average amount of time for a home to be on the market

Asked by Out and About, New Jersey Sun Aug 4, 2013

it seems homes above the $1M homes sit for a while. and while lower priced homes sell quickly. if there are qualified buyers looking, why aren't there any recent sales in that price range? does it take longer for a million dollar home to sell

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Ron Thomas, Agent, Fresno, CA
Sun Aug 4, 2013
How many Million Dollar buyers are out there?
How many "Affordable" buyers are out there?
If you can figure a way are this; you should be in Real Estate!
1 vote
Out and About, Home Seller, New Jersey
Mon Aug 5, 2013
thanks for the responses. i was just curious specifically about the marlboro area. i've been hearing other communities such as rumson fair haven etc have been selling. and i know the marlboro market of $800k and lower is doing well. i just checked out homes listed for sales from 950k + and it seems like the homes on the MLS have been on the market a long time, some for 180 + days. as for supply and demand, if you have 20 + buyers come thru your house and there are about 15 comparable homes, and there are no offers made on any of the homes, what happened to these buyers? do they take a long time to make the decision? is interest rates rising causing the refrain? as real estate agents showing $1M homes do you screen these buyers to make sure the are qualified?
0 votes
NYC Bound, take a look at my posts on the Marlboro-Colts Neck Patch, and note what I reported about the "real estate absorption rate" in Marlboro. The median selling price in Marlboro is $470,000 and in Colts Neck $631,950, but there are a lot of $1M home sales in both towns. The average CDOM (cumulative days on market) in Marlboro is 94 days.
Yes, a good REALTOR® screens buyers to make sure they're either pre-approved (NOT "pre-qualified") for a mortgage, or have proof of funds if they're cash buyers. We don't want to waste our time or yours with "Buyers" who can't afford what they're looking at.
Some buyers take a long time to reach a decision, and that's ok- after all, a lot of their total net worth will be going into their homes. Rising interest rates are a double-edged sword, scaring some buyers off but making others think about buying sooner rather than later.
Hope this helps.
Len
Flag Mon Aug 5, 2013
Leonard Duni…, Agent, Rumson, NJ
Sun Aug 4, 2013
I'm very familiar with the Morganville/Marlboro area. Give me the specifics of your situation and I'd be glad to show you how long it took for similar homes to sell.

Len

Leonard “Len” Dunikoski, GRI
REALTOR® Associate
Diane Turton Realtors – Rumson Office
8 West River Road
Rumson, NJ 07760

(732) 239-0739 (cell) (732) 530-6686 (office)

ldunikoski@dianeturton.com

http://www.rumsonfairhavenhome.com
0 votes
Brian Diehl, Agent, Verona, NJ
Sun Aug 4, 2013
Hello NYC Bound,

As Sally and Ron mentioned, the laws of supply and demand are the major factors at play here. Also don't forget that NJ has a special tax on homes over $1M in price.
If you want to sell your $1M+ home quickly sell it for a rock-bottom price; in other words make your house the best bargain in the neighborhood.
The right price and the right marketing can do a lot to overcome other local factors like low demand.
Good Luck!
Brian Diehl
Prudential New Jersey Properties
973-521-1061
0 votes
Sally Grenier, Agent, Boulder, CO
Sun Aug 4, 2013
Think about it. It's all about supply vs demand. As Ron mentions, you have to think about how many people are in the market to buy a $1M home. Probably not as many as people looking for $500K homes. So yes, higher priced homes are going to take longer to sell.
0 votes
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