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Our house has been on the market for a mere five weeks. Our realtor is suggesting we drop the price. Personally I am confused as anything.
The house around the corner priced $100,000 more than ours sold in a day; and it is on a busy street with NO backyard.
Every realtor that has come through the house thinks it looks great, and is actually priced too low.
That said; I am curious in this market how long it is taking houses to sell in NJ; we live on the Midtown Direct line; which of course is a big selling advantage
If that was a recent comp in your 'hood then you should be fine, unless you need to close quickly, then reducing the price will induce more prospects. I could be wrong on this but I think the average time frame is about 6 months.
Don't drop your price, drop your realtor! It's march - wait until April at least to make that decision - see what else comes on the market in the spring to see how your price compares to others..
Thanks wiley; my thought exactly. I told her there was NO way I was dropping the price until well into April. We are more "looking" into selling. If it happens great; if not we'll stay. We LOVE where we live, just want a bigger house if possible!
Thanks wiley; my thought exactly. I told her there was NO way I was dropping the price until well into April. We are more "looking" into selling. If it happens great; if not we'll stay. We LOVE where we live, just want a bigger house if possible!
I'm in the same boat - listed in April 2007. Still sitting! Have not had one complaint about price - it's the market. I have already dropped over 50K. Seems to be the only solution realtors have for us instead of just saying, "hey, the market really sucks and very few are looking for houses at the moment!" - especially for those of us in the 500 plus range. Once the first time home buyer market gets moving, we'll be right behind them. No one has confidence in the economy at the moment. I'm like you, if I sell - great! If not, I love my house and I love where I am and I can wait another few years if need be.
Another tricky thing with the market is the mortgages. Right now most first time home buyers can't get a mortgage over $417,000; which makes it very tough for those of us selling a smaller house. (or a first time house) This is supposed to change April 1st; so cross your fingers!
Another tricky thing with the market is the mortgages. Right now most first time home buyers can't get a mortgage over $417,000; which makes it very tough for those of us selling a smaller house. (or a first time house) This is supposed to change April 1st; so cross your fingers!
It is looking up - that has been the major issue - mortgages and now they say it is in the end phase. I have a few first timers but like you said, they can not get a mortgage! The new non-existant Jumbo mortgage thing is a big help! What can a first timer get for under 200K? Not much - townhouse or condo maybe but what about those who want a house? Easily 300K plus in NJ for anything decent
If that was a recent comp in your 'hood then you should be fine, unless you need to close quickly, then reducing the price will induce more prospects. I could be wrong on this but I think the average time frame is about 6 months.
I've seen homes in watchung that are out for about a year. Some are relisted so the DOM is shorter.
It all depends on how competitive your price is in this very buyer-oriented market.
I think it'll get worse for sellers once summer 2008 is done. A lot worse. Prices will probably drop from the heights to about 20% lower, about the price of homes in 2004.
I've seen homes in watchung that are out for about a year. Some are relisted so the DOM is shorter.
It all depends on how competitive your price is in this very buyer-oriented market.
I think it'll get worse for sellers once summer 2008 is done. A lot worse. Prices will probably drop from the heights to about 20% lower, about the price of homes in 2004.
I'm with you Kalim people that think its just around the corner are in for a rude awaking. Houses went up 100-250 percent in 5 years from 2000-2005 and now they only backed up 20 percent. With oil at 110 a barrel and the economy in the crapper people should feel blessed if they even get an offer. And the price should go down maybe our kids will be able to afford a house in New Jersey.
I'm with you Kalim people that think its just around the corner are in for a rude awaking. Houses went up 100-250 percent in 5 years from 2000-2005 and now they only backed up 20 percent. With oil at 110 a barrel and the economy in the crapper people should feel blessed if they even get an offer. And the price should go down maybe our kids will be able to afford a house in New Jersey.
Yup.. you know what your talking about. Theres no doubt we havent seen the worst yet. It may hit bottom around 2010 or 11. Prices still need to come way down.
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Time frame
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And the price should go down maybe our kids will be able to afford a house in New Jersey.
