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Home Selling in Woodbury Heights : Real Estate Advice

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Activity 1
Sat Mar 6, 2010
Jeanne Feenick answered:
Hi there, calculating the "time to sell" is an easy for your agent to do - you need access to the data and she'll have. You start with the total number of active listings and divide it by the number that have gone under contract in the last 30 days (that is your current rate of sale) and the result is the market absorption rate, ie "time to sell". This will be helpful in assessing your local market conditions. Make the calculation as specific as you can, ie community specific and general price point. In my area, the entry level price points are moving much more quickly than the upper end, largely thanks to the Tax Credit. You want to finetune the metric as best you can so it is more accurate and useful.

Now all that said, and regardless of the outcome, the fact is this...the first 60 days of the marketing of the home are THE most important. Even if the statistics suggest that it will take longer, and they probably will, the reality is that the greatest excitement and interest for your home will be during that initial period when you are new and fresh. The buying public is more educated and sophisticated than ever before - thanks to the resources like Trulia. They know what you paid, they know when you bought, they know the comps, and they will recognzie if your home is priced properly or overpriced. If you price too high during this period, you are making a huge mistake, because you will quickly lose the attention of buyers - and frankly agents that bring buyers to you - and you may not get them back even with price reductions over time.

Be realistic and price your home properly right out of the gate. Maximize the activities in the first few weeks - broker opens, public open houses, explosive online promotion, email blasts to agents, maximize everything about your listing - photos and verbiage - to draw attention and visits to your listing. Then listen and process the feedback. If you are are priced too high, adjust quickly.

Do this and you will sell quickly and for top dollar. Also, to put your home in its best light, declutter, and lightly stage. I can't tell you how many homes that haven't sold in our area are being repriced and staged, and wa la, success!

Good luck,
Jeanne Feenick
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