Advise how to sell a house in Swedesboro (real estate, buyers)

[stuckinre]

would appreciate some advice for a friend who is trying to sell his house for a long time now
in Swedesboro, Gloucester county, NJ:
---
I don't know how to sell my house now. About a year ago, I think I made a mistake of listing
it at the market top price of 539K. No one looked at it for two months, so reduced it
to 519K... still no one... next, down to 499K ... and on and on, until 439K .. now, one
person visited, but, wasn't interested in bidding. Then, this year in Feb, tried 399K.
Another buyer visited, but, the timing wasn't right for him... he wanted to still wait
until fall. With great despair, I reduced the listing price in April still further to
379K. A couple of folks showed up, but, only one of them bid ... but, only at 320K.
What should I do ... bite the bullet and sell off this stress?
---

[Alex07860]

from 539 to 320k? either your agent doesn't know what he/she is doing or there's something majorly wrong w/ your home, you're talking 200k price reduction and no takers. Seems there's more to the story that we need to find out.

[MoorestownResident]

Sounds like you started out about $100K too high and now'll you're in a bind. If you are on a main road with traffic or train tracks or something you'll be forced to give it away no matter what you do. Before I would give it away at 320 I'd go off the market for a couple months and come back at a realistic price. If you are working with a realtor, I'd fire them and relist with someone else and have them give you a true market value assessment. If you are doing it yourself like FSBO you probably don't know what you are doing. If you must move and cannot wait sell it at 320 and learn from it.

[shannybannany]

Just curious...what did you buy the home for and when?

Shanny

[JamesBoyer]

Best advice any home seller no matter what the situation is, would be to find 3 or 4 of the top REATLORS for the area, find at least one of them by Google, search term City NJ Real Estate, replace City with the name of the city you are in. Have each of the REALTORS do a full listing presentation, and at that point you should have a very good idea what the home should be listed for, and also a very good idea who one of the best REALTORS to hire is.

You would be amazed at how many people just interview one REALTOR, and even more amazed at how many people just call the local office at the yellow sign company and hire who ever answers the phone, as if all REALTORS were the same. I think that a good many of the people who complain about REALTORS and the experiences they have had were this type, and thought that all REALTORS were the same.

keep in mind that there is a reason 20% of the REALTORS sell 80% of the homes!!

[krusher]

I'm curious as to what the real estate listing is for this home. We're in Woolwich. You can buy a beautiful 4 BR 2.5 bath home that's less then 10 years old in this area for 300+. Buyers at $500k+ are few and far between down here.

[sny1237]

looking at the rate of slide, perhaps 320K would feel like a great price to get, come next year, no? The stock market is also showing clear signs of recession ahead and many homebuilder stocks also lost 70-80%+ of their value from their peak. Such rural area may get the worst of it first, with gas prices so high now and not many big employers nearby.

[Lucario]

How are the schools in Woolwich?