Union County Homes: Is your home overpriced?

Is your home overpriced?

Offering your home for sale is frightening. Getting it sold requires a delicate balance of several factors including condition, marketing, and pricing. If you haven't balanced these three factors correctly, your home will likely sit on the market for a long time. 

If your home has been listed for more than the average Days on Market in your neighborhood, it's important for you to determine the cause. 

Possible Cause #1 - Condition 

When we've listed homes that were in poor condition, we've somtimes asked our homeowners to look at comparably priced homes in their area to show them the condition that buyers are expecting in that price range. Search for homes in your neighborhood in your price range and drive by. Is your home's curb appeal equal to theirs? Ask your realtor to take you on a tour of their property and try to compare it honestly with yours. Is yours as clean as the competitors' houses? Is your property as well maintained as theirs? 

If your home isn't selling because of its condition, then you need to improve its condition. Cleaning and decluttering, if you haven't done so yet, is an essential first step. Some sellers chooe to take their home off the market temporarily and upgrade or update their home. Hiring a home stager will help it to show better. 

If you're not willing to improve the condition of the home, then it will not sell in your current price range.

Possible Cause #2 - Marketing 

No one knows where the eventual buyer for your home is looking, so your marketing plan needs to be as broad and as diverse as possible. You want signage in front of your home as well as frequent Open Houses and a dedicated website for your hope featuring extensive descriptions, excellent photography, and a virtual tour. The best marketing includes enhanced listings on websites such as Realtor.com, Trulia.com, Zillow.com, Homes.com, and dozens of others as well as international marketing.

If your home isn't being marketed enough, the right buyers won't find it. Ask your Realtor for a copy of all of your listings. Try Googling your address and see what kind of internet exposure your home is getting. 

If you're not pleased with the amount of marketing your home is getting, speak with your Realtor

Possible Cause #3 - Pricing

Imagine that you're in a grocery store. Two identical loaves of bread are sitting next to each other on the shelf - both are priced the same but one loaf of bread comes with a free pound of butter. If there is no additional value in the bread without the butter, you're going to buy the loaf with the butter. The same is true of your home. Buyers compare your home with the others in the same price range and choose the one that gives them more for the same money.

If you're not sure what your home is worth, your Realtor should be able to provide you with a Comparable Market Analysis that explains how the value of your home is calculated. 

 

 

Luckily, you have control over all three possible causes.

 

 

 

 

~ Wayne & Jean 

Union County, NJ - a great place to live and work!

If you're looking to buy or sell a property in Union County, call us at 908-917-4189 or email TeamZuhl@gmail.com.

 

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All opinions, information and data provided is deemed reliable but is subject to errors and omissions. Not intended to solicit other Brokers' clients. We cooperate with them fully. 

Comment balloon 6 commentsWayne and Jean Marie Zuhl • July 11 2015 06:53AM

Comments

Hi Wayne and Jean Marie Zuhl You didn't mention location, but then again, you have no control over that.

As for price, the market will let you know if it is priced right or not, in a very short period of time.

Bill Roberts

Posted by Bill Roberts, "Baby Boomer" Retirement Planner (Brooks and Dunphy Real Estate) over 3 years ago

Wayne and Jean, the other factor is making a listing hard to preview and show. If there is a Realtor-eating dog or aggressive alarm system, you could have problems even if it's a pretty place and well-priced.

Posted by Patricia Kennedy, Home in the Capital (RLAH Real Estate) over 3 years ago

Very well written and easily understood.  I agree with Pat Kennedy, you also have to have access of the home to show it.

Posted by Evelyn Johnston, The People You Know, Like and Trust! (Friends & Neighbors Real Estate) over 3 years ago

I love your bread analogy.  Maybe some jam too!!!! 

You have brought up some very valid points here.  

Posted by Belinda Spillman, Colorado Living! (Aspen Lane Real Estate Colorful Colorado) over 3 years ago

Wayne and Jean Marie Zuhl It could be argued that every listing is 'over-priced' at least until there is an accepted offer and contract.

Posted by Sandy Padula and Norm Padula, JD, GRI, Presence, Persistence & Perseverance (HomeSmart Realty West & Geneva Financial, Llc.) over 3 years ago

If it is overpriced it will sit, but priced correctly it will sell itself.

Posted by Noah Seidenberg, Chicagoland and Suburbs (800) 858-7917 (Coldwell Banker) over 3 years ago

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