The slower housing market is for the most part to blame on the uncertainties of the overall economy, mortgage woes, the elections, and job security.
Although all these subjective justifications are concerning; there is a big argument that one can raise regarding asking price versus selling price.
I truly believe that if asking prices were more in line with selling prices that the market would be less slow, and buyers’ confidence would become higher, thus fueling another turning point in our Hoboken condo market. With another turning point I’m referring back to the other good news that the existing homes sales rose by three percent last month compared to July.
First there are quite a few of condos in Hoboken that are on the market just to feel out if renting it would not be the better alternative, or just to see how much I could get for my property kind of attitude. Most of these Hoboken condos, in my opinion, are not realistically priced, because there isn’t an actual motivation for the seller to adjust the price of the property, since the seller “really doesn’t have to sell”. This in turn gives a buyer the false sense that there is so much choice in the current market.
If sellers that really don’t want to sell or need to sell would stay off the Hoboken condo market it would benefit current seller and buyers instantly and the “would be sellers in dreamland” subsequently.
Selling Price versus Asking Price obviously makes a big difference in terms of DOM (Days on Market). Hoboken Condos that actually have sold have been on the market for an average of 71 days (Based on Year to Date Sold Hoboken Condos). Contrast this with Condos that are currently on the on the active market that have an average DOM of 90 days.
Selling your property fast doesn't necessarilly mean that you've left money on the closing table; on the contrary, pricing your condo right from the getgo, thus benefitting from the momentum a property new to the market has, prevents most seller from chasing the market down and losing more money along that slide.
Let me know how I can help you sell your property for the highest price in the shortest amount of time.
Best regards,
Anoir
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