Home Selling in Middletown>Question Details

Christopher, Home Seller in Middletown, NJ

What is the key to pricing your home in this market? Getting ready to list in Middletown NJ.

Asked by Christopher, Middletown, NJ Fri Aug 31, 2007

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You should have your agent run a VALID market analysis that includes all the pending and active data as well as the sold. Sold is not all that reliable if your market is going downhill - it only tells you what it should be priced LOWER than. Pendings VS Actives are a good indicator of how fast the market may be moving. If you can get an agent who is honest, not afraid to tell you where it needs to be and is not afraid to walk away if you are too high on your price - that is probably the agent you want!

Keep your eye on the market on what is coming on new and what is going pending, and price your home lower than those. Also, stage it professionally and make it look like the nicest home on the block fromt he curb view!

Good luck.
Web Reference: http://www.SWOhioRealty.com
0 votes Thank Flag Link Sat Sep 1, 2007
Your asking price should be directly correlated to your motivation to sell. You need to figure out what's more important, time or price. You can't have it both ways. If you have time to sell, price it at a rate similar to other comparable homes (your competition.) If you don't have time to wait, you need to price it competitvely at about 5% under your comparables. Be sure to get market updates on a monthly basis from your listing agent as market conditions change all the time. Stay ahead of the curve so that the next buyer will be motivated to look at yours first!
My company also sells in Monmouth County. You can check out either of the websites below for more information. Good luck!
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Sat Sep 1, 2007
Right pricing will have an effect on your ability to sell for highest and best, so your attention to this matter will bring you just rewards. Pricing strategy needs to take into account the recent solds, activity trends, recent under contracts, current inventory levels, absorption rates, and a quick look at the competitive properties currently on the market. Be careful when looking at currently active properties that you will compete with for a buyers attention. If a competitive property is overpriced, you don’t want to follow their lead. When buyers are shopping, they do comparison shop between the active offerings and seek the best bang for their buck. While you want to be cognizant of your competition, the properties which sold are the ones which were validated by buyers with their voting dollars.

The key to pricing in this market is to price for now and next month versus 3 months ago. The mistakes that I see sellers make is thinking that they can ‘start higher, and come down if they need to” at a later time. I see sellers price for last month, and next month they adjust their price, each time not quite pricing right, but instead, they are always chasing the buyer. Price to attract today’s buyer to your property.

The other key to selling your property for the highest and best is the exposure that your property receives as a result of an aggressive marketing campaign. A great price without adequate marketing support will compromise your pool of potential buyers. You want broad exposure, particularly online to reach any and all potential buyers. All the marketing this side of the moon won’t sell an overpriced property. In fact, it will help sell the competition by bringing attention to the fact that you are overpriced and bringing more attention to the better deal around the corner.

You did not indicate if you already have selected representation, and were seeking only pricing advice. If you have not yet selected representation, we welcome the opportunity to provide you both a pricing opinion and marketing proposal. We do pride ourselves in aggressive campaigns with emphasis on internet marketing. We shine our best when compared to others, so feel free to call in a few Realtors. Please do call us, too, if you have not selected representation.

Regards,
Deborah Madey - Broker
Peninsula Realty Group, Inc.
732 530-6350
Deborah@PeninsulaFirst.com


PS.... As an FYI...here is a quick look at Middletown, July 2006 vs.2007
# Sales Avg List Avg Sale Avg DOM Months of Inventory
July 2006 515 $594,300 $571,038 69.0 9.46
July 2007 514 $665,887 $634,373 91.0 9.73

Since Middletown is so large, it is important to break down the stats to your section of Middletown. We’ll be happy to provide the above tailored to your area.
0 votes Thank Flag Link Fri Aug 31, 2007
Deborah Madey, Real Estate Pro in Red Bank, NJ
MVP'08
Contact
Your best bet? Call a local real estate agent and interview at least 3 and pick one! You should call those that are already paying for enhanced services from websites like Realtor.com! Thank you, David
0 votes Thank Flag Link Fri Aug 31, 2007
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