News was out that the real estate market was picking up. Mary and Jim, who had been neighbors for years with nearly identical homes, decided it was time to sell, both with the same agent and broker. With the positive news, Jim decided to price 5% above what his agent suggested (after all, he wanted negotiating room and the home had many nice features). Mary, on the other hand, followed her agent's advice on price. While Mary quickly received multiple offers and ended up with a price close to what she was asking, Jim remained on the market for several months, finally lowering his price, and ended up with a contract lower than Mary's.
In today's market, we are seeing this happen far too often, with the emergence of two sets of homes. One consists of homes that are priced higher than the market. Like fruit at a grocery store, they've been picked through by potential home buyers and left to rot. The other is a group of homes that are selling quickly, because many buyers have been patiently waiting for the right opportunity.
Today's home buyers are saavy. They know the market and they know what homes are selling for. The old adage of "well, they can make an offer" is lost, because buyers aren't even taking the time to see the home. They've already researched it on the internet and pre-determined that it's not to worth it.
Indeed, the market has picked up, but not every home is selling the same way. For more, check out this short video on the local market. If you're thinking about selling your home or have more questions, contact Gloria Zastko Realtors at 732-297-0600 or via our website at www.zastko.com.