Leslie, Home Buyer in Teaneck, NJ

New to home buying market, but how much does listing time affect cost of home?

Asked by Leslie, Teaneck, NJ Thu Oct 1, 2009

I see that this house has been on the market for over two months, how likely is it that the buyer will lower the price of the house? Thanks!

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This question is about this property: http://www.trulia.com/property/1083590093--North-Haledon-NJ-07508

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Answers

4
Right on Diane - facts support the assertion that homes that are priced properly fetch more - NOT less - than those that are testing the market with an above market price and then try to play catch up. After two months on the market, it is time to adjust price. If the price is right it will draw good activity and an offer. After two months, no offer, it's time.

A good pricing analysis is what the listing agent should have prepared in pricing this home and managing the expectations of the seller. As a buyer, your agent should prepare the same well thought out pricing analysis for you as you consider any property. Properly done, it will immediately flush out overpricing.

Good luck to you and welcome to the market!

Best,
Jeannie Feenick
"Unwavering Commitment to Service"
Search the MLS at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Thu Oct 1, 2009
Leslie,

The price on this house is still the original listing price. By now the seller should be willing to lower the price but sometimes they are just looking for someone to make an offer. My suggestion is if you are interested in this property, let's make an appointment to see it. If you like it, let's put in an offer you are comfortable with. Then let the negotiations begin! It is the job of your real estate agent to negotiate a price that both parties are comfortable with. The worst case is that the seller says "no" to your offer. If so, you then submit another offer if you wish to move forward. I hope this helps!

Glen Mc Call
0 votes Thank Flag Link Thu Oct 1, 2009
I live not 1/2 mile from the house in question. Nice and a lot of work has been done but if you know the area you will know its on a very busy street. As Dianne said in the previous answer there are a number of dynamics in play when you are selling a house. Normally we would like to see a price reduction within the 2 months this has been on the market. You (or your ealtor) should be getting feedback from agents who have shown the house along with comments from people who have attendede open houses and that, along with an updated market analysis should indicate that the house is overpriced for this market and appropriate should be taken.
0 votes Thank Flag Link Thu Oct 1, 2009
Studies show that homes that are overpriced from the get-go take longer to sell and sell for less than a comparable home that is priced right. (Jeffrey Otteau, Fortune 500 Appraiser) which will sell in less time and for more money!
Those are the facts. What a buyer will do regarding offers/lowering price is usually emotionally based. You would have to know the sellers' motivation. But a house that has been on the market for 2 months without a price reduction could mean that the sellers don't understand the market, are in no hurry to sell (and are holding out for their price) or that their agent is not doing his/her job.
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Oct 1, 2009
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