag Thu Oct 3, 2013
Dear NYC bound,

If your home is priced right for the condition and location it will sell. If you are in Marlboro a very hot market right now and not getting offers you are overpriced for condition or location if you are on a main road.

Look at closed sales in the last 3-6 months to determine where you should be priced. Email me at LTracyhome@gmail.com or call 732-239-3469 if you need that info sent to you.

Best of luck,
Lorraine Tracy,
Keller Williams ~ West Monmouth
0 votes Thank Flag Link Wed Oct 2, 2013
that is true for the $500 to $700K price range not true for $1M + they do take much longer to sell. take a look at those closed sales. that is the problem with Marlboro, there are many price ranges, many different types of homes, and many different types of buyers.
Flag Thu Oct 3, 2013
What do they want? They want a value. Meaning your house has to offer more for the price than the others competing with it. Not the same. More. You need to drop your price to the point where multiple offers result. If you have been on the market for a long time, then the market has told you something. The price you are asking is too much. It's not an opinion. It's fact. The market told you, and you need to listen.

You don't need gimmicks or programs or bonuses or incentives or closing costs or any other nonsense. As long as your home is on every major Internet portal, and Realtor.com, and your local MLS, and as long as the pictures are superb and the property looks great, you only have to adjust one other parameter. The price. Take 5% off every 2 weeks until you start getting multiple offers. So if you are at $1,400,000 today, reduce it to $1,330,000. 2 weeks later: $1,260,000. 2 weeks later: $1,197,000. Follow this program and you will sell your home quickly and quietly with no fuss of frustration. Provided that your images and video are excellent and the property appears everywhere it should on the Internet - Zillow, Trulia, Realtor, MLS, etc.

The problem with your home selling.... is probably you. You are in the way. Your ego is in the way. Your irrationality is in the way. Drop the pity party and use Logic and Reason to solve the problem. Logic dictates the following equation: (Good Exposure + No Offers = Overpriced Home). Regardless of what you think or feel, neither of which matter to the market in any way.

Don't listen to agents or empty promises. Listen to the market, and only to the market. There is a price at which your home will quickly attract offers from several buyers, because at that price it will be a tremendous value. Lower your price to that amount, and you can close and move on. If you don't want to do that, just take the thing off the market and stay put.
0 votes Thank Flag Link Wed Oct 2, 2013
I didn't say it. The buyers did. They have told you for months that your house is overpriced. Forget the agents and the opinions. Listen to the buyers.
Flag Thu Oct 3, 2013
easy answer. it is not always price. without knowing anything about my house, my price, my closed comps, my current competition, my feedback, how can you say it is price?
Flag Wed Oct 2, 2013
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