Bill, Both Buyer and Seller in Piscataway, NJ

with the current market conditions, how should i approach selling my house and buying another house?

Asked by Bill, Piscataway, NJ Wed Feb 27, 2008

House prices are low and might go lower. I need to sell my house before buying another house; what's a good strategy for doing this in the current market?

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Answers

10
Hi Bill. A very good question. My advice to you is very rarely will a homeowner agree to take their house off the market with a home sale contingency clause so I would advise you to have your house under contract before buying another. With that being said, you should definitely list your house for sale with an agent and not tackle it alone. You should start by interviewing several agents and remember it's not about which one tells you the highest price. The other piece of advice I offer is not to even start looking for a house to buy yet because that could lead to frustration and disappointment if your's doesn't sell and the other home goes under contract. Again, I'm not saying that it's impossible to get a seller to take their house off the market based on a home sale contingency in the contract - I'm just saying that in this market and in my area, I doubt it. Would you take your house off the market for a buyer who had a home sale contingency? Good luck!

Gina Chirico, Sales Associate
PNJP - Caldwell
(973) 228- 1000 ext 132
GinaChirico@PruNewJersey.com
1 vote Thank Flag Link Wed Feb 27, 2008
Roy L. I can not resist. Sounds like a great marketing strategy! Sell Low, Buy Low! Dave Atherton
Web Reference: http://MyCountryHomes.com
0 votes Thank Flag Link Fri Nov 21, 2008
Bill,

The best strategy is to be realistic in pricing your current home to the market versus pricing it to what you feel you need to walk away with in order to buy. Be patient in your search for a new home and await a contract on your existing home. Inventory is still high so you have a good choice of new home. Realize that although you may not get what you thought you may get (don't think 2005 values) you will still be (for all intent and purposes) in balance on your purchase side. Like some one else posted, having the clause "Subject to seller finding suitable house" simply let's the buyer know that you don't want to live with in-laws for too long ;-)

Wayne Smith
Weidel Realtors
New Hope/Lambertville Regional Center
908-797-8027
0 votes Thank Flag Link Fri Nov 21, 2008
Bill,

Assuming you are moving up, your strategy should be to sell low, buy low. Only by inviting a licensed Real Estate Agent to your home for a Comparative Market Analyisis can you get an accurate feel for positioning your home in todays market. I suggest you price aggressively, get under contract and take advantage of the reduced number of qualified buyers to leverage a better deal when you move up.

Roy Low
CENTURY21 Eudan
201-522-7930
0 votes Thank Flag Link Thu Nov 20, 2008
Hello Bill,

I would suggest having a local Real Estate agent take a look at your home and give you a Competitive Market Analysis. This will give you a great idea of the price range your current home should sell for. Once you have that I would suggest listing your home slightly lower then your current competition, this should get more showings and a better chance of selling quickly and close to your asking price. Once you do this it puts you in a much stronger position for buying a new home. If you have any question please feel free to contact me.

Sincerely,
Robert Reichel
Prudential New Jersey Properties
0 votes Thank Flag Link Thu Nov 20, 2008
Like Jared stated, it really is all relative. A no brainer when listing your house and writing up a contract to sell your place is to make sure a clause is in it that you don't have to sell until you find a suitable place. I know it may seem like common sense, but I find people afraid to sell because they are afraid of so many things, most of which are not at all true or real. Good Luck.
Web Reference: http://www.stevekappre.com
0 votes Thank Flag Link Wed Oct 15, 2008
REALATIVE! If you are selling your home in a declining market and take a loss on the sale of your home you will make it up when purchasing. In new construction builders are now offering great deals and tons of upgrades. If you are buying resale the sellers are in the same position as you were so long as you do not wait to buy any more than 3 months or so the realativeness will apply and you will neither take a large loss or net much money. For mor information on this topic or any other concerns feel free to contact me via email at jared.mosery@coldwellbankermoves.com
Web Reference: http://www.jaredmosery.com
0 votes Thank Flag Link Tue Mar 4, 2008
Bill,
Right pricing is key to selling. Price your home ahead of the decline and you will do well. On average now in NJ that is 1/2%/month. Get an agent who understands where the market has been, where it's going and why. Homes that are priced right in the 500,000 range in NJ are selling in (on averge) only 18 days at 97% of asking price. (Jeffrey Otteau, Fortune 500 Appraiser in NJ stats)
Web Reference: http://www.dianeglander.com
0 votes Thank Flag Link Thu Feb 28, 2008
Hi Bill,

All depends on your situation such as how long have you been on your home? home many mortgages are pending? Are you putting any additional money down on your new home? Are you moving from condo/townhome to a Single family?

Maybe if you share a little more information, I will be able to help you better. But I can share with you that average selling price for a single family home in Piscataway is $363K with an average of 54 days in the m arket. For a condo/Th the average selling price is $266K with an average of 37 days in the market.

Any questions, contact me directly at 732-690-4673.

Eliza Jacome
ERA Absolute Realty
ElizaJacome@elizanjhomes.com
0 votes Thank Flag Link Wed Feb 27, 2008
The same way you would always go about buying and selling-with the guidance and advice of a qualified agent to guide you along the way.
Once your house is listed, you should stay current on the new listings that interest you, so when your house goes into contract, you will be able to make an educated and well thought out choice on your new home purchase.
Good Luck.
Sharon Kozinn
Web Reference: http://www.sharonkozinn.com
0 votes Thank Flag Link Wed Feb 27, 2008
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