Market Conditions in 07728>Question Details

Simone N, Home Seller in 07728

We have a house for sale in Freehold township and in the last 3 weeks we have had zero showings. Is this indicative of the market?

Asked by Simone N, 07728 Tue Jun 8, 2010

Or should I be worried about how our home is placed/marketed? And maybe we are doing something wrong?

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Answers

17
Simone - Perhaps you are experiencing... Life after the home buyer tax credit.
Now that the government has taken the financial incentive off the table it's up to the Seller to step up and entice the Buyers. You can do this by reducing your price or you may want to consider offering a finacial incentive of $X,000. This amount can be used toward closing costs, or discount points to Buydown a Buyer's rate/payment (Permanent Buydown or Temporary Buydown) or toward a standard price reduction.

This marketing approach has worked effectively for Sellers of new homes as well as Bank Owned properties. It creates options for Buyers and helps to expand your pool of Qualified Buyers.
To learn more please read:
http://www.trulia.com/blog/barbara_q/2010/06/3_keys_to_selli…

Thank you for your consideration...and Good Luck with the sale of your home!
Web Reference: http://www.321advantage.com
1 vote Thank Flag Link Wed Jun 9, 2010
Hello Simone,
All of the agent responses below provided good information. In terms of data, just in Freehold Township alone, there are 164 homes for sale...so if your motivation to sell is high, it must be priced correctly compared to similar homes. When this occurs, showings will happen. Freehold Township currently has 64 homes under contract that are due to close and 34 single family homes have closed in the last three months. This data reveals that homes are selling in Freehold. Most important point to be made is price appropriately and also consider location and condition as well. If you are working with a Realtor, its time to review a price trend analysis or if you are not working with a realtor, a consultation is needed. I wish you the best of luck selling your home. Any questions, please contact me any time.

Best Regards,
Pamela El-Ghoul
Weichert Realtors/Freehold Office
732-577-0440
Cell (best) 732-236-8608
pelghoul@weichert.com
1 vote Thank Flag Link Tue Jun 8, 2010
This was asked way back in June, so hopefully Simone has sold the house by now.
0 votes Thank Flag Link Fri Jan 14, 2011
Hi Simone,

I can't speak directly to your local market but there your agent should be able to. I can tell you in general that if I had a property that did not have any showings after three weeks on the market I would be evaluating several factors including (1) my presentation and photographs...do I have enough quality photos of a well prepared home to attract on-line buyers which are 90% of the buyer population? (2) Have I advertised on many on-line sites...you can check this my typing your street number and name into the google search engine. You should have several pages 5 or more of references for your home (3) Am I priced competitively compared to similar homes in my area?

If all of those factors check out and there are no showings it actually could be the market. If one or more of those is missing or lacking it's time to get that corrected. Good luck to you on a fast and profitable sale.
0 votes Thank Flag Link Sun Jan 9, 2011
Don’t Forget that the supply of homes is more than the demand, and the prettiest house who is priced the cheapest will sell first. So if you want to sell fast you have to compete.
There are three things that determine the sale of your home Location, Condition and price. You can not change location, you can some what change condition and you can easily adjust price.
In this Market you have to be priced aggressively to get attention. Buyers are Savy and have a lot to choose from. Buyers who are looking at your home are also looking at similar homes in other comparable towns.
You really have to stand out for a buyer to chose your home and Pricing is most important. Look at your home from a buyers prospective and if you have to go out and see some of the home that are for sale and see for yourself what is your competion. I wish you all the best and feel free to call me if you have any questions. 908-770-5999
Your agent matters and I'm sure you must have done your due deligence in picking your agent.
Web Reference: http://www.mymanalapan.com
0 votes Thank Flag Link Fri Aug 6, 2010
There are a lot of factors involved, how long have you been on the market? how much competition is there in the market? and of course the factor most sellers do not want to hear but how are you pricied in the market? You should ask your agent to get a current CMA and take a look at what homes are listing and selling for at this time
0 votes Thank Flag Link Mon Jun 21, 2010
I often hear people who are afraid to price their home at market value because of the fear of low ball offers. By adding a "pad " to the price they often place the home in a market that it does not belong in. If the market (comparables ) shows the value then your Agent should be able to negotiate and keep the sale price in the correct range with little or no wiggle room. You must remember it is a two way negotiation, and if the package of parameters in the offer do not work for you ,you are not required to sell. The other part of the picture at the moment is the end of the Federal tax credit and the waiting on the NJ tax credit.At the end of the day people are always buying and selling homes in any market. Good luck to you, and feel free to search the MLS on your own through listingbook at the below link.
0 votes Thank Flag Link Tue Jun 15, 2010
I am so tired of realotors saying price competiively, and look at the comporables in your area. etc. my hose is for sale and is in move in condition. WHY should i use the pig sty down the block as a comp. Just ecause it is the same size and style does not mean it is comparable It would take over 150,000 to get the house down the street into the condition my house is in. same everything else but not an update to it.

