Can You Please Sell My House For $65,000 More Than My Neighbors?
This weekend, I decided to preview homes for sale in the Point of Woods neighborhood in Cherry Hill, NJ. In order to not be biased, I made appointments without viewing the listing price. Here are some of my general observations of one of the homes I previewed.
The front yard was landscaped with tall grasses. The right side of the yard had a tree stump that was 5 feet in diameter. I later read in the listing that this was "unique" landscaping. The landscaping hid the house and decreased its curb appeal. Many buyers will not get of the car if they don't like the house from the car (trust me; I have had more than my share of buyers in this category). My advice to sellers:
Tone Down Your Landscaping.
Simple and clean is better. What is unique to you may be considered a disaster to buyers.
As I toured the home (circa 1970), it had some wonderful features. The home featured new windows, a remodeled kitchen, 2nd story deck, 5 bedrooms and a dry basement. However, what struck me in a negative way was the amount and placement of the furniture. The formal living room was packed with furniture. It was very difficult to move around the room. The dining room had a very large table (with 2 leaves inserted). The family room also had a lot of furniture plus a treadmill and several other pieces of exercise equipment. Two of the bedrooms on the second floor were being used as offices. The offices were stuffed to the gills with professional journals, the desk was messy and again there was a lot of "stuff" in the rooms. The bedrooms were clean and neat.
My advice to home sellers;
If You Are Moving, Then Move Already.
What I mean is this. The home you are selling is no longer your home. You are showcasing this home in order to find its new owners. The best thing sellers can do is rent a storage unit and move 25-40% of the items out of the home. The formal living room does not need a sofa, loveseat and two chairs. Put the couch in storage. Use only the love seat and maybe 1-2 chairs. You want the room to feel open and spacious. Take the leaves out of the dining room table. Again, you don't want the room to feel cramped. Exercise equipment - In most homes I visit, the exercise equipment is covered with 6 layers of dust. So for the sake of selling your home, put it in storage. The same thing goes for magazines, books, knick knacks, your kid's trophies, pet toys and miscellaneous stuff.
When I walked around this house, I noticed that it had been painted badly. If you are going to sell your home, fresh paint goes a long way towards finding a buyer.
If You Can't Paint, Hire Someone Who Can.
There are plenty of unemployed painters on craigslist looking for a couple of days work.
Now, let's get to the point of this whole story. The listing price of this home was $65,000 more than comparable homes in the neighborhood. Did you hear me?? $65,000 more than comparable homes in the same neighborhood. This home was in one of the worst locations (backed up to a main street and it was noisy). Even though the condition was decent, homes in much better condition were listed for $65,000 less.
Sellers, in today's market, your home will probably not sell above market value. If homes in your neighborhood are selling for $300,000, you will not get $400,000 for your home (I don't care how much you spent in improvements). First of all, buyers will go around the corner and look at the less expensive homes (everybody wants a bargain). Secondly, $400,000 buyers will be shopping in a $400,000 neighborhood.
Finally, as your Realtor and Real Estate consultant, I would refuse to list your house at $65,000 above similar homes. What would that accomplish? How would I be looking out for your best interest? Several months later you home will more than likely not be sold. You will be frustrated and certainly will not want to entertain a $65,000+ price drop. My job as a Realtor is to explain to you the current market. We will get in the car and go look at our competition before we decide at which price to list your home.
Good Luck to all home sellers during this unique market. If you are looking to sell in Burlington or Camden County, NJ, call me and let me explain how I as your Realtor can help make your dreams come true.
Have a Great Day
Make This YOUR Best Year Ever
Leander McClain, Burlington /Camden County, NJ Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E Cherry Hill, NJ 08003 856-685-1677 Direct
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Truila.com Workshop
Learn the In's & Out's of Trulia to help your business and enhance your social media skills. Rudy Bachraty III is the public face and voice of Trulia. If you have followed @trulia on Twitter, you are following Rudy. He is the social media guru at Trulia.com. He also manages Trulia's corporate blog (Social Real Estate Chicago)
Hot buffet & drink specials. Networking & socializing (bring business cards).
