Why does it seem homes are not selling in Bridgewater and; how do you arrive at % above list price and % above or below % of sale price?

Asked by Pam, Bridgewater, NJ Sun Jul 25, 2010

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Carl Ben Wit…, Agent, Upper Montclair, NJ
Mon Jul 26, 2010
Sales rate is a matter of price in a declining market. Most sellers will not want to believe it and hold on to higher prices. Brdigewater and anywhere, can be measured for market value with a formula that includes all area sales compared to objective data such as broad based townwide evaluations. As the assessments age, a tax equalization ratio becomes known and published. Re-val done this year would be a measure of market value done by 3rd party org. If done years ago, the actual sales compared to those values (assessments) can be useful to estimate current value. Find as many houses similar to yours that have sold, closed, in past 6 months. Avoid short sales and foreclosures. For more accuracy the UC date should be used. Compare their assessments to their sales prices. Average the differences. Use that result and apply to your assessment. Adjust for unusal updates or aged features, up or down. Sounds complicated but a good full time RE agent should be able to grasp it. I have time. Give me a call. I;ll run one for you.
973 746-1515. Carl
1 vote
Annie Becker, Agent, Newport, RI
Sun Jul 25, 2010
Hi Pam,

I've recently looked at this question in my market of Newport RI and found that consistently over the last 2 years, the sale price vs. list price has averaged 93%. Note that the list price is the most recent list price and could have been lower than the initial asking price. An agent in your area can do similar research in the MLS and advise you on how to set the price of your home. These numbers are important because overpricing the house will end up with the seller likely getting less for their home than they would have if it was priced correctly and attractively from the beginning.

Best of luck,

1 vote
Jeanne Feeni…, Agent, Basking Ridge, NJ
Sun Mar 31, 2013
Boy, what a difference the passage of time makes - well priced, attractive inventory is now flying off the shelves in Bridgewater with approx 4.5 months of supply, which means the market is favoring sellers. Just visit an Open House or tour a newly listed property - you'll feel like you are at the deli counter at Wegman's waiting on line....

As far as stats go, the MLS is the source of data and is easy for a good agent to tap and analyze. If I can be of assistance, don't hesitate to reach out....

Jeanne Feenick
Unwavering Commitment to Service, Unsurpassed Results
Web Reference:  http://www.Homes08807.com
0 votes
Miekeba Jones, Agent, Silver Spring, MD
Tue Jan 15, 2013
Hi Pam! There are so many factors included in deriving a list price. Consult with your Realtor and explain to them when you want your house to sell. If you do not have a Realtor, I can help you find one. miekeba@heymannrealty.com
0 votes
Padmini Dave, , Bridgewater, NJ
Tue Jan 15, 2013
Hi pam,

Figuring out attractive listing price is very important along with house location and condition, complete marketing plan to sell your home quickly in this market. Houses are selling in Bridgewater, as a matter of fact, some houses have multiple offers these days. Are you planning to sell your home? I can prepare different marketing reports customized for your home and show you different ways to sell your home fast. Let me know. Thanks.

Padmini Dave
Century 21 Worden & Green
Cell: (908) 872-3846
Off: (908) 874-4700x386
E-mail: Padmini.Dave@Century21.Com
0 votes
Jo Ann Madda…, Agent, Bedminster, NJ
Thu Jan 10, 2013
This is a rather old question, but it just shows how up and down the real estate market is. The Bridgewater area real estate area is rising now.
0 votes
Paula Vignali, Agent, Bedminster, NJ
Fri Feb 4, 2011

Arriving at a price even in this market is dependent on it's positioning, it's condition and competition. The housing market is considered a comodity and fluxuates the same as coffee beans or pork bellies. It takes a seasoned realtor to evaluate all the conditions. The marketing of a home is also critical. So in a down market it takes exposure to the buying public to accomplish the desired sale. Your question about percentage then varies with all these conditions.
Paula Vignali
Coldwell Banker
Bedminstetr, NJ
0 votes
Marc Pollak, Agent, Basking Ridge, NJ
Wed Dec 15, 2010
Pam, Bridgewater does have homes selling and as others have stated it will be the homes that are priced right that tend to sell quickly. Since 12/1/10 there have been 12 homes closed and since 11/1/10 there have been 40 homes closed (28 for November). Currently there are 217 homes on the market in Bridgewater so the absorbtion rate is around 7 - 8 months (again as others have said). It is still showing as a buyers market but the homes are selling and the buyers are out there looking in Bridgewater.