I am also tired of realtors saying lower your price. when i put my house on the market and started shopping for my next house the realtor told me ' give the people a lowball offer they will take it" . sounds to me like many realtors are wokring both sides of the real estate fence. (Agent fired on the spot for that remark)

I would say it is a difficult time of the year to try and sell a house, and with the tax credit gone and the uncertainty of the economy ( in monmouth county all you hear is budget woes) i took mine off the market and will wait till spring
0 votes Thank Flag Link Mon Jun 14, 2010
On the average… Buyers inspect 12 homes before making an offer.

That means 11 other homes are competing against yours
In today’s market, buyers are increasingly savvy. Many sellers are “testing the market” resulting in a high number of listings. This means the competition is stiff!

Your job is to make your home bright, shiny, and clean—as close to a “model” home as possible. My job is to ‘tell the world’ and work to gain maximum market exposure.
There are 5 essential ingredients that comprise the
formula for a successful sale of your home.

CONDITION , LOCATION ,MARKET , TERMS ,PRICE
Your home will sell at highest profit and in the quickest amount of time when all the ingredients are combined perfectly.

If only one ingredient is left out of the formula or is out of proportion to the others…

Your home will take longer to sell and will, quite possibly COST YOU MONEY
Failure to understand market conditions and properly price your home can cost you thousands of dollars and cause your home not to sell… fouling up all of your plans.
Setting the proper asking price for your home is the single biggest factor that will determine the success or failure of your home sale.
0 votes Thank Flag Link Wed Jun 9, 2010
Thanks all for your responses. We are listed with an agent and have been for a little under 3 months. Everyone who sees the house thinks it is in fantastic condition and we can't really understand the problem as competing properties don't compare too well. We did have a lot of initial interest and now nothing. We even had several people who came back twice.
We are concerned about lowering the price too much as it seems like everyone wants to buy below asking. So, even though we would accept less we aren't listed at that price. I'd really be interested to know how recent sales prices are compared to listed prices. We'd be willing to lower it, as long as it doesn't bring in offers even lower.
0 votes Thank Flag Link Wed Jun 9, 2010
Any home will get showings when it is priced competitively and marketed properly. Have you heard of the guy who didn't advertise? No one else did either. Internet advertising is the way to get your home in front of buyers. Your home must be shown on the top websites such as realtor.com, yahoo.com, trulia and zillow. Also a virtual tour or video online attracts the most buyers. And a property website is necessary to send those buyers to when they see your ads. Proper ads, proper pricing will yield consistent showings, until buyers make offers on your home. An experienced realtor can do all this for you including negotiating on your behalf to get you the best price for your home. Most sellers net more using a broker, even after paying a commission. After all, it costs the buyer nothing so they all go directly to a broker when ready to buy. And they usually find that broker through their internet ads.

