REal Talk October 3, 2022

Confused by home prices? So is everyone! Having a hyper-local expert is your best bet for finding or selling a home in these times of transition… listen in for more on this…

Susie (00:01):

<laugh> Kelly, get in

Bonnie (00:03):

Here. <laugh>.

Susie (00:04):

Okay. So we haven’t done a real talk in a while, but we’re here, We’re here. We’re gonna really talk.

Bonnie (00:08):

Hi everybody.

Kelly (00:09):

I’m ready for the camera.

Susie (00:10):

<laugh>. So we thought it would make sense to talk about pricing in this crazy market right now, because it’s kinda all over the place,

Kelly (00:17):

Very much all over the place. It’s very much dependent. I mean, there’s no, there’s no consistency. Mm-hmm. <affirmative>, some homes are priced too high, some homes are priced too low

Bonnie (00:26):

And that makes it very confusing for the buyers. Yeah. And also for the sellers, I think to set the right expectation.

Susie (00:32):

Agree. There are a lot of sellers who feel like they missed out on the hot part of the market and they still want to get in. And so they’re sort of forcing the hand of their agents to price too high. Mm-hmm. <affirmative>. And then, you know, it’s just kind of all over the place. It’s, uh, we see this chime in again as shifts of the market where there’s that sort of transitional time where mm-hmm. <affirmative>, everyone’s confused. Yeah.

Kelly (00:55):

But I also think that if it’s, and this is the point, if it’s priced appropriately, then they will get multiple offers. Cuz there is demand after. There are people that houses and want houses. So if it’s priced right, you will get multiples that will get it to the right price that the market has set for the home. Right.

Bonnie (01:11):

Yeah. And anything that has been slightly underpriced has flown off the market, right? Mm-hmm. <affirmative> with multiple offers and which has generally brought it up to the price, obviously the market price or what someone’s willing to pay for it. Right. Um,

Susie (01:23):

So how do you know, how do you know as a buyer if a house is underpriced, overpriced or just right?

Kelly (01:29):

You need a local expert!

Bonnie (01:31):

<laugh>. It’s true. You really do. I feel really sorry for these buyers who say we found some random agent on Zillow and you know, they’ve gone through all this heartache and they’re missing bids or they’re missing out on good deals. Right. And it’s because you need a local agent who is really studying the market. Mm-hmm. <affirmative>, who knows the neighborhoods, who knows the individual houses and can pull comps that actually make sense. Yes. Right. You can’t just compare one house to all the houses that sold that were three bedrooms, for example. You have to,

Susie (01:59):

Or you can’t even look at comps that were, that sold or closed three months ago because that was a very different market at that time. Yeah.

Kelly (02:07):

Yeah. It helps as a guiding principle, but you also have, you know, like that’s one of the many data points that you have to

Susie (02:12):

Consider. Exactly. So definitely work with a local expert. It’s critically important.

Bonnie (02:17):

I would say more important than ever before.

Susie (02:19):

More important than

Bonnie (02:20):

Ever. And just to add to that, we still have really low inventory. Oh

Susie (02:23):

My gosh. It’s like

Bonnie (02:25):

Excruciating. So you can still make money as a seller. It still is a good time to sell your house. Um, and it can be a good time to be a buyer right now because people are confused and they are not sure what they’re doing. So. And

Susie (02:38):

When there’s little inventory, buyers don’t come out as frequently. Yes. Because they don’t wanna make the trip. That’s the truth. Right. For one, for one house. Yes. If you are interested and you’re active, then you should definitely be in it. Yes. All right. That’s it for today.

#soma #topnjrealtor #maplewoodnj #southorangenj #millburn #shorthills #montclair #westorange @compassnewjersey @susienewjersey @thehomebonnie @kelly.a.lombardi

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