There is a very costly mistake that Morristown New Jersey home sellers are continually making. I have blogged about this before, the statistics support what I have been saying all along. Yet over and over again I see this same mistake repeated. It gets to the point where I just shake my head in wonderment what some of these Morristown NJ Home sellers are smoking.
Just when I think the news media has publicised the downturn in the real estate market way more then enough, yet another home comes on the market listed 10% or more too high. Over and over again I am proved right, all it takes is a little time and the price reduction comes.
Another interesting fact seems to play out every month when I do the monthly Morristown NJ Real Estate market update. Every month 40% to 60% of the homes that have sold, actually sold in less then 30 days. How many price reductions if any have these homes gone through? Very rarely have these homes gone though any price reductions actually. They were priced right to start with, and they sold fast and usually fairly close to their asking price.
Pricing your home to high to start with is very costly, it costs you time, and effort to keep your home in showing condition, and on top of that the statistics have long shown that the highest price any home seller is going to get for their home is in the first 2 to 4 weeks it is on the market. It is all down hill for there.
James Boyer
Morristown NJ REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct
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Jim, it seems to be the norm in this neck of the woods. Sellers believe their home is worth more than it actually is, and the agents are afraid of losing a listing, so they go along with the high asking price.
If you get a chance, check out our new group and add it to your list to post to: http://activerain.com/groups/welovenorthjersey
jim