All Realtors Welcome
Free workshop ending with Q&A and Neworking Opportunities
$5.00 donations accepted at the door for Chapter With A Heart
RSVP to reserve your seat: njcrschapter@gmail.com
When: Tuesday, October 27, 2009
Where: Cafe Aldo Lamberti's, Route 70, Cherry Hill, NJ
Time: 3:00pm - 7:00pm
Have a Great Day
Make This YOUR Best Year Ever
Leander McClain, Burlington /Camden County, NJ Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E Cherry Hill, NJ 08003 856-685-1677 Direct
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Success Ain't For Everybody. Is It For You?
First, let me give my apologies to my first grade teacher Sister Eleanor. I know that my title should have read
"Success is Not for Everyone"
I appreciate the value of the proper use of the English language....however there are times when you must get "down and dirty" to get the attention of your audience.
Why do I say that success ain't for everybody? Because not everyone is willing to do what successful people do. Let me illustrate this with a short story. I spent a short time at Union County College in Cranford, NJ. During that time, I went to school during the day, and then at night I drove my Volkswagen Rabbit an hour north to work at Prudential (paying insurance claims). I had many people ask, why are you driving 2 hours round trip for a part time job? My answer....that's where the money is.
I had friends who decided that it was not worth the effort to work at this job. Before getting the job, I had to take a 4 hour battery of tests. I had to drive an hour to and from work. I had to get up the next morning and go to school. The reward however, was that I was paid more than twice the minimum wage. Was it easy? NO! There were nights that I don't remember driving home. My days were long, my nights were long.
During the last three years, many real estate agents have bailed out of the business. There used to be a time that anyone with a pulse could find clients and make a successful living. Once the market headed south, all of sudden that was no longer true.
But wait a minute, aren't there real estate agents who are still making a decent living?
Why YES!
These agents are the ones who have taken the time to learn about down markets. These agents are the ones who have never stopped studying. These agents are the ones who treat all of their clients with respect and dignity. As a result, the agents receive referrals from their past clients. These are the agents who have learned to change with the times. These are the agents who are no longer marketing in traditional media, but are now social media giants. These agents are the ones who realize that success ain't easy!
Congratulations to all my fellow successful real estate agents. You wear success well.
To those who think they can make it without putting the time in....my advice to you is
"Get It Together or Leave It Alone"
Have a Great Day
Make This YOUR Best Year Ever
Leander McClain, Burlington /Camden County, NJ Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E Cherry Hill, NJ 08003 856-685-1677 Direct
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Now Wait Just One Minute!
I would like to thank Joseph Welusz for the inspiration of this post. Joe responded to my September 2009 Cherry Hill Real Estate Market report with the following comment
"I also live here in the Cherry Hill area and lower end homes are selling they always have. That isn't the problem. It's the homes over $350,000 in the area (Cherry Hill, Haddonfield, Marlton, Medford) that are the problem and more home fall within $50,000 of that range then any others."
Since I also live and work in Cherry Hill, I thought I should address Joe's concerns. When assessing anything, you have to look at the facts. In addition to the facts, you must understand that there are always exceptions to the rule.
As of 107/2009 there were 498 single family homes listed for sale in Cherry Hill. 73% of those homes are listed for under $350,000. Within the last month 118 homes have either sold or gone under contract to be sold. 82% of those homes were sold for under $350,000.
|
Sale Price |
Homes for Sale |
Percentage |
|
Under $350,000 |
363 |
73% |
|
Over $350,000 |
135 |
27% |
|
Total |
498 |
100% |
Now let's take a look at the Cherry Hill housing supply. Simply stated, if every month, the same number of homes that sold last month is sold, how long would it take to sell every home listed for sale.
|
Home Price |
Supply |
|
Under $350,000 |
4.7 months |
|
Over $350,000 |
7.5 months |
As Joe stated, the homes under $350K are selling well. I know from personal experience that many owners of homes that would have sold for $500K 4 years ago cannot fathom the idea that the same home today is selling for $350K. They feel that they have lost $150K in profit and they want their Realtor to get it back for them. Many of these homeowners have been in their homes for more than 8 years and paid less than $250K. Instead of seeing $100K profit, they focus on the loss. In many cases, the profit from the sale of your home could help you move on to their next stage in your life.