In analyzing the 12 properties sold in December you get the following findings:
Sales price as a % of Original List Price: 91.49%
Sales Price as a % of Final List Price: 96.42%
Sales Price as a % of Assessment: 93.49% although the numbers do jump around quite a bit.

The most important numbers to compare here are Sales Vs. Original List Price and Sales Vs. Final List Price. The change is almost 5% which is significant. As stated earlier, price it right and the house will sell. I hope this was helpful.
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Fri Jul 30, 2010
To Pam and others, links to the Garden State MLS reports don't seem to be working - if you'd like the Gallery Report of Active or Sold properties in Bridgewater or elsewhere, send me a quick email and I'd be happy to send it along.

Another great tool to help you gauge the market, is to have Auto Email set up so that you are keenly aware -without delay - of what is new to the market or prices that have changed. Knowing your competition is always key to success in any endeavor - certainly true here.

I advice my sellers to expect that only one buyer will be in the market for a home like theirs and we want to make that buyer ours. So, price it right and present it in its best light.

Jeanne Feenick
Unwavering Commitment to Service
Web Reference:  http://www.feenick.com
0 votes
Jeanne Feeni…, Agent, Basking Ridge, NJ
Fri Jul 30, 2010
Hi Pam, the Market Absorption Rate is a great metric to help you get your arms around how the market is doing. It measures the rate of sale by calculating how long it will take to absorb the existing inventory. Expressed in months, it is a helpful gauge of how the market is moving. To calculate you divide hte total inventory by the number of properties that have gone under contracct in the last 30 days.

Total Inventory in Bridgewater = 297
Total Under Contract in last 30 days = 38
Market Absorption/Time to Sell = 8 months

Breaking it down to a finer cut by price point can be helfpul, as the results can vary.
Under $500,000: 189/23 = 8 months to sell
$500,000 = $999,999 = 94/14 = 7 months to sell
Over a million = 14/1 = 14 months to sell

Post tax credit, the results for Bridgewater is quite even up to the million mark. Building up to the Tax Credit deadline, the lower price points were moving briskly as first time buyers gunned towards the deadline. We've see a slowdown, post deadline, with the urgency lessened for sure, and for many buyers, gone. The market has slowed down Pam and so it is even more important to get everything right in your marketing effort in order to successfully sell. Because although it has slowed, homes are selling - 38 of them in Bridgewater in th last 30 days. To put it in perspective, 5-6 months to sell is considered a "normal" market, less than 5 is considered a "seller's" market; over 6 months a "buyer's" market.

To see a full view of all homes that have gone under contract, click on the Gallery View Link: o http://mls.gsmls.com/mlsreports/mainListingReport.do?method=…

Johanna is right - homes do sell between a 1-5% band of their asking price - once they hit their "strike price" as judged by the buying public. I find this to be consistently true across communties, counties, price points. It points out the important of getting your price right, because in a declining market, time is not on the side of the seller. If you price high, and try to chase the market, you will sell for less - fetching the same approx 96% of your then asking price - but that price will have depreciated with the price reductions required to atract that offer. The sellers that understand that dynamic and price correctly right out of the gate - or correct very quickly if not - will sell for more - NOT less, than their overpriced peers. It proves out time and time again.

The most important thing you can do to improve your odds is to take an objetive look at your price and make an adjustment.. The first 45 days of any listing are themost important time. If you are in this period, capitalize on it. If you areoutside this time, all the more important to adjust - because the excitement for any listing drops off after the initial push.

Price is the answer Pam.

Good luck to you!
Jeanne Feenick
Unwaverint Commitment o Service
Web Reference:  http://www.feenick.com
0 votes
Sandra O'Kee…, Agent, Bridgewater, NJ
Thu Jul 29, 2010
Pam, I just created a blog post with three report links that may help you get a picture of the activity in Bridgewater so far this summer (from June 1, 2010 until today, July 29, 2010.)

For the last 60 days, closings in Bridgewater have averaged 96.9% of asking price.

Please take a look:


Best of luck,

Johanna Wiseman
RE/MAX Preferred Professionals
0 votes
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