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New Milford CT real estate, selling your home in a fragile market

Are you thinking of selling your home in the Greater New Milford, CT area? Pricing your home to sell is STILL key!

Selling home in New Milford CTThe other day I heard something that has stuck with me ever since. An agent offered an explanation of a significant price increase on a listing to another. The home owner was an elderly gentleman who instructed the agent to raise the asking price because the Wall Street Journal had said the economy is improving.

Certainly the sales in the area indicate a still declining market, and in this particular instance, the demand has been even lower than the average demand in the area. Apparently explanations to the homeowner fell on deaf ears. The Wall Street Journal said so. We can shake our heads, we can disagree, we can wonder what on earth what this gentleman was thinking. But... in the end, it is up to the home owner to decide pricing.

Look at what has sold and what is you current competition. Look at how long homes are sitting on the market. Sales are still down in the greater New Milford, Connecticut area. If homes sold are rising a bit month by month, the values are still down. It is a very fragile and very volatile market. We are looking at rising short sales and foreclosures. The experts are warning of a shadow inventory, and I am seeing signs this is indeed of concern to us. Many foreclosures have been stalled within the court systems here in CT because of rulings on the validity of MERS to transfer mortgages.

Raising the asking price on your home or over-pricing your home will ensure a sale, however it will be a sale on another home that is well priced considering location, condition of the home and market conditions! It will not sell your home.

In such a turbulent real estate market, what should you do to try and get your house sold?

  • Price according to location
  • Price according to condition
  • Price according to the local market
  • Clean it up
  • Spruce it up
  • Make it available for showings


Make sure the Realtor that you pick is using all available marketing tools to get your home out to the widest audience possible. As you clean up your house and get it ready for showings, your agent needs to make sure the marketing they are doing is cleaned up, spruced up and hitting the widest group of people possible.

For more information on what I can do for you to get your house sold in the Greater New Milford, Connecticut area, give me a call or send me an email. We can discuss my detailed marketing plan that reaches the widest range of people in the shortest amount of time, highlighting your home in the best light possible.


Andrea Swiedler, Realtor, Southern Litchfield County Real Estate

2017 President, Greater New Milford Board of Realtors

2017 Connecticut Magazine 5 Star Realtor

 

 Search homes for sale in Litchfield County, CT.

 

Coldwell Banker Residential Brokerage

Litchfield County Regional Office,375 Danbury Rd, New Milford, CT 06776

 

© Andrea Swiedler 2009 - 2017

 Always do right. This will gratify some people and astonish the rest. - Mark Twain

Comment balloon 31 commentsAndrea Swiedler • May 21 2011 07:41AM

Comments

Excellent post, yes one owner's pricing will help sell the home down the street! We see it all the time!

Posted by Dick and Dixie Sells, Realtors, Tampa Bay Florida Homes For Sale (Sells Real Estate, LLC) over 7 years ago

You're absolutely right Andrea, raising the price of a home when the market isn't there for an increase will get a sale...a sale for other sellers in the same market.

Posted by Anita Clark, Realtor - Homes for Sale in Warner Robins GA (ColdwellBanker SSK Realtors ~ 478.960.8055) over 7 years ago

HI Dick & Dixie, and those of us who have that home listed down the street are always happy to see it!

Anita, I am just surprised that it is happening, but it is.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

This is well written and true of many markets. interesting how an out of town opinion made the top of the heap decision factor for a local pricing decision.

Posted by Cheryl Ritchie, Southern Maryland 301-980-7566 (RE/MAX Leading Edge www.GoldenResults.com) over 7 years ago

Andrea, nice to hear the Wall Street Journal has reported something positive on the housing market. However, not much impact on the local market. The local market always dictates the price. Great Post!

Posted by Michael Setunsky, Your Commercial Real Estate Link to Northern VA over 7 years ago

Cheryl, I found it amazing actually. And at a time when things are in such a state of flux it is a huge mistake.

Michael, it will take some time for this market to heal itself, in the interim, this seller has given my seller a boost, I am not complaining about that!

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

I once told a seller... "If we price it where you want, agents will show it and then they will sell one of the other homes in this neighborhood that are similarand will be priced cheaper."

Posted by Tammy Lankford,, Broker GA Lake Sinclair/Eatonton/Milledgeville (Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668) over 7 years ago

Tammy, I have seen this over and over again, at all price points. How many times and in how many ways can we tell people that agents will use their overpriced homes to sell other homes that are well priced. Even if that agent is your own listing agent! And they won't need to say a word about the fact your home is overpriced.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

Andrea...

I think that underlying issue is that the house in NOT sold at the lower price. Sounds like the guy really doesn't want to sell.

Posted by Richard Weisser, Richard Weisser Retired Real Estate Professional (Richard Weisser Realty) over 7 years ago

Andres: It must be in the air--I just posted my own post on price and I tried to aim it to the public--not that they read our posts, but they may! I have had several people try to convince me that they can get a lot more for their homes "now that we are out of recession"! We need to nip this "trend" in the bud---glad to see you are on the same wave-length!

Posted by Paula Hathaway, REALTOR, LBA, ...The Most Informed Agent In The Hamptons! (Douglas Elliman Real Estate) over 7 years ago

Richard, I think you are right about that. Although I also think he has to, but that is just one persons opinion.

Paula, isn't it amazing that we can read it, and poof, we are out of it. It took a very long time to get where we are in regards to real estate, it will not be fixed overnight. And it will NEVER be as it was.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

Great blog post, well written and useful in markets beyond your own, thanks.

Posted by Rachel Rabinowitz, The Baltimore Realtor (Guerilla Realty) over 7 years ago

Over priced homes or any other type of real estate just clogged the MLS, waste time, money and in the long run help sell other properties that are fairly priced. You can quote me on that one.