Robert Bruno, Broker, e-Pro, internet advertising expert
0 votes Thank Flag Link Tue Jun 8, 2010
Hi Simone
You didn't mention if you are a for sale by owner or if your home is listed with a realtor & in MLS .I'm assuming it is listed. Homes in Freehold Twsp that are listed & priced right are selling. Since May 1st ,
23 single family homes have gone under contract. I think you should review your pricing strategy with your listing agent. If you don't have one then get your home listed with an experienced agent & placed in MLS immediately,Find out if your home is priced competitively. Also you should find out what they are doing or will do to market your home.Is your home accessible for showings 7 days a week, do you have a lockbox on the house or is it shown by appointment only. All of these factors are crucial for getting your home shown & sold. Hang in there & feel free to call if you need a listing agent

Joan Congilose CRS, GRI, e-Pro
RE/MAX Central Manalapan
(732) 972-1000 Ext:364
(732) 232-5277
0 votes Thank Flag Link Tue Jun 8, 2010
Hi Simone,

Our office is in downtown Freehold. The pricing for listings today depends on what the realtor presented to you in their market analysis. You also have to take into account appraisals as well. If your home is priced right and shows well you will get showings. If not the inventory is high so this could account for lack of interest at this time. If you are not currently working with a realtor I would be happy to assist you. Feel free to contact me anytime.

Regards,
Allie Matthews
Orange Key Realty
60 E. Main Street
Freehold, NJ 07728
732 863-6969 office
732 718-6515 cell anytime
0 votes Thank Flag Link Tue Jun 8, 2010
PRICE YOUR HOME 10% LOWER!
0 votes Thank Flag Link Tue Jun 8, 2010
What is your agent suggesting--If the marketing is maximizing your exposure, the property shows well, consider a price reduction--review recently sold similar properties in the immediate area, and see what the data suggests as to a fair price--if needed adjust accordingly. Keep in mind that a home is worth what someone is willing to pay for it, not what the seller needs or potential buyer can afford to spend, market conditions do matter. Your agent can best advise.
0 votes Thank Flag Link Tue Jun 8, 2010
Hi Simone,

Is your house listed with a Real Estate Brokerage? If so, you should have been given market data in order to help you make the best decision regarding pricing. Your agent can furnish you with market statistics for your area. You should be aware of average days on market, average price per square foot, overall sales prices of homes that are similar to yours and most importantly the actual sold prices of homes in your area that have closed in the last 6 months. If your home is priced correctly, shows well and is in a good location you should have had several showings in the first 2 weeks on the market. Since you have had none I would be concerned that the price might not be right. The other issue is marketing and the exposure your home is getting on the MLS, other brokerage websites as well as Trulia, Zillow, etc. You should have numerous pictures of the inside and outside of the property and a virtual tour if possible. The market is of course a concern, but you would typically have had at least a few showings even in a depressed market. If you are going the "For Sale By Owner" route it may be that your home isn't getting the exposure to potential buyers you need to get a sale. I know I am not in your area, but I am happy to give you general advice that holds true no matter your location! Best of luck; please feel free to call if you have questions.

Carol Verhey
Prudential Texas Properties
817.868.7685 direct
817.937.5288 cell
Carol@CarolVerhey.com
http://www.CarolVerhey.com
0 votes Thank Flag Link Tue Jun 8, 2010
What you need to know is how is your house priced compared to similar homes in the same condition and size listed for and, more importantly selling for.

You also need to find out if the other houses are getting any activity as well. If everyone else is getting showings or selling, then it may very well be something with your house. If they are all in the same boat as you, then it what it is.

Also, how long has the house been on the market? If it's been on for awhile and been seen, then showings dropping off at this time of the year is normal. The tax credit is over and children are getting out of school. Buyers tend to start backing off this time of year as other things take precident in their lives.

How's the condition of your home? If you are at the top of your price point for the area, then the house better reflect that and be at it's best. If not, then you may have to do some sprucing up to get it to show at it's best.
0 votes Thank Flag Link Tue Jun 8, 2010
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