Why hold onto hold onto the past? The housing market will not be what it was in the near future. Selling is not in every homeowner's best interest. However, if you are waiting for prices to go back up before you sell; you may be in for a bit of a wait. Most experts believe that homes prices will rise over the next 5 years. Will they rise to the level of 5 years ago? I highly doubt it.
If you are interested in exploring your options, call me today and we can set up an appointment.
Have a great day
Have a great day
Make This YOUR Best Year Ever
Leander McClain, Burlington /Camden County, NJ Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E Cherry Hill, NJ 08003 856-685-1677 Direct
Search NJ & PA Home Listings @ www.NJSouthRealEstate.com
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Cherry Hill Home Sales Report
September 2009
by Leander McClain.
Whoever said that real estate was not selling, forgot to tell the buyers in Cherry Hill, NJ. Over the past month, 71 homes have sold. I've had people tell me that Cherry Hill is an expensive town. However, 17 of the houses that sold were under $200,000. The average price of the homes sold was $271.000. I think those prices are excellent.
A very important thing to notice is that the average property in Cherry Hill sold for 95% of the asking price. This means that homes are begining to be priced correctly. Buyers should be aware that homes in Cherry Hill will most likely not be available for rock bottom prices of 50% of the asking price (of course there are exceptions). Sellers should be aware that homes that are priced correctly are selling quickly. the average time it took to sell a home in September was 83 days.
If you are ready to start looking for your dream home or you are ready for your current home to become someone else's dream home, Call Me Today. We will set up a mutually convenient time to meet and discuss your plans for the future. I will let you know if I can help you make your dreams come true.
Have a great day
| Address | Bedrooms | Bathrooms | Asking Price | Sold Price | Subdivision | Days on Market | Seller Assistance |
| 222 Ocean Ave, Cherry Hill, NJ | 4 | 2.5 | $259,000 | $256,000 | Apple Hill | 26 | |
| 21 W 6th Ave, Cherry Hill, NJ | 2 | 1.0 | $149,900 | $149,900 | Ashland Village | 65 | |
| 112 Pine Valley Rd, Cherry Hill, NJ | 4 | 3.0 | $319,000 | $300,000 | Barclay | 154 | |
| 7 Kaywood Ln, Cherry Hill, NJ | 4 | 2.5 | $325,000 | $315,000 | Barclay | 49 | |
| 123 Pearl Croft Rd, Cherry Hill, NJ | 5 | 2.5 | $355,000 | $355,000 | Barclay | 22 | $10,000 |
| 201 Gravel Bend Rd, Cherry Hill, NJ | 5 | 3.5 | $419,900 | $420,000 | Barclay | 7 | |
| 224 Centura, Cherry Hill, NJ | 2 | 2.5 | $154,500 | $152,000 | Centura/cotswold | 197 | $6,000 |
| 821 Chanticleer, Cherry Hill, NJ | 2 | 2.0 | $194,900 | $183,500 | Chanticleer | 60 | $6,000 |
| 1609 Chanticleer, Cherry Hill, NJ | 3 | 2.5 | $255,000 | $255,000 | Chanticleer | 132 | $3,000 |
| 420 Jamaica Dr, Cherry Hill, NJ | 4 | 2.5 | $269,000 | $263,500 | Cherry Hill Estate | 193 | $7,000 |
| 408 Hialeah Dr, Cherry Hill, NJ | 4 | 3.5 | $315,000 | $315,000 | Cherry Hill Estate | 82 | $10,000 |
| 2112 Aqueduct Ln, Cherry Hill, NJ | 4 | 2.5 | $384,900 | $372,500 | Cherry Hill Estate | 14 | |
| 128E Cherry Parke, Cherry Hill, NJ | 1 | 1.0 | $79,900 | $70,000 | Cherry Parke | 396 | |
| 103B Cherry Parke, Cherry Hill, NJ | 2 | 1.0 | $108,000 | $99,000 | Cherry Parke | 48 | |
| 104C Cherry Parke, Cherry Hill, NJ | 2 | 1.0 | $112,900 | $106,500 | Cherry Parke | 56 | |
| 11 Todd Ct, Cherry Hill, NJ | 3 | 2.0 | $239,900 | $237,000 | Cherry Run | 26 | $7,000 |
| 1101 Garfield Ave, Cherry Hill, NJ | 4 | 2.5 | $269,900 | $257,000 | Cherry Valley | 176 | $2,000 |
| 204 Henfield Ave, Cherry Hill, NJ | 3 | 1.2 | $269,900 | $250,000 | Cherrybrook | 65 | $5,000 |
| 7 Ambler Rd, Cherry Hill, NJ | 4 | 2.0 | $242,900 | $223,000 | Colwick | 193 | $8,000 |
| 7 Colmar Rd, Cherry Hill, NJ | 3 | 2.0 | $259,000 | $259,000 | Colwick | 111 | $5,000 |
| 16 Fairhaven Ct, Cherry Hill, NJ | 3 | 2.5 | $299,900 | $280,000 | Country Walk | 79 | |
| 136 Valley Run Dr, Cherry Hill, NJ | 3 | 1.5 | $225,000 | $215,000 | Erlton | 169 | |
| 403 Tuvira Ln, Cherry Hill, NJ | 3 | 2.5 | $263,500 | $250,000 | Europa | 158 | |
| 15 Buckingham Pl, Cherry Hill, NJ | 3 | 2.5 | $319,900 | $310,000 | Europa | 29 | |
| 1216 Cropwell Rd, Cherry Hill, NJ | 3 | 1.5 | $166,900 | $165,000 | Fox Hollow Woods | 111 | |
| 103 En Provence Ct, Cherry Hill, NJ | 4 | 4.1 | $850,000 | $805,000 | Frenchmans Pointe | 53 | |
| 515 Kings Croft, Cherry Hill, NJ | 4 | 2.5 | $225,000 | $217,500 | Kings Croft | 20 | |
| 405 Kingston Dr, Cherry Hill, NJ | 3 | 1.0 | $192,500 | $192,500 | Kingston | 6 | $5,000 |
| 823 Richard Rd, Cherry Hill, NJ | 3 | 1.5 | $239,700 | $235,000 | Kingston | 17 | $4,000 |
| 204 Kingsley Rd, Cherry Hill, NJ | 3 | 1.5 | $239,900 | $238,000 | Kingston | 6 | $5,000 |
| 12 Bellows Ln, Cherry Hill, NJ | 5 | 2.5 | $264,900 | $247,500 | Knollwood | 20 | $10,000 |
| 26 Knollwood Dr, Cherry Hill, NJ | 4 | 2.5 | $263,500 | $257,000 | Knollwood | 23 | |
| 11 Crestview Dr, Cherry Hill, NJ | 4 | 2.5 | $299,900 | $285,000 | Lakeview | 181 | |
| 1840 Frontage Rd 1809, Cherry Hill, NJ | 2 | 1.0 | $114,900 | $108,000 | Mark 70 | 16 | |
| 1205 Farrell Ave LOT 1, Cherry Hill, NJ | 2 | 1.0 | $55,900 | $40,000 | None Available | 99 | |
| 21 Elmhurst Ave, Cherry Hill, NJ | 1 | 1.0 | $69,900 | $45,000 | None Available | 43 | |
| 226 Playa Del Sol, Cherry Hill, NJ | 2 | 2.0 | $115,000 | $105,000 | None Available | 222 | |
| 311 Monmouth Dr, Cherry Hill, NJ | 4 | 2.0 | $169,999 | $165,000 | None Available | 28 | |
| 245 W 6th Ave, Cherry Hill, NJ | 3 | 1.5 | $215,000 | $215,000 | None Available | 35 | |
| 34 Edgewood Dr, Cherry Hill, NJ | 4 | 3.5 | $579,900 | $530,000 | None Available | 40 | |
| 628 Bamford Rd, Cherry Hill, NJ | 3 | 2.5 | $279,900 | $265,000 | Old Orchard | 86 | |
| 619 Old Orchard Rd, Cherry Hill, NJ | 4 | 2.5 | $315,000 | $300,000 | Old Orchard | 62 | |
| 72 Crooked Ln, Cherry Hill, NJ | 4 | 2.5 | $284,900 | $283,000 | Olde Springs | 121 | $4,000 |
| 10 Fountain Ct, Cherry Hill, NJ | 4 | 2.5 | $399,000 | $350,000 | Olde Springs | 184 | |
| 101 Morningside Dr, Cherry Hill, NJ | 4 | 2.5 | $219,900 | $233,000 | Point Of Woods | 37 | |
| 51 Manor House Dr, Cherry Hill, NJ | 4 | 3.5 | $550,000 | $520,000 | Short Hills | 12 | |
| 412 Society Hill, Cherry Hill, NJ | 3 | 2.2 | $259,900 | $240,000 | Society Hill | 83 | |
| 609 Society Hill, Cherry Hill, NJ | 3 | 2.2 | $259,900 | $250,000 | Society Hill | 127 | |
| 1513 Chalet Dr, Cherry Hill, NJ | 4 | 2.5 | $410,000 | $397,000 | Springbrook | 76 | |
| 341 Oak Ave, Cherry Hill, NJ | 4 | 3.0 | $210,000 | $201,500 | Surrey Place | 341 | |
| 221 Nathaniel Ave, Cherry Hill, NJ | 4 | 2.5 | $300,000 | $285,000 | Surrey Place East | 7 | |
| 410 Tavistock, Cherry Hill, NJ | 2 | 2.0 | $162,000 | $160,000 | Tavistock | 10 | |
| 169 Tavistock Ct, Cherry Hill, NJ | 2 | 2.0 | $189,000 | $177,500 | Tavistock | 44 | |
| 103 Tavistock, Cherry Hill, NJ | 2 | 2.0 | $184,000 | $180,000 | Tavistock | 52 | |
| 2041 Crescent Blvd, Cherry Hill, NJ | 2 | 2.5 | $305,000 | $305,000 | The Plaza Grande | 3 | |
| 119 Mona Ct, Cherry Hill, NJ | 4 | 3.0 | $427,500 | $357,000 | Timber Cove | 185 | $3,000 |
| 17 Dunbarton Rd, Cherry Hill, NJ | 4 | 2.5 | $399,000 | $400,000 | Wexford Leas | 16 | $10,000 |
| 102 Wexford Dr, Cherry Hill, NJ | 4 | 2.5 | $439,900 | $430,000 | Wexford Leas | 14 | |
| 13 W Doris Dr, Cherry Hill, NJ | 4 | 2.5 | $395,000 | $340,000 | Wilderness Run | 98 | |
| 40 Southwood Dr, Cherry Hill, NJ | 5 | 3.5 | $575,000 | $530,000 | Wilderness Run | 31 | |
| 1201 Concord Ln, Cherry Hill, NJ | 3 | 2.2 | $289,000 | $270,000 | Willowdale | 20 | |
| 1120 Willowdale Dr, Cherry Hill, NJ | 4 | 2.5 | $299,900 | $276,000 | Willowdale | 58 | |
| 5 Dale Ct, Cherry Hill, NJ | 4 | 2.5 | $407,500 | $387,500 | Willowdale | 23 | |
| 10 S Forge Ln, Cherry Hill, NJ | 3 | 2.0 | $219,000 | $200,000 | Windsor Park | 299 | $2,000 |
| 307 Brentwood Ave, Cherry Hill, NJ | 3 | 1.5 | $259,900 | $258,000 | Windsor Park | 51 | $5,000 |
| 405 Gatewood Rd, Cherry Hill, NJ | 4 | 2.5 | $289,900 | $260,000 | Woodcrest | 219 | |
| 316 Tearose Ln, Cherry Hill, NJ | 4 | 2.5 | $299,900 | $286,000 | Woodcrest | 37 | |
| 1703 Country Club Dr, Cherry Hill, NJ | 4 | 2.5 | $339,900 | $325,000 | Woodcrest | 29 | |
| 1906 Rolling Ln, Cherry Hill, NJ | 4 | 2.2 | $365,000 | $355,000 | Woodcrest | 49 | |
| 504 Birch Dr, Cherry Hill, NJ | 5 | 2.2 | $374,900 | $374,900 | Woodcrest | 21 |
Have a great day
Make This YOUR Best Year Ever
Leander McClain, Burlington /Camden County, NJ Realtor & Real Estate Consultant, Keller Williams Realty, 1814 Route 70 E Cherry Hill, NJ 08003 856-685-1677 Direct
Search NJ & PA Home Listings @ www.NJSouthRealEstate.com
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