To directly answer your question "Francesca, Your suggestion of pricing the home "ahead of the curve" indicates that house prices are still falling, and the longer I wait to put my house on the market, the less I can expect to get. Is this correct? ", all I can say is that it is all speculative. In advising clients, I let them know that there are varying opinions about the current market and it's future and all I can do is predict based on the information I feel is most informative as one whose primary focus is buying and selling real estate.
Due to the plethora of information available (thanks to the internet), I've scalled down my readings to (1) the WSJ, because it gives a perspective from the financial markets, (2) the National Association of Realtors, who in my opinion, has the most accurate data, yet, whose perspective is to the benefit of the the real estate industry as a whole and (3) the general LOCAL media before drawing any conclusions.
Based on my findings, the conclusion I have drawn is this: The RE market will continue to decline in 2009, flatline in 2010 and see a small appreication in 2010. Therefore, selling your home today vs. 2 years from now will not produce any additional profit (ie., for example, 2% decline - 0% decline + 2% increase).
As for the "ahead of the curve" methodology, I personally have found it cumbersome at getting my sellers the current highest possible price for their homes as homes priced with this methodolgy become direct competition to my home sellers.
Also, this ever changing market has also thrown us all a curve ball (or two). In 2007 and early 2008, "short sales" were not to be considered in providing CMAs (comparable market analysis) to clients (meaning that the house around the corner which sold for less than market value would not affect your current house value). However, now that almost 50% of home sales fall into the short sales category, appraisers and banks are now requiring that these home be considered in the evauluation of current market value . . . I was sickened when I heard this and proceeded to call multiple resources in the hope that I had been mislead . . . unfortunately, it was a said truth to which everyone concurred.
I don't proclaim to be an expert on the Tuckerton area, but the few experiences I have had with potential home sales in Tuckerton has been longer days on market and wishful sales due to its southernmost location.
You may benefit from the services of a flat fee company, such as Realmart, the company I am currenty working with. Feel free to visit http://www.PatrizioRE.com
for a menu of our services.
Al the best,
Francesca Patrizio, Realtor Associate
NJAR Circle of Excellence '06-'07
Realmart Realty - An AFFORDABLE Way to Sell Your Home
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