The importance of pricing your Morristown NJ home right from the start.

OK, we all know we are in a real estate buyers market (at least I hope we all know this).  What happens in a real estate buyers market?  Well, home buyers become very scarce, very picky, and very expecting of a deal if they are to buy at all.  Some may even say that home buyers in a real estate buyers market become jaded.

In reading the Gary Keller book (Shift, How top real estate agents tackle tough times), the ideal that only 20% of the homes listed for sale in any MLS will be priced properly and in proper condition to sell.  The rest of the homes, the 80% are just out there, not seriously for sale.  The owners of the 80% homes may think they are seriously for sale, but really they are just fooling themselves and their homes will likely have to go through price reduction after price reduction as they chase the market down.

The 20% who price their homes properly and have their homes in great selling condition, have gotten themselves ahead of the market.  They may have listed their homes for 10% less then they really wanted to, but in the end they likely will get more money at the closing table because they will not be chasing the market down. 

This way of thinking has proven itself to be true with my last several home listings.  The latest of which was my listing at Dorado Dr. Convent Mews,Morristown NJ 07960 which I talked about earlier today.  This listing of a very nice 2 bedroom 2.5 bath condo in Morristown New Jersey was in great condition, and I convinced the seller to price it below the last few sales in this facility, 3 days later we were under contract, leaving the other Convent Mews condo listings in the dust.

In summary, if you are a home seller here is your list of dos and do-nots

• If the proposed listing price suprises you by being higher than you thought, time to tell that Realtor to move on.
• Do, interview several Realtors, place to find at least one or two that are good is google, try a search such as Morristown NJ homes for sale.  Of course substitue your own city name and state abreaviation.
• Don't price your home at the level that others sold for even 1 or 2 months ago, price 2% to 4% below them to make sure you are ahead of the market.  Don't worry about losing out on a few thousand dollars, you will not, the lower you price the more likely you will end up with a bidding war and the price being pushed up.
• Do, work with a home stager.  at a minimum pay about $150 for a hour long consultation.  The ideas they will give you could cut the time it takes to sell your home considerably, as well as possibly increasing the sale price as well.
• Don't waist your time trying to do a For Sale By Owner.  In a falling market every month you fool around with this nonsence is another 0.5% to 1.0% your home value drops.

Morristown NJ home buyers, how does all this relate to you.  Well, if you find a home that has been on the market for a short period of time, and it seems to be priced right, as well as being the home you have been looking for, make a offer on it now, don't wait.  Someone else is likely to find this home sooner or later and get it for a great deal.  That should be you.

James Boyer
Morristown NJ Realtor
Morristown NJ Real Estate Expert
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Cell

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