Why some Princeton homes sell quickly while others languish? Worst yet, why some of the Princeton homes for sale don’t sell at all? These are the frequently asked questions by those selling or contemplating a sale of their Princeton real estate. This year-to date in Princeton Township and Borough there were 327 Princeton homes for sale listed and 186 homes sold. This means approximately 43% of Princeton real estate did not sell and the homes were either withdrawn or expired. So, how as a home seller you could be part of the successful 57% ? One thing you could do is to examine some of the Princeton real estate success stories.
Here is a case of the home I marketed recently – under contract within one week. The home was on the market 2 years ago. After several price reductions the offers were low. I found for these sellers an exceptionally profitable rental opportunity and the home was taken off the market and rented out.
Fast forward two years. The homes goes on the market and is under contract within a week for more then the offer two years ago. What has changed? Did Princeton real estate drastically improve over the last two years, or was there something else? How did we do it?
MY seller clients know the secret word to make it happen and now I am going to share it with you. The word is “Wow”. This is what a potential buyer has to say when they see your Princeton home for sale. It is as simple as that. This is what the “Wow” covers:
Price. Nothing trumps this in importance. The reaction you are looking from a buyer interested in a Princeton home like yours, is something like this: “Wow, all of this (meaning your home’s amenities) for this $(meaning a realistic market price). Another way to look at it, your home has to beat all equal competing Princeton homes for sale on price. Often sellers are concerned they would end up selling for less then similar, but higher priced properties. Usually it’s not the case. We have seen bidding wars for Princeton properties priced right.
Two years ago this home was priced the same or a bit higher then competition and didn’t sell quickly. This time priced right it did, while many competing properties priced higher didn’t sell at all.
Photography. You have to Wow buyers with photos. The goal is to make the buyers put your Princeton home for sale on the list of must see homes. You have to Wow the agents as well for them to want to come the Brokers Open House. It’s only when they have seen how wonderful your home is in reality would they call their clients to say “Wow, I just saw a house you can’t miss seeing”.
This is exactly what happened with this Princeton home for sale. Pictures taken by a professional photographer – generated a lot of interest among other agents. Several agents said this could be perfect for their clients. There were many showings right after the house went on the market. One of these agents had a client who fell in love with the house and made an offer.
Bling. Professional photos could draw buyers and agents in and make your home look more appealing. They can’t make up what it doesn’t have. When the buyers visit the Wow factor has to continue. It doesn’t mean the house has to be brand new or have gold plated faucets. Rather, buyers want to see the property was well taken care of and has been updated.
My clients’ home was in good condition, it was well maintained, but it was vintage 80’s. Reflecting on their first selling experience, my clients asked what updates could make a big difference. They replaced Formica counters with gorgeous granite in the kitchen and bathrooms. It wasn’t cheap but it changed the look of the kitchen and bathrooms, the most important items buyers look at.
Visual appeal is very important. New home builders understood this, building elaborate model homes, long time before the concept of staging came to residential real estate resale. Buyers know they are not buying a home with furniture, yet this is how they see the home in their mind.
My clients furniture and presentation was OK, but the change was remarkable with the renter’s furniture (at the time of the home being marketed). This furniture made the house look better and gave the rooms the needed extra punch.
There is a lot that goes into selling your Princeton home quickly and for the highest possible price in addition to the three factors above. One important consideration is what other properties are on the market at the same time. What do these houses for sale have that yours doesn’t and visa verse. Pricing and marketing strategy have to take this into consideration. Timing is very important as well. For example, a home could have sold for X in June, but this opportunity could be gone for various reasons in July.
I see an opportunity now for Princeton home sellers in certain market segments because the inventory is low and there are buyers who wanted to buy this summer and are still looking. Your Princeton real estate success story could be the next to be told.
If you are considering selling your Princeton real estate home and have questions give me a call at 609-553-4175, or visit me at my office -34 Chambers street, Princeton, New Jersey. Not ready to talk to an agent yet? there is a lot of research you could do on your own right here on this blog. Or search for Princeton homes for sale and homes for sale in West Windsor, Montgomery, Hopewell by clicking on this link Princeton Real Estate – Homes For Sale