Thanks to Howard J. Turoff, CPA, &  Financial Guru

Price, Price, Price

Everyone has heard the old axiom that the three most important things in real estate are location, location and location.  From a buyer's perspective that is often true, but for sellers, the location is effectively fixed, so the single most important decision you will make in selling your Hoboken condo, co-op or house is the initial asking price.  There are a universe of people our there looking for whatever it is you have to sell, be it a 1 bedroom condo, a Victorian brownstone, or something else.   Some buyers have just started their search, others have been looking for months and have seen everything there is to see in Hoboken.  When your unit hits the market and is shown on the Multiple Listing Service (the "MLS") for the first time, there will be a flood of initial interest that may never be matched.  Pricing your unit appropriately is the very definition of "striking while the iron is hot" to achieve maximum return.

Most Things In Life Fall on a Bell Curve 

Like most things in life, the real estate sales market can be described as a bell curve.  At one end of the spectrum are beautiful properties, in great locations being offered at fair prices.  These units sell immediately - often within the first few days after hitting the market.  At the opposite end are not-nice, overpriced apartments in less than desirable parts of town.  They languish on the market forever (or at least until the price is lowered sufficiently to make them attractive.)  The vast majority falls somewhere in the middle - hence the bell curve.  See:

Don't Make The Most Common Real Estate Mistake 

Many people have a number in mind when they first decide to sell.  That number may be based on what they paid, how much profit they hope to realize, what they espect to pay in closing costs, or how much money their neighbor got when he or she sold last year.  If that number is too high, and I tell them that they will have a difficult time selling their place for that amount of money, they will often say to me "Let's start with that - we can always lower the price later."  That may be true, but in my opinion it is also a huge, irreversable strategic error.

Using a Bazooka to Create a Sense of Urgency

Have you ever gone to a sale at a department store and seen people frantically grabbing at clothing in a discount bin, or watched people fight over t-shirts shot out of the air bazooka during the 7th inning of a ballgame?  There is an urgency to getting those bargains because if you don't get them, the person right next to you will and then they'll all be gone.  Now think back to what I said about the universe of people in the market to buy a condo or house in Hoboken.  You will never have a bigger crowd of interested people looking at your unit as when it first hits the market.  You want to create that same sense of urgency - that if they don't make a strong offer RIGHT AWAY, that unit will disappear and it'll be too late.  Overpricing the unit, killing the interest, scattering your crowd and then lowering the price later is a bad strategy.

Remember Goldilocks and the Three Bears

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