Chasing The Market

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I’ve had several conversations with sellers this week about chasing the market. They talk price change and I ask where to you want to be?

For example, you’re a 2 bedroom seller. Well there are 300 other 2 bedroom sellers out there. You have parking, you have a terrace, you’ve got 1200 sqft, you’ve got an elevator, etc. end of the day there are always 30 -50 legitimate competitors. Meaning it’s an option for the buyer to consider. (Just as Amtrak is a competitor to Continental going to Boston. )

So where do you want to be?

Let me put it another way. 301 two bedrooms and 14 went under contract this month. That’s 20 months worth of two bedrooms!!! You can do your 2% or 3% price reduction this week. Then you can do another 2% or 3% next month. What if the market moves lower or more sellers who are willing to price lower come into the market. Then your additional 2% cut still leaves you too high. (as many of today’s sellers are finding out.) Savvy sellers will be cutting hard now to position themselves as the true value.
Hoboken Real Estate
2 Bedroom Condos
Available 301
Medial DOM 72
Days on Market
Less than 30 days 68
30-60 days 73
Information deemed reliable but not guaranteed

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