Since January 2010 there have been 297 homes sold in Brick Township compared to last year's first half sales of 198 homes. People are still purchasing homes in our hometown. However that is the good news. The bad news is there are currently 645 homes on the market in Brick, signifying an absorption rate of 13.03 months of inventory. So, what that means is as a whole Brick Township is still experiencing a depreciating market. On a positive note we are better this year then last year when there was 19 plus months of inventory available. All of the above information is indication that prices will continue to fall until we hit 6 or 7 months of inventory.
Get Brick on the road to a full housing recovery and price your home right.
One of the most difficult concepts to explain to a home seller is the concept of setting a lower initial asking price for a home usually results in a higher selling price for that property.
Over Pricing can have powerful negative effects, because home buyers are well informed about home values and they immediately recognize over pricing on a home. Buyers interpret this as a seller who lacks motivation and is less likely to accept a fair price for their home. Different from pricing a home scenario which creates a sense of urgency, this marketing strategy encourages buyers to take a ‘Wait & See' stance, which over time has a negative effect, discouraging buyer & agent interest, reducing the number of home viewings, and experiencing fewer offers over time.
The seller is then relegated to attracting discounted offers for their home. In fact, as the overpriced home's asking price goes higher, the purchase offers are prone to go lower. This is because home buyers will attempt to offset overpricing by lowering their initial offer price.
Another undesirable effect of Over Pricing is marketing time becomes extended, which serves to delay the sale and eliminates all sense of urgency that will eventually lead to price reductions. In a weak housing market, price reductions send an alarming message to home buyers already concerned about whether home prices will fall in the future and may just wait and see a little longer.
The Moral of the story is "Price You Home Right from the Start". It will put more money in your pocket in the end.
Dawn Marie White
Broker Sales Manager
Sales & Marketing Professional
1-800-677-4033 Office Toll Free
732-581-9414 Cell Direct
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