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 This means approximately 43% of Princeton real estate did not sell and the homes were either withdrawn or expired.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. Read: Why Some Princeton Homes Sell Quickly?
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 client's 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 home and have questions give me a call at 609-553-4175, or stop by at my office - 34 Chambers street, Princeton, New Jersey. Not ready to talk to an agent yet? Search on your own 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
If you are considering selling or buying a home in the Princeton area, selecting a New Jersey real estate agent, that would be right for you, is one of the most important first tasks. In this article I review some of the important points to keep in mind.
Buying and selling a home is stressful -it involves big changes in peoples lives, represents big financial stakes, and is often a very emotional process. The stress is more so now, given declining Princeton real estate and housing prices in some Princeton areas.
I bought and sold houses prior to becoming a real etstate agent. I know first hand how essential it is to select the right agent. When I switched careers to go into real estate, my idea was to provide the service I wanted when I was a real estate buyer and seller.
Unfortunately, the task of selecting a Princeton area real estate agent is not easy and there are a lot of myths surrounding what is a "good agent".
1. "The best agent is the one who has the most listings".
The idea here is that the more listings the agent has the more experience they have. Some sellers also think that if so many others selected this agent, they must be good. Granted ,there may be competent agents with many listings. On the other hand there is only so much time in the day and the more the listing an agent has, the less time they could dedicate to each. They may have an assistant, but then you would be hiring an assistant, not the agent.
I limit the number of clients I have, so I could give each the attention and personal service they deserve and reduce their stress as much as possible.
2. "The best agent is the one who agrees to the highest price for the home."
This one of the very dangerous misconceptions which could result in the exact opposite - a home taking a long time to sell, price reductions and more stress.
Real estate agents don't set prices- the marketplace does. You should expect for the agent to understand the dynamics of the Princeton real estate market. How do you check for this understanding? Do it before you even meet the agent in person -look on the Internet for the articles and analysis the agent has written. Statistics could unfortunately be misleading and simply selecting reports from the MLS is not enough. To really understand what goes on in Princeton real estate, an agent needs to know and understand the history of individual transactions and be able to explain to you why sometimes similar properties sell for different prices. 3. "The best agent has been in the business for a long time". This could be true, but it may as well be false. Many agents have not changed the way they do business and do not understand the mindset of the new generation of buyers. Facebook, Twitter, Skype, Flickr - these are just some of the names used by forward looking companies and even candidates for political office. These new media channels offer new opportunities for real estate as well.
When interviewing real estate agent to sell your Princeton home, ask how they participate in social networks and how they would use them to sell your home. 4. "Alphabet Soup" Designations
The many letters abbreviations after the agents' name indicate that they took a several hours course. I am all for continuing education ( and have enough degrees to prove it), but taking the course to get the designation would not make one an expert in anything.
5. The Final Test
The test for selecting a real estate agent is called the "BS" (not the Bachelor of Science) meter. I borrowed the "BS meter" expression from this TheStreet.com article (via my colleague and a great Phoenix agent -Jay Thompson ). We all have such meter, it's just may not always turned on. "The one who promises the moon and the stars may not be able to deliver, but your B.S. meter could be turned off because you want to sell so badly."
The article suggest "it's really about personality and who you trust will work in your best interests". So, how could you decide who you could trust? Surely, you won't find an agent who says they are not trustworthy. The BS meter is a good one to use in the agent selection. What does your gut tell you? Do you feel comfortable? Being comfortable with a person who will handle such an important event in you life, is a crucial factor not to be overlooked. I have another suggestion about trust. Use the Internet. You could tell a lot from the agent's Internet presence, especially if they have a blog. Anyone could make/buy a fancy web site, but a blog is different. It allows Princeton real estate buyers and sellers to learn about the agent well before meeting them in person. It is hard to fake the blog. You will get to know the the blog author and decide if they are the right agent for you. My clients say I am the same person "just like in the blog". Writing 4-6 articles for the Princeton Real Estate blog every week is not easy, but beneficial for my readers. It helped them not only learn everything about Princeton real estate, but also to decide if I am the right Princeton NJ real estate agentt for them. It's been great for me as well - all my clients are the best ones for me.
Call me at 609-553-4165 with questions you may have about Princeton real estate or to request a Real Estate Agent Interview Guide.
This Princeton real estate housing market report may be the only report with some good news amid the financial crisis engulfing the country. The positive news is the 8% increase in the median house price and the 6% increase in the average home price in Princeton Township in the 3d quarter 2008 compared with the same period in 2007. The question "How is the Princeton real estate?" is something I get asked at least half a dozen times daily. I was happy my answer for this article had some good news.
Princeton NJ Mercer county real estate report has been developed to cover the results for the third quarter of 2008. This report details the prices of Princeton NJ homes for sale, trends in the numbers of homes sold, the average days on the market it took to sell the house and the rate at which houses have sold. Data is compared it to the real estate statistics for the same period of last year -Q3 2007.
Princeton Borough real estate median price have increased 6%. The median price of houses sold in both the Princeton Township and the Boro increased 2%.
The number of houses sold have continued to decline in Princeton Township by 25%, which is understandable given the decline in the supply - the number of Princeton Township houses listed declined 39%. In the Princeton Boro the number of homes sold increased by 23%, while the number of houses listed declined 26%.
This does not mean Princeton real estate and homes for sale have been completely immune from the declining prices. The median and average prices reflect a relative direction, but are not precise, because they do not measure the sale of the same Princeton property, i.e. the mix of the houses in the 3d quarter of 2008 is different from the mix of houses sold in the same period last year.