Posted by Andrew Mooers | 207.532.6573, Northern Maine Real Estate-Aroostook County Broker (MOOERS REALTY) over 7 years ago

Andrea.. I've never heard of such a stragedy that WORKS.  Not in this market/economy anyway.

Posted by Valerie Osterhoudt, ABR, Cromwell, CT Real Estate ~ 860.883.8889 (Johnson Real Estate, Inc.) over 7 years ago

You can Stage a house to the nines, but if it's not priced sharp, it won't sell.

Posted by Julia Maher, Connecticut Home Stager (Nestings: Connecticut Home Staging and Model Homes) over 7 years ago

Andrea, at least in our area, what's occurred is that higher price points (over lower) began to move a bit, so it LOOKED as though overall pricing had improved. The reality is that the higher price points (priced right) skewed the #'s.  Media should be very careful in deciphering trends or real estate #'s, because  home sellers will find themselves frustrated.

Posted by Laurie Mindnich over 7 years ago

Rachel, thank you! I suppose we are all suffering from the same thing in varying degrees.

Andy, I will! Thank you!

Valerie, the gentleman in question is very close to 90 years old, so I know the agent has his hands full. But there are others who seem to be following the same strategy. It does work for the guy down the street though!

Julia, you got that right!

Laurie, the higher price points do skew the market, when they move here that same thing happens. However some just think that we can still price it according to what they read for today in the paper, or what they want to believe. Not a good idea at all!

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

Andrea, I have had this happen to me!  Another agent's excellent priced home has made my listings look bad, I have gone to my seller's and told them...we need to make a change.  Good advice packed in this article.

Posted by Navona Hart, Selling the Best Properties in CentralVirginia (Real Living Cornerstone) over 7 years ago

Navonna, it does happen, and those that don't understand are left out in the cold! Hope you got the necessary price reduction after that! Thank you.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

Andrea, your point about how a home will sell, but it will be the home down the street if you price your home too high is excellent. It is a perfect point and complements Tammy's comment.

Sharon

Posted by Sharon Alters, Realtor - Homes for Sale Fleming Island FL (Coldwell Banker Vanguard Realty - 904-673-2308) over 7 years ago

I think we are so lucky to have our close AR family.  I am sure tha the kids will find each other.

Posted by Joan Whitebook, Consumer Focused Real Estate Services (BHG The Masiello Group) over 7 years ago

Many sellers don't want to take into consideration what other homes are selling for in the area. Gone are the days of pricing a property that was purchased a couple of years ago for a profit. Sellers need the guidance of a good agent to help them through this process. New Milford CT is lucky to have an agent such as you to help them through this process.

Posted by Tammie White, Broker, Franklin TN Homes for Sale (Franklin Homes Realty LLC) over 7 years ago

Great post Andrea! Listening with respect and answering with informed experience are the hallmarks of all good agents.

Posted by Christian Bastian, Christian Bastian - Douglas Elliman Real Estate (Douglas Elliman Real Estate) over 7 years ago

What a unique idea.  PRICE IT TO SELL.

 

Posted by Lenn Harley, Real Estate Broker - Virginia & Maryland (Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate) over 7 years ago

Very true - price appropriate to location and condition is key. Of course, accessibility is as well!

Posted by Gary L. Waters Broker Associate, Bucci Realty, Fifteen Years Experience in Brevard County (Bucci Realty, Inc.) over 7 years ago

Every area of the country is different. You have to price according to your market and many homeowners don't want to hear that. That is why taking a listing in the first place has to involve a long discussion on marketing and pricing. If you can't agree on this, DON'T TAKE THE LISTING! It will only sit there!!!

Posted by Barbara-Jo Roberts Berberi, MA, PSA, TRC - Greater Clearwater Florida Residential Real Estate Professional, Palm Harbor, Dunedin, Clearwater, Safety Harbor (Charles Rutenberg Realty) over 7 years ago

Sharon, the home down the street that is priced right has reason to celebrate when an overpriced listing comes on the market!

Tammie, if you don't look at what is on the market AND what has sold, you are going no where fast!

Christian, very good points, thank you!

Lenn, isn't it different? I like to think I am a unique type of person....

Gary, when I can't get in a listing I am sure it is not really for sale.

Barbara-Jo, it is disappointing when you see a house come on the market with another agent, overpriced, and you know it in your heart. But if they won't listen, best to move on.

Posted by Andrea Swiedler, Realtor, Southern Litchfield County CT (Berkshire Hathaway HomeServices New England Properties) over 7 years ago

Andrea-I think this is a sentiment shared by many realtors. Congrats on the feature. Hope you are doing well my friend.

Posted by Sharon Lee, Retired and loving life (Sharon Lee's Virtual Assistance) over 7 years ago

Andrea -  These are great suggestions for getting a home sold.  I can't see using the Wall Street Journal as a decision maker for real estate.  Real estate is too local.

Posted by Christine Donovan, Broker/Attorney 714-319-9751 DRE01267479 - Costa M (Donovan Blatt Realty) over 7 years ago

Hi Andrea!

All the agents in the area who use the over-priced home to sell their listings should really leave "Thank You" notes stapled to their business cards!

"Thank You for never really having been "On The Market" at all!"

Love it!

Posted by Brian Morgenweck, Broker/Owner, GRI, CRS, ABR, SRS (Power Realty Group, LLC Bergen County, NJ ) over 7 years ago

Great bottom line point; "Raising the asking price on your home or over-pricing your home will ensure a sale, however it will be a sale on another home that is well priced considering location."

I will definitely be using this bit of advice in the future.  Thanks for the post!

Posted by Jayne Clement, Los Angeles Short Sale Agents (Keller Williams Realty) over 7 years ago

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