New Jersey Real Estate Agent

Even babies in this country know the three Ls of real estate; location, location, location. The new phenomenon emerging for the Princeton NJ real estate buyers and sellers:  Price, Price, Price.

The three Ps are the new three Ls.
This post can probably be the shortest yet, as this pretty much sums it up.

In the mid April, Princeton NJ area real estate buyers and sellers need to think about their strategy going forward.
I publish this post without big analytical data support, because time is of the essence and I wanted to share what I see in the greater
Princeton real estate market.

The house I was marketing went under contract within the first week on the market. Here are a few other observations from last week. last week. The house priced in the $500,000 had seven (7) offers and had the price bid up by approximately $150,000. Another example is a bit less dramatic, but similar.

The third example is a property that was on the market two years ago, was listed now for 5% less then then,
and had an offer within a week. Another one – under contract in less then a week, was priced at $100,000 less and in better condition, then the house one block down the street.

There are sellers who think that their properties are undervalued, even if they had no offers in six months.
For such a property the price is ZERO, using the definition of the market price being the “highest” price the buyer is willing to pay without duress. This is a pill hard to swallow for many, especially when they get advised by the “experts”.

Who should take notice of these events?

• Sellers who need to get the idea of the market price and not price their homes “a bit more” then last year .

• Agents who support these ideas, for reasons I don’t want to contemplate.

• Buyers who need to understand the idea that in the week market houses still go for over asking price.

So, its the 3 Ps.
Before some people get upset with the notion that price is the be all for selling, let me say that there other important considerations. Location and condition are still very
important in this market, provided the price is right. For those who
think its nothing new – I agree.

Photo by John Holm/foto3116

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