If you take a good hard look at the 2011 year-to-date median selling prices, you'll see that single family home prices in Fair Haven are down just 4.6% and prices in Rumson are down just 5.7% from their all time peaks in 2007 (see data on my blog, http://rumsonfairhavenhome.wordpress.com/real-estate/
). Homes that are priced correctly (i.e., close to fair market price for comparable homes in Fair Haven or Rumson) will sell in less than 30 days, whereas homes priced much higher than the current market will stay listed for months and months. Informed buyers and sellers are familiar with nearby homes which are listed at the same price point, and all they have to do is ask themselves, "Which of these homes represents the best value at this price level?".
Whether you're buying or selling, become familiar with the current market in your town. For example, if you feel you'd like to buy a $900,000 home in Fair Haven, find a realtor whom you trust and have him/her show you all of the Fair Haven homes that are listed for $850,000 - $950,000. You'll quickly see for yourself which ones are realistically priced and which ones aren't. Then when a new house comes on the market in Fair Haven in that price range, see it as soon as possible after it's listed and be prepared to make a reasonable offer if you know it's the right house at the right price.
Every Monday I post on my blog the previous week's home sales in Rumson, Fair Haven and a few surrounding communities, including the selling prices and the cumulative days each house was on the market (CDOM). Start looking at those Monday posts and read my quarterly summary of home sales town by town. Learn as much as you can, and then find a local real estate expert whom you trust. Don't be afraid to talk with several before you make your final selection. We're here to educate and inform, but YOU're the one who makes the final decision about buying or selling.
Leonard "Len" Dunikoski, SRES
Diane Turton Realtors - Rumson Office
8 West River Road
Rumson, NJ 07760
(732) 530-6686 office
(732) 239-0739 cell