Market Conditions in 07090>Question Details

keeshan, Home Seller in Westfield, NJ

Average days on market for $600,000 to $900,000 single family homes in 07090 sold 1/1/09 to 6/31/09 ?

Asked by keeshan, Westfield, NJ Mon Aug 17, 2009

Average difference between initial list and sale price in that period? Same questions for the period from 7/1/08 to 12/31/08. Any significant difference between days on market for new and existing homes sold in that price range?

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Tressa "TERI" Malone’s answer
Hi John ... glad you find my site useful ... October sales results should be posted by Nov 3rd or so. Don't forget, if/when you decide you want the schools ranking info, just send me an email. Since it is a subscription site, I can't post the login info publicly.

Meantime, it's good to hear that you and your wife are having fun with open houses and such. I gather you are a young couple and when I counsel young people, I always stress that they keep right on finding things that are fun to do together and not lose themselves in the daily grind. So congrats on learning one of the secrets to a good marriage.!

Have fun ...
Teri Malone
732-423-2792
"I have Amazing results because I have Amazing clients!
0 votes Thank Flag Link Wed Oct 28, 2009
Thanks Teri, I already look at your site with the recent sales. I actually take the time to download the floorplan for most of them from floorplanonline/seetheproperty.com (I'm a geek, so it takes a little work to find some of them, but it can be done:> ). No idea why everyone does not use this service (unless your floorplan is REALLY bad). There are so many places there in Westfield where the 4th (or even the 3rd) bedrooms are hidden, on a floor with no bath, or in the basement. Not something I am interested in. So it would be a quick way for me to weed things out (but again, I guess that is why some people do not do it).

Can't wait to see the October sales posted on your site. I need to compare my guesses to my wife's
0 votes Thank Flag Link Wed Oct 28, 2009
Hi John,
I, too, always liked to visit open houses (even before I was a Realtor) whenever I had the time. I love seeing how people decorate, colors they use, how they arrange their furniture, etc (bet your wife can relate).

One suggestion ... since your plan gives you the time, try to save as much money as you can so that when you're ready to buy you can minimize your mortgage payments. BTW, if you email me personally (tmalone@weichert.com) , I will give you a website that I subscribe to that provides school rankings. This is updated regularly and will be useful to you when you're ready to buy.

Also, if you go to my website .... http://www.Westfield-Area-Homes.com ... you'll find a lot of useful info including the addresses and sold prices of homes in Westfield, Scotch Plains and Mountainside.

Good luck ... and contact me if I can help you in any way.

Teri Malone
732-423-2792
"I have Amazing results because I have Amazing Clients!"
0 votes Thank Flag Link Tue Oct 27, 2009
Thanks for all of the info. And Teri, I am only looking at open houses because I am NOT ready to buy. I just enjoy going to them, and my wife and I have a game where we try and figure out the actual sales price (that should help us in the future). My calcs even have an adjustment for which realtor has it listed. I figure that there might be something hidden that I do not catch and this happens to help me adjust for it.

I figure I will buy in Spring of 2011 (not trying to time the market, just trying to time my life). That is when my daughter will be entering school and I will be able to justify the taxes to myself.
0 votes Thank Flag Link Tue Oct 27, 2009
There's been lots of good discussion on this topic. I go back to what I originally said -- my background is in economics and statistics -- numbers -- averages, ratios, etc. can be a bit misleading in real estate as the market is very dynamic from year to year and there are also seasonal adjustments to consider.

Whether you are the Seller or the Buyer, my advice is the same -- look at the recent "comps" from the past 6 months -- make sure they are really good "comps" (apples to apples). As stated below, as Agents, as much as we try to advise Sellers about the realities of the market, it is their house -- they have the final say in Asking Price and the timing and size of price reductions. To Buyers, first and foremost, find a house that you really like and will enjoy living in; unlike buying a stock, it goes beyond the numbers -- "a really good deal" that you dread waking up in each day vs. something you truly love that perhaps you had to bid the extra $5K -- that choice is yours and yours alone -- a good Agent can gather up all the data for you, but you will be the one living there.

We have seen several homes recently (I can share some examples off-line) that have sold over the Asking Price and have had multiple Offers -- in Cranford, Scotch Plains, and Westfield. This throws some of the stats off, as do "short-sales" and other special circumstances (estate sales, relocation, divoirces, etc). Again, as much as I love "statistics", my advice is to let it be just one element of your home-search strategy.

Marilyn Holda-Fleck
Prudential NJ Properties
Marilyn.Holda-Fleck@PrudentialNewJersey.com
Cell: 908-456-0779
0 votes Thank Flag Link Sun Oct 25, 2009
Hello John,
You're correct that my numbers reflect the most recent list price vs the sale price. Using the original list price calls for a bit more research and I always do this for any specific property my buyer is interested in so that we are able to do a complete analysis.

As to pricing a property for the market --- Most agents will not overprice a property unless the seller is insistent because the agent knows that the longer it takes to sell a property, the more time and money the Agent will spend on marketing.. (Most agents spend their own money on marketing a home). And if the property is really overpriced, it may not sell at all! That means the Agent has worked for $0 -- something few people can afford to do.

If a seller is convinced his/her property should sell for more than I believe is possible, I explain the danger of "chasing the market down" and if the seller still wants to list high, I decline the listing because I know that, ultimately, the seller will be disappointed and I will have wasted time and money. Since Real Estate is how I earn my living, I can't afford to do that..

John, I assume you are not limiting yourself to Open Houses, but are working with a Realtor who can show you everything? If this is not the case, and you'd like to meet with me to learn what I will do to find you what you want (and get a copy of my "references" booklet), I am happy to arrange a time when we can be at my office in Westfield.

There are no shortage of Realtors in the Westfield area; it would behoove you to avail yourself of the services of one who will work for you in your quest..
0 votes Thank Flag Link Sun Oct 25, 2009
Teri, your numbers are from LAST list price and sold price, right? Any numbers on ORIGINAL list price? Obviously it is impossible to count the houses that never sold because they were not listed correctly. There are a couple of agents in westfield that are known for very high listing prices hoping to make a big score (there is even one that responded to this answer), only to slowly drag out and cutting the price. Then it looks like they get 97% of their listing price (since they only compare it to the last one) when they really only got 80%.

Well it is off to Westfield open houses this weekend. It seems to me that the only houses that have open houses are the one that are over priced (since ones that are priced correctly sell in only a couple of weeks)
0 votes Thank Flag Link Sun Oct 25, 2009
The agents that have responded (some of the top agents in Town, by the way) have given you the stats. I'll throw in my 2 cents and say that homes that are priced properly from the beginning tend to sell fastest and I'm seeing many multiple offer situations.

Choose a realtor you trust and then take his/her pricing and marketing advice, and you'll likely do very well.

Good luck.
0 votes Thank Flag Link Fri Oct 23, 2009
I have full stats, by price range, since 2002, for Westfield, Scotch Plains and Mountainside. For Westfield, from 1.1/-6/30/09, the average sale price of homes listed $600l-$900k, was $714,892, and average days on market was 63. The LP/SP ratio was 96.1%. Feel free to contact me for 2008 data. If you are selling, your Realtor is you best source for this data.

One word of caution: "gross" number don't tell the whole story, and can even be misleading. For each area of Westfield (and most communities), there is a "natural price range." The ondition of your home will make a HUGE impact on where in that range your home should be priced. Furthermore, supply and demand still rule -- although the right marketing can significantly increase the demand.

If you'd like some professional advice -- FREE of course -- give me a call on 732-423-2792 -- or send me an email at tmaone@weichert.com

Teri Malone, Weichert
I have Amazing results because I have Amazing clients!
0 votes Thank Flag Link Thu Oct 22, 2009
Most relators are NOT going to publish the actual number you asked for. You wanted INITIAL list vs sales. That huge difference then final listing and sale. Just from the numbers I have been trying to keep, the numbers are closer to 82% of initial. Seems there are a bunch of relators in Westfield (not all, there are some that are very good), that try to make a huge killing by listing high and hoping someone doesn't do their research. If it doesn't sell, they take it off of MLS for a bit and relist it. So it doesn't look like the person is putting up a fire sale. A good relator will NOT take a listing that they feel it is over priced. Others take anything.
0 votes Thank Flag Link Tue Sep 15, 2009
Keeshan,
May I help you refine your question, for a more useful answer? Are you selling in a "branded" neighborhood like The Gardens? Busy street or quiet? What elementary school district are you in? There is a great variance among these location factors.
After a little narrowing, I would want up you to know the best worst and average of the class, and analyze how the success of the best might be repeatable for your property.
Scott Gleason
RE/MAX Properties Unlimited
Scott@LuxuryHomesNJ.com
908-233-9292
0 votes Thank Flag Link Tue Aug 18, 2009
Keeshan,

Great questions. I am very much a "numbers person", as my training prior to real estate was in statstics.

But, I'll tell you that while the stats are interesting and offer some guidance, what you really want to
focus on is your house. Right now there are 34 Active Listings in Westfield between $600-900K.
31 Listings in that price range are 'Under Contract'. What we'd want to do is make sure that your
house "beats the competion". How do we get it ready for showing (staging may be advisable),
how do we price it competitively, and how do we get the word out to qualified Buyers?

Houses in this price range often go to "trade-up buyers". This is a savvy group -- we want to be sure
that after seeing 30 other houses that they choose yours. If you don't already have a commitment to an Agent,
I'd love to interview for the job. I'll help you get your home positioned for the current market. Please give me a call to discuss further.

Marilyn Holda-Fleck
Prudential New Jersey Properties
Cell: 908-456-0779
0 votes Thank Flag Link Tue Aug 18, 2009
Hi Keeshan...To answer your question, for homes that were LISTED between $600,000 and $900,000 the average days on market was 63.1 days, and on average they received 96.1% of their final list price. For homes that actually SOLD for between $600,000 and $900,000 the average days on market was 64.1 days, and they received, on average about 96.2% of their final list price.

If you would like some additional information or statistics, please feel free to contact me directly at emfarber@gmail.com or at (973) 420-1156. I should tell you that I have never failed to successfully market one of my listings. Few agents can make that claim. My most recent listing just went into attonrey review...after being on the market for less than two weeks. Perhaps we should talk if you are thinking of selling.

Have a great night!

~ Erik Farber
Weichert Realtors
Office:(908) 561-5400
Cell: (973) 420-1156
Fax: (908) 756-5523
Web Reference: http://www.erikfarber.com/
0 votes Thank Flag Link Mon Aug 17, 2009
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