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 ...
"I have Amazing results because I have Amazing clients!
Can't wait to see the October sales posted on your site. I need to compare my guesses to my wife's
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 (email@example.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.
"I have Amazing results because I have Amazing Clients!"
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.
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.
Prudential NJ Properties
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..
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)
Choose a realtor you trust and then take his/her pricing and marketing advice, and you'll likely do very well.
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 firstname.lastname@example.org
Teri Malone, Weichert
I have Amazing results because I have Amazing clients!
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.
RE/MAX Properties Unlimited
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.
Prudential New Jersey Properties
If you would like some additional information or statistics, please feel free to contact me directly at email@example.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
Cell: (973) 420-1156
Fax: (908) 756-5523