These are the details for this report*.
Princeton Township Real Estate - 3d Quarter 2008 2007 Number of houses sold 60 75 Average price sold 1,005,830 948,065 Median price sold $898,750 $831,000 Average DOM 97 75
Min. price sold $245,000 Max price sold $2,925,000
Princeton Borough Real Estate - 3d Quarter 2008 2007 Number of houses sold listed 27 34 Listed average price $918,103 $1,240,328 Houses pended 21 22 Houses sold 31 24
Average price sold $864,130 $906,531
Median price sold $699,000 $657,000 Average DOM 97 114
min sold $220,000 max sold $2,700,000
Combined Township and BoroSept 2008Sept 2007 Houses listed 27 40 Houses pended 10 17 Houses sold 23 24 Average price sold $799,714 $903,041 Median price sold $850,000 $831,000 Average DOM 137 120
Information is based on Trend MLS data as of 10/03/2008. Presumed accurate but not guaranteed.
Please call 609-553-4175 to find out how real estate in Princeton, Montgomery Township, West Windsor, Plainsboro, Princeton Junction, Hopewell, Pennington, and Lawrenceville New Jersey affects your buying and selling decisions.
Faina Sechzer does not guarantee or is in any way responsible for accuracy of the information on this site, and provides said information without warranties of any kind, either expressed or implied. Every consumer is urged to perform their own research and analysis.
Princeton real estate housing market analysis, and real estate market reports for the surrounding towns of Montgomery Township, West Windsor/Princeton Junction, Hopewell, is a big part of the Princeton Real Estate blog.This is also one of the most popular features for home buyers and sellers. It takes several hours to dvelop one real estate report. I do it because there are few, if any, places where such information is available. In this article I assembled the Quarterly and Monthly reports for 2008 as well as the summary for 2004-2007.
To discover how Princeton real estate market affects your home bying and selling in the Princeton area contact Princeton New Jersey real estate agent at 609-553-4175. If you are not ready to discuss your plans, please explore this site and search for Princeton homes for sale.
Princeton NJ Condos & Townhouses - Luxury Princeton Homes For Sale in Governor's Lane.
Princeton New Jersey is known for it's wide selection of luxury homes for sale including condos and townhouses. Condos and Townhouses in the surrounding towns of Montgomery Township and West Windsor are not properties often associated with the idea of luxury houses, but rather homes for sale for first time home buyers in the Princeton area. In Princeton we have several luxury condominium and townhouses neighborhoods, such as Constitution Hill and Governor's Lane.
Governor's lane homes and townhouses were built approximately 10 years ago and the neighborhood is reminiscent of the English mews houses. The backs of the houses overlook beautiful park like gardens with benches and walking paths. Princeton luxury townhouses in the Governor's Lane neighborhood usually attract people who prefer to limit their home maintenance chores, as many aspects of these homes are maintained by the Homeowners Association. Read: Princeton real estate townhouses for sale - Stonewall Circle in Princeton Ridge Princeton luxury townhouses in Governor's lane have all the amenities found in a single Princeton home for sale. they are usually 4 bedrooms, 3+ bathrooms and have lots of closet and storage space. They are usually on 4 levels, with master suite on the second level and other bedrooms on the 3d. the lower level is usually finished and often has a bathroom.
The homes in Governors Lane are mostly town homes, but there are several free standing homes as well - the Lambert Model. Last time Princeton luxury home in Governor's Lane sold - was 14 Governor's Lane. It sold for $1,039,000.
The are several townhouses for sale in The Governor's Lane now ranging in price between $739,000 and $790,000. These prices reflect the general condition of Princeton real estate - Princeton Townhouses in Governor's lane used to sell for over $800,000 a few years ago.
Governor's lane is not a 55+ years community, it is a neighborhood of exclusive Princeton homes for sale for any age.
Call Princeton real estate agent specializing in luxury Princeton homes and townhouses for sale with questions you may have about Governor's lane homes or in other Princeton neighborhoods. If you are not ready to speak to an agent and would like to explore on your own what is available in the Princeton real estate click on the links below:
To search for all Princeton Homes for sale and homes for sale in W. Windsor, Montgomery, Hopewell, and other towns, in the MLS click on the search link below:
Princeton luxury real estate is my specialty and I cover it extensively on Princeton Real Estate blog. If you are looking for luxury homes for sale in Princeton, there are many price categories into which such Properties fall.
This article focuses on Princeton Luxury homes for sale over $5,000,000. At this time there aren't too many homes of this caliber. They are usually significant historical Princeton houses with a lot of history, such as Princeton luxury real estate house built in 1773 by the Rev. John Witherspoon, a leading patriot, a signer of the Declaration of Independence and 6th president of Princeton University. Historic Princeton homes and luxury homes for sale in Princeton without historical pedigree, in this price category are spectacular homes with all the amenities and usually on many acres of land, if they are located in the Princeton Township. The highest priced Princeton real estate property for sale is $14,500,000.
An interesting fact is that Princeton luxury real estate homes of this caliber have not had many recent sales. The last sale on 89 Rosedale Rd, a 9 bedroom, 6/1 bathroom home on 3.54 acres was in Princeton Township in 07/2004. This Princeton luxury home was sold for $6,250,000.
With over 100 articles to date - the goal of Princeton Real Estate blog is to provide as