August 2, 2011

FOR IMMEDIATE RELEASE

"RIGHT-ON" LISTING PRICE IS THE KEY TO SELLING YOUR HOME!

It seems that every time we talk about real estate today, the conversation leads to the financial aspects.   Where are prices headed, where are interest rates headed, and should we sell our home and move on??  If you do plan to sell, the right listing price is the key to your sale!

We see listings that linger on the market for 6 months to 2 years.  Yet, other homes are listed and sold within days and often obtaining multiple bids.  What is the reason?  The reason is pricing and pricing is the key to every market, whether real estate, stocks, autos, etc.  The stockbroker has the "big board" that determines the price of a stock.  If you told your stockbroker to sell your stock for more than the "big board" price, he would say you were insane.  If you wanted more for your used auto that the "blue book" suggests, your car salesperson would say it was impossible.  And so be it with your home.  You cannot sell anything higher than market value.

We hear people say we are in a bad real estate market.  Whatever the market is, it is the market and we cannot change the market!  But we can and must list a property commensurate to the market.   By over listing, the seller loses much valued time and lots of money.  Everyday we see listings that linger on the market for a year or more, being listed with one broker after another.  Each time the property is re-listed, it is listed too high for the market.   A typical example would be a home listed in January of 2010 at $570,000 and, after many price reductions and re-listings, the property closes in June, 2011 for $375,000.  Had the property been listed correctly in January of 2010, the seller would have probably sold for $100,000 more and not lost valuable time and inconvenience for a year and a half.  It is a proven fact that homes that are overpriced, sell for less than homes that are priced right.  "Catchup" is not an option in this market.  Time is not money!

In the Spring and Summer of 2011, as more and more properties (including bank-owned, also known as "shadow inventory") enter the market, there will be a "glut" of inventory!  Your property must be compellingly priced to stand out above the crowd!

List your property by pricing it correctly and by enhancing its show ability.  If you have a home on a busy street, certainly you cannot change the location, but you can price the home accordingly, and it will sell.  Homes that are on the market for an inordinate amount of time and are continually re-listed and reduced, attract the "bottom fishing" buyer who wants to steal a home.  Homes that come on the market, compellingly priced and staged, command attention and often have multiple offers and many times sell above list price.

When a property takes longer than 3 to 4 months to sell, it usually is because it is not priced correctly.  The property lingering on the market for a year or two is not because we are in a bad market, but it is a bad (overpriced) listing.  The market is what it is.  A good listing is priced commensurate to the market; not in defiance of the market!  There is a really old saying in our industry, "Even Mother Teresa cannot sell an overpriced listing, and if she does, the appraiser for the mortgage company won't allow it!!"

The best way to determine your home's real value in the current marketplace is to contact an experienced Realtor who knows the homes in your area and understands local market trends.  No computer program can substitute for the professional guidance of a local Realtor with a proven and consistent record of sales in your area.

Gloria Zastko, Realtors is a full-service real estate office servicing Central Jersey since 1991.  Gloria Zastko, the founder of the firm, is a 40-year veteran in the industry.  Year after year the firm ranks #1 in its hometown.  Considered one of the most knowledgeable and trusted agencies in the local areas, it prides itself on "service beyond expectation".  Open 7 days a week, it is located at 1582 Route 130, North Brunswick, and can be reached by calling 732-297-0600, or gloria@zastko.com.  The firm's website is www.zastko.com. Gloria welcomes any and all inquiries.