What is the average number of days on the market in the 07670 zip code? At what point do you lower the price?

Asked by Lillie, 07670 Wed May 4, 2011

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9
Jerry Barker, Agent, Atlantic City, NJ
Thu May 5, 2011
You can lower the price whenever you feel like it. It all depends on your situation. Normally aggressive home sellers will lower the price every 30 days until somebody bites on it and places an offer. And it doesn't have to be much, you can lower it maybe just 5000 every 30 days, and you don't have to even do that, if after you've lowered it and you see a big uptick in intrest and traffic it may mean you've got the right price all of a sudden and sooner or later you will probably get an offer so let it sit for 60 days at that point until you lower it again if no offers came through. Also you may want to look into offering some incentives instead of lowering the price, sometimes this is cheaper and you can be creative with this, it could be anything from offering to pay the buyers closing costs, or offering a selling bonus to the realtor or a finders fee, or something off the wall like if you have a bonus room you can offer to buy a pool table for the people who give you the highest offer. Maybe you have a car you want to get rid of and your in the market for a new one anyway, say its worth 10,000, you can include the car in the sale of the property as long as the offer is high enough for you, I don't think there anything you can't do but check with your realtor on this stuff before you do any of it, so think a little bit outside the box, sometimes it's what it takes in this market to get your property to sell before somebody else's and also helps you reel in the highest offer you may hope to get in this so called buyers market.
Web Reference:  http://www.sjrates.com
1 vote
Joan Mintz, Agent, Cresskill, NJ
Wed May 4, 2011
Hi Lillie,

I can quote you statistics on how long the average home is on the market but I won't. Mainly because I witness homes selling in 7 days and others remaining on the market for 255 days. It all comes down to how well you priced your home and how astute your agent is if you need to adjust the price. I also am aware that many sellers insist on putting their home on the market for what they feel they "need" to get out of it. Since I do not know your particulars, I do not know if this applies to you. If you are not getting any offers at all, that is a clue that you are very over priced.

Good Luck,
Joan Mintz
1 vote
Diane Mcvey, , Maywood, NJ
Wed May 4, 2011
Hi Lillie. No matter what town a person is selling, one thing remains the same. If a house is price right, it is selling. If a house is over priced, it will sit on the market. Good luck!!!
1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sat May 7, 2011
Mary is right. Another consideration is timing - the first 45 days of your listing period is so important - interest falls like a rock after that. Errors in pricing during that important marketing period is a big blunder. Regardless of the market absorption stats, the first 45 -60 days is key. It may take you longer to sell, but blowing it early on will cost you in the long run. The basic reason is this - buyers are online now, they are well educated, if you are overpriced and don't correct quickly you will likely lose their attention and not get it back. This is a tough lesson - learned the hard way by many, many sellers. Sellers who price correctly out of the gate, or correct quickly if necessary, will get more $$ for their house than those who don't. Put another way, time is not your friend.

Market absorption, or "time to sell" is an easy calculation and a good gauge of how your market is moving - also good for setting your expectations. To calculate take total active listings and divide by the number that have gone under contract in the last 30 days.

Good luck to you!
Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Mary Petti, Agent, Edison, NJ
Thu May 5, 2011
Lillie,

Though volume of homes on the market plays a factor in the sale of a home no matter where they are, the basic rules remain the same. If you are not having any showings, or conversely having a lot of showings and NO offers, it's time to rethink the pricing.

Are you working with an agent? Has he/she been calling the showing agents to get feedback on condition, location, and, yes their opinion of price? If the answer is yes, the value of these opinions in immense, especially when it comes to pricing.

On more thing. I often see sellers list their houses with the agents who give them the highest LIST price, and not the ones who give them the most "realistic list price". Then the sellers get angry at the agents because their house doesn't show / sell, or because they have to go through several price reductions, often times ending up at the list price the agent they didn't pick told them to list at months ago.

If this is the case, then you should seriously consider lowering the price, IF you really want to sell your home.
0 votes
Sara S. Jakob…, , Tenafly, NJ
Thu May 5, 2011
Hi Lillie,

The average time the home is on the market in Tenafly is 3-6 months, but of course it all depends if the price is right. If you're not getting any showings or very few one top reason would be that your price is too high. You should ask your agent to talk to the buyer's agent and see what comments the buyer's made regarding your home, that is always helpful to get a prospective on things. If you get a repeated comment from buyer's that they like your home, but it's overpriced you know it's time to reduce the price. You can reduce the price slowly until you see that the number of showings is increasing. Then you should start to get offers to negotiate.

Your agent can also do a Comparative Market Analysis which is an extensive report that will compare your home to other similar homes in your area and calculate the average market price for you. Whether your home is in the East Hill or the West Hill in Tenafly does make a difference when it comes to pricing it right.

Your agent should also market your home for you. In today's generation we all get our information from the internet. Your agent should list your house on web sites like: Trulia.com, Homes.com, Realtor.com, and Zillow.com and of course the NJMLS, this way your home will get the most exposure possible.

If you have any other questions you are welcome to contact me and I will do my best to help you.

Thanks,

Sara S. Jakob with Re/Max Properties Tenafly, NJ
cell: 201-776-9488
email: sara@sarasjakob.com
Web Reference:  http://www.sarasjakob.com
0 votes
Brian Kim, Agent, Edgewater, NJ
Wed May 4, 2011
Hi Lillie,
Without going into too much detail the easiest way to determine whether or not to lower the price is if you are getting good showing activity on your home without an offer. The term good activity will vary depending on your price range. Buyers are more in abundance in the lower ranges and of course the number of buyer thin out as you climb up in price. Be sure your realtor is knowledgeable about your home as to educate buyers agents and ultimately the buyer. Buyers have a difficult time making decisions regarding purchasing in this market. Nothing gives them more confidence bidding on a home they are educated about. Buyers are a sponge for information and seek confirmation they are making a good decision.

Good luck in your selling process and if your listing with your current broker doesn't work out, I do service Tenafly as well.
0 votes
Joshua Baris, Agent, Tenafly, NJ
Wed May 4, 2011
Hi Lillie,

This information may also be helpful to you. There are currently 39 single family properties under contract in Tenafly. The average days on market for these properties is 127 days. The minimum asking price was $379,000 maximum was $3,750,000 and average list price was $1,086,493.

Once again, I hope this is helpful to you! ;)

Joshua Baris
0 votes
Joshua Baris, Agent, Tenafly, NJ
Wed May 4, 2011
Hello Lillie,

Currently there are 116 residential properties on the market in Tenafly. The average days on market is 115 days. The average list price for these properties is $1,247,387. The minimum listing price is $339,000 and the maximum is $4,400,000.

Regarding lowering your price you should ask a Realtor to provide you with a detailed comparative market analysis including but not limited to the average sale price, the percentage of the difference in list versus sale price, break the CMA down to East Hill homes versus the west side properties, number of bedrooms, bathrooms, size of your lot, main streets versus side streets, schools districts such for elementary and middle schools, lastly how close you are to TPR, just kidding! ;)

Always remember that pricing a house along with marketing the home are two of the most important factors when selling your home. I wish you the best of luck and please feel free to reach out to me if I can be of further assistance to you.

All my best,

Joshua Baris
0 votes
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