Wednesday, December 5, 2012

Pricing Advice for Millburn-Short Hills Home Sellers

Getting ready to sell your Millburn-Short Hills home in 2013? You're not alone! Real estate surveys conducted during 2012 indicated that many homeowners are waiting until 2013 or later to sell. The reason? A common expectation of higher home prices.

There is nothing wrong with wanting to make a profit, or recover equity. However, the surveys also revealed that some would-be sellers have unrealistic expectations. For example, 32% of homeowners said they would list their homes for a higher price than what the market comparisons suggested.

Here is why over-pricing a home usually backfires:

1. Most home buyers need mortgages, and mortgages require appraisals. If you find a buyer who will accept your price, the appraiser is still going to use market comparisons to determine value. If the appraisal falls short, there's no mortgage, and no sale.

2. Thanks to the internet, buyers can compare your home to others in the same price range, in a matter of seconds. During those few seconds, they will make quick decisions based on price and photos. If your home doesn't appear to measure up for the money, they will discard it from consideration.

3. The first 30 days on the market are critical. Homes that are priced correctly create "buzz" in the market and receive attention from home buyers and real estate professionals. The more interest, the more showings, and the better chance of a good offer in a short period of time.

4. An over-priced home will be avoided and linger on the market. Eventually you are compelled to reduce the price. Even then, your home will not draw strong interest nor strong offers, as the extended days on market have created negative assumptions about the property.

The good news is, you can sell your Millburn-Short Hills home for top dollar, by understanding what "top dollar" is in our market! I will help you, by providing a comparative market analysis, along with details about recent home sales in your neighborhood. I will also provide proven marketing strategies for results!

As your Millburn-Short Hills real estate professional, I will provide the expert guidance you need for a successful home sale! Contact me today, and let my 18 years of experience be your market advantage!

Elaine Pruzon
Coldwell Banker Residential Brokerage
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