Do you want to know the magic formula to sell your house in the current Princeton real estate market and may be other markets as well? OK, it's not "real magic", it's -knowledge I want to share with sellers and future sellers to boost their chances for successful sale. Here are several real life cases of sales (they happened to be in my neighborhood) and the lessons real estate sellers can benefit from. 

 

Two beautiful homes

House #1 had more unique interior features and showed beautifully. It was priced $100,000 higher than House #2. Neither house sold until the price for House #1 dropped $250,000. House #2 matched the price. House #1 had a bidding war and sold above the New asking price. With this home sold, House #2 also had a bidding was and sold for $50,000 above House #1.  The summary: House #2, which started $100,000 less, ended up selling for $50,000 more than House #1.

 

The winner is              And the winner is…The Unique match

House #3 is in the same community and was not even on the market. The owners planned to sell some time in the future, but made their desires known to an agent. Through word of mouth a potential buyer was identified. The house sold for the Highest price ever in the neighborhood, while two other homes on the same street are still on the market after several price reductions.


The moral of this story:

  • Price is still key – it’s not where you start, it’s where you end that counts.
  • Competition – watch and play an aggressive game.
  • Beautiful homes generate bidding wars even in slow market – if the price is right.
  • Buying is emotional - unique match of the home and buyers’ desires – gets the highest price.

  • Future sellers - start a relationship with a trusted agent and let them know about your plans in advance.  



 

10 Comments on Princeton Real Estate -5 "secrets" To Selling Your Home

SEP
14
2007
2 Featured Posts

That seems like a crazy way to do business.  Was the key scarcity?  Are there limited numbers of homes like these three?  You mentioned there are other homes still on the market and the one not even on the market sold for the highest price.  Were the other two not in the same class?   Curious on this one.

 

Lexa 

10:35pm • #1
18 Featured Posts Localism Sponsor

Lexa - all the homes are approximately in the same class. The one that sold the highest had some special features that this particular buyer was willing to pay for. In this development there were 4 sold and 3 are still on the market in the last 6 months. The prices are in the $1.4-$2mln range. Thanks for checking in and asking.

11:28pm • #2
SEP
15
2007
2 Featured Posts

Thanks Faina.  I know I have seen the same thing happen here, but it was for homes  that were able to get a certain type of mortgage.  It may be an overall buyers market, but there will still be bidding wars in micro areas. Thanks for the post once again.

Lexa 

11:25am • #3
197,579 Points 1 Featured Post Outside Blog
We have conducted a couple of auctions and have gotten decent results.  The houses don't sell for top dollar, but they do sell for 80%+ of the market value.  It sure beats sitting on the market for months with no showings or offers. This seems like a good thing if the sellers are quite motivated.
7:21pm • #4
18 Featured Posts Localism Sponsor

Rob - thanks. You are right - once the price is at "market" level, even in todays week market there can be bidding wars. These transactions are not sub-prime category. And once in a while "miracle" happen - the right buyer for the right home - and presto -you have Higher price.

Lexa -you are so right. No subprime loans here.

8:29pm • #5
SEP
16
2007
197,579 Points 1 Featured Post Outside Blog
I assume that in the higher range market that you are talking about that financing is not so much an issue because your buyers are well qualified in order to afford something at that price anyway.
10:15am • #6
18 Featured Posts Localism Sponsor
Rob - you are right, the financing was not an issue here at all, just the general dynamics of the "slow market".
1:11pm • #7
239,058 Points 56 Featured Posts Localism Sponsor Outside Blog
Faina, great talking with you last night. This just goes to show that the right Buyer for the right house is key in any market!
2:19pm • #8
18 Featured Posts Localism Sponsor

Gena - thanks for picking up the phone and reaching out. I think this spirit can do wanders for our AR community and for the real estate community in general.

As for the Right buyers - I wish them to all of us!

3:38pm • #9
239,058 Points 56 Featured Posts Localism Sponsor Outside Blog
Faina, it was my pleasure. You are an amazing person. I along with you, hope all the right Buyers find their special homes.
4:06pm • #10

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Faina Sechzer - Princeton, Montgomery, Hopewell, NJ Real Estate Expert

Princeton, NJ

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Henderson-Sotheby's International Realty

Office Phone: (609) 924-1000 x 144

Cell Phone: (609) 553-4175

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