2017 May 22nd

List Low – Sell High. Especially in Hoboken

Pricing a Hoboken Condo for Sale

I have had multiple conversation with sellers about how to price their Hoboken condo. With all properties, there exists a range of “reasonable” prices. Prices at which potential buyers won’t think, “OMG you’re got to be kidding”. Very often, the seller assumes pricing on the high end of that range will reap the highest sales price. Not true.

Selling a property is in large part a numbers game. The more views a seller gets, the more likely one is going to turn into an offer. Even more views, more offers. Many offers means some variety of “final and best” and the price gets bid up by the interested buyers. It takes a leap of faith for a seller to subscribe to the view that listing low yields high.

Here is a perfect example. 532 Bloomfield St. Four days on the market.

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Listed at $999,999 (lower than the Zestimate of $1,039,522).  But also under the million dollar mark.  Buyers have real resistance to paying the 1% mansion tax on over a million dollar properties – they often say they won’t even look at listings over that threshold, until they see them and want them. Property closed today for $1,165,000.(And it’s not the only example of a lower list price bringing way-over-asking sales prices.)


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