by: Maryanne Elsaesser Broker Associate
Coldwell Banker Residential Brokerage, Wyckoff NJ
If you are thinking you should hold out for your dream number, THINK AGAIN! Smart sellers will leap ahead of the curve and figure out quickly we are transitioning into a buyers market. Let’s take my own hometown, Wyckoff, NJ in beautiful Bergen County as an example. When I started to see the inventory (aka homes on the market or available properties) hit the 100 unit mark my radar went off. We have not seen over 100 units available in years, yet agents are running around stating there is no inventory. Even the almighty Zillow says it’s a buyers market now.
Zillow just asked a panel of experts — more than 100 economists — “what they thought was going to happen to the trade-off between buyers versus sellers.”
They said that among the economists surveyed, the most popular belief was that in 2018 or 2019, the bulk of markets will begin to shift from seller’s markets to buyer’s markets.
“In some markets, it’ll start to turn already in 2017, where demand isn’t quite so high and you get a little more inventory in and you have buyers better able to negotiate,”
Now is the time to connect with someone who understands how to navigate and negotiate to deliver to you the best whole result. After all it’s what you net that matters. Chasing the market in a downward momentum will only provide a greater loss to your bottom dollar.
With inventory on the rise picky buyers have more options. You must be strategic with your pricing to allow your property to have a better perception of value. Over pricing your home as inventory rises will net you less in the long run. No matter what the buyers objections are if you drill down to the bottom of the concern it is always linked to a dollar amount. Let’s take the absurd approach as an example. A home at 223 State Street Anywhere USA is on the market for $565,000, it has 4 bedrooms 2.5 bathrooms completely renovated with no basement. A home 4 houses away is exactly the same with a basement and it is offered at the same price. There are 4 buyers looking, which do you think they will be fighting for?
Let’s change one thing on the above example; the home with no basement is now available for $475,000 and the one with a basement remains at $565,000, which will the buyers focus on now?
Every objection carries a price tag. If your feedback is a bunch of excuses (the yard is too small, there is only one car garage etc) very simply stated, those comments equal the market indicating you are overpriced. Move quickly with a 5% reduction and I guarantee you will secure an offer.
Wishing that someone will come along and “give you what you need” is exactly that, a wish. My advise, don’t be in your own way of profitability!
Maryanne is a NJ licenced Real Estate Broker who focuses on Bergen Passaic and Morris Counties. She can be contacted at 551.206.9264 or Maryanne.Elsaesser@gmail.com