Pricing is King in today’s Buyer’s market. At the height of the market in Spring of ’05, just about any house would sell within a week, no matter what the condition, and often in multiple bids. A good offer today is one close to the asking price and under contract within 30 days. Right now, Buyers are in the driver's seat. They want the best for the least amount of money. In a market where the supply is greater than the demand, it’s crucial to create urgency and give Buyers a reason to make an offer right away. I advise Sellers to be the best-looking house AND the least expensive. In a recent NY Times blog, I discuss the story of a fantastic house that didn't sell because it was priced too high to begin with.
Sellers that price their homes too high run the risk of pricing themselves out of the market. When their properties don’t sell they reduce them, but then often it’s too late and they end up trying to chase the market. As prices in Maplewood and South Orange have declined on average about 1% a month, the reductions are often not enough.The good news is that the Maplewood real estate market is still thriving, and Sellers who price their homes correctly from the outset are reaping the benefits.
