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Posts tagged ‘sell’

The dangers of overpricing your home

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.”

WRONG!

Pricing your home above its value actually decreases its value, and here’s why:

  1. 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

 

  1. 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.
  2. 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!”
  3. 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.
  4. 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.
  5. 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!

 

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Spacious Split Level in Rahway

161 Cornell Avenue

Rahway, NJ

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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!

Union County mid-year Real Estate Market – How fast are homes selling?

When you decide to sell your home, how long will your home be on the market?

It’s a good question, and the answer largely depends on location. For the first half of 2014, the average Union County home was on the market for

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The homes in Linden, Union, Rahway, and Garwood took much longer than the average Union County home to sell. Homes in Cranford, Mountainside, Westfield, and Clark were the fastest sellers in Union County for the first half of the year.

How does this compare to last year?

The real estate market in 2012 and 2013 was very different from this year because buyers and sellers were beginning to recover from a recession. In 2014, the economy has stabilized somewhat and the housing market has adjusted.

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Some towns, like Cranford and Springfield, saw homes selling a full month quicker this year than last year. Clark , Kenilworth , Linden, and Westfield also sold more quickly this year. Scotch Plains and Rahway saw very slight gains in speed.

Other towns, like Garwood, saw homes selling nearly a full month slower this year as compared to last year. Homes in Union didn’t see a noticeable change in Days on Market from 2013 to 2014.

How does this affect you?

If your town has slower selling homes, you need to make sure your home is in the best market condition possible and you need to price it competitively to attract buyers.

Which towns changed the most?

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Cranford and Springfield homes decreased their selling times the most, and Garwood’s selling time increased the most when the first halves of 2013 and 2014 are compared. How does this affect prices? 

 

When you’re ready to buy or sell a Union County home, please contact us for more information! 

 

 

 

 

Union Real Estate Market Report – June 2014

When you’re thinking of buying or selling a home in Union, a necessary first step is to research the real estate market conditions. Here’s what you need to know this month.

Inventory: There are currently 347 homes offered for sale in Union. They range in price from $65,000 to $1,840,00.  This is an exceptionally low inventory and the laws of supply and demand would indicate that prices will go up as an increased number of buyers are eager to be settled before the end of the summer.

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Prices: The average sale price in Union in June was $256,649, just slightly above the 12 month average of $250,512. Prices have been relatively stagnant for the past year, although there is a downward trend when we compare past years.

2014 average YTD =$239,392

2013 average = $256,665

2012 average = $245527

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To see this month’s infographic, please click here.

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If you’re considering selling your Union home, call us today for a free comparative market analysis of your home.

For more information on selling a Union home:

For more information on Union Real Estate:

Springfield Real Estate Market Report – June 2014

When you’re thinking about buying or selling a home in Springfield, a necessary first step is to understand the local market conditions. Here’s what you need to know this month:

Inventory: There are currently 115 homes offered for sale in Springfield. They range in price from $119,000 to $1,235,000.  This is the highest inventory held in Springfield in about 2 years after a very low inventory winter. The summer market should clear out some of those homes.

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Prices:  The average sale price in Springfield in June was $347,879 and the average sale price over the past 12 months was $375,612. With inventory up, prices often drop.

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What does this mean to you?

Homeowners who are considering selling their home must be sure that it is in perfect showing condition. Be sure to consult a Real Estate professional for a Comparative Market Analysis that will help you to price your home competitively.

Please click here for this month’s infographic.

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If you have a home in Springfield that you’d like to sell, contact us for a free comparative market analysis! If you’re thinking of buying a home in Springfield, click here to search available homes.

For more information on selling your home:

For more information on Springfield, NJ:

Scotch Plains Real Estate Market Report – June 2014

A necessary first step to take before you buy or sell a Scotch Plains home is to learn about local real estate market trends. Here’s what you need to know this month.

Inventory: There are currently 172 homes offered for sale in Scotch Plains, ranging in price from $230,000 to $3,295,000 – something for every budget! Please click here to search listings and then contact us when you’re ready to schedule your showings!

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Prices:  The mean sale price in Scotch Plains in June was $442,500, only slightly below the 12 month average of $445,807.

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With prices holding steady, homeowners who are considering selling their home must be sure that it is in perfect showing condition. Be sure to consult a Real Estate professional for a Comparative Market Analysis that will help you to price your home competitively.

For this month’s infographic, please click here:

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Team Zuhl is here to help you every step of the way. Please call or email us when you’re ready to get your home on the market! Good luck!

For more information on selling a home:

For more information on Scotch Plains Real Estate:

Rahway Real Estate Market Report – June 2014

Before you buy or sell a home in Rahway, an important first step is to learn about the real estate market conditions. Here’s what you need to know this month.

Inventory: There are currently 216 homes offered for sale in Rahway.  They range in price from $29,000 to $539,000. Please click here to search the inventory and contact us when you’re ready to schedule a showing!

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Prices:  The average sale price in Rahway in June was $212,508, slightly higher than the 12 month average of $209,523.

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What does this mean to you?

If you are a homeowner in Rahway and if you are considering selling your home, be sure that it is in perfect showing condition. Be sure to consult a Real Estate professional for a Comparative Market Analysis that will help you to price your home competitively.

To view this month’s infographic, please click here.

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For more information on selling a home:

For more information on the Real Estate in Rahway and Linden:

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