Some homeowners are of the (mistaken) belief that they should price their home a tad above what it’s worth – say, $340k for a home worth $300k – so that there’s “room for negotiation.”
Pricing your home above its value actually decreases its value, and here’s why:
- Timing is everything. The greatest potential for buyer traffic is the first 30 days. This is an actual graph for the number of showings that a listing of ours recently had in its time on the market. Internet activity follows an identical pattern. The only time the number of showings will actually increase is when the price drops – but that bump is never as high as the number of showings in that critical first week.
- Showings shut out. Buyers’ agents have an ethical obligation to do what is best for their clients. Showing them overpriced listings does not meet that criteria. Agents will always choose to show properties that are within their buyer’s price range and that are priced appropriately.
- Benefits the competition. Imagine that you’re in a grocery store. Two identical loaves of bread are sitting next to each other on the shelf – one is priced $5 and the other is priced $4. If there is no additional value to the higher priced bread, the lower priced bread is more likely to get purchased. The same is true of your home. When a home is overpriced, it not only sits on the market but also acts as a selling point for correctly priced homes. It’s a cue for buyers to say “I can get the same house for less!”
- Lender trouble. Even if there is a buyer willing to pay $340k for your $300k house, these buyers will not be able to get a mortgage. Today’s lenders are extraordinarily cautious and base their loans on accurate appraisals.
- Time on market. Overpriced homes will sit on the market. Extended time on the market makes buyers think that there are problems with the house and are loathe to even see the house.
- Lower proceeds. When a home is listed above its value, it almost always sells for less than its value. Simply put, buyers presume that the seller is getting desperate to sell and therefore make a low offer.
If you’re serious about selling your home, contact us today to help determine the best possible listing price to get the results you want in the quickest time possible!
Here’s a perfect way to spend an afternoon soaking up some of the history that makes New Jersey so proud.
Thomas Edison is, of course, credited with the discovery of hundreds of practical devices such as the electric light bulb, phonograph, and motion picture camera. “The Wizard of Menlo Park” held 1093 patents in the US and many others in Europe.
At the laboratory and estate, you can view a 20 minute orientation film called the Invention Factory.
You can also watch “The Great Train Robbery,” which is a silent movie from 1903.
All three floors of the main laboratory are available for your exploration as is the Chemistry lab.
You can walk the courtyard and see the Black Maria.
At Glenmont, you can tour Edison’s 29 room mansion and explore the grounds and outbuildings.
Thomas Edison’s laboratory is open to the public every day except Monday and Tuesday from 10am to 4 pm. The Glenmont Estate is open on Fridays, Saturdays, and Sundays from 11:30-4:00. House tours are only offered between 12 noon and 3:00. The entrance fee is $7.00 but children under the age of 16 years are admitted for free. An optional audio tour can be purchased for $5.00. An annual park pass can be purchased for $30.00 and allows the card holder plus 3 guests free admission for a year. It is located at 211 Main Street, West Orange, NJ.
161 Cornell Avenue
This spacious 4 bedroom, 2 bath split level home features a beautifully landscaped private yard, an open floor plan, and plenty of storage.
Newer windows, HWH, roof, furnace, Central AC
2 zone heating and cooling
Offered for $299,000
To schedule your private showing, please contact Team Zuhl at 908-917-4189!
Curb appeal is that enigmatic attraction of buyers to your home. Unfortunatly, no one can predict exactly what every buyer is looking for, but here are some tricks to make your home more attractive to the average buyer:
- Your front yard must be immaculately landscaped. The lawn must be cut and trimmed neatly, preferably on the diagonal.
- In autumn, leaves must be removed daily. In winter, snow and ice must be removed daily.
- Sweep the sidewalks and pathways.
- Your front yard plantings should be neat and attractive. No weeds. No dead branches. New mulch.
- The border between your plantings and lawn must be neat.
- Your front porch must be swept daily.
- Put out a new colorful welcome mat.
- Paint your front door so it looks clean and bright. A new door is probably worth your investment. Nationally, new front doors recoup 102 percent of their cost in market value.
- Wash the windows in the front of the house.
- Be sure that there are neat and clean window treatments in the windows.
- The light fixtures in the front of your house must be in working condition and should provide soft lighting to all walkways and stairs without causing a glare. Take down the fixture and clean it, or replace it.
- Be sure your house number is easily visible.
- Plant yellow flowers. The color yellow sells.
- Buy new hardware for the front door, including a new mailbox.
- Power wash the front of the house to remove dirt.
- Maintain a neat and clean place for your garbage cans, preferably out of view on the side of the house.
Liberty Hall was a 14 room Georgian style home when it was first built in 1772 by William Livingston, a lawyer who became a member of the First and Second Continental Congress and later the first Governor of New Jersey. Livingston’s gardens and orchards are still intact and can be toured year round.
Many famous visitors spent time in Liberty Hall including Alexander Hamilton, and George and Martha Washington. Peter Kean purchased the house in 1811 for his mother who was a niece of William Livingston. The Kean family owned the house for several generations during which time they modified the home to make it a 50 room Victorian Italianate mansion. They also added running water, gas lighting, and hot-air heating. Mary Alice Kean spearheaded the restoration of Liberty Hall in the 1940s.
Liberty Hall is located on the corner of Morris and North Avenues on the Liberty Hall Campus of Kean University. Liberty Hall is and is listed on the National Register of Historic Places and is a National Historic Landmark. The collection includes furniture, clothing, manuscripts, pictures and other historical artifacts including a signed letter from George Washington and an invitation to Abraham Lincoln’s inauguration.
There is a farmers market at Liberty Hall every Thursday this summer from 12-7 until October 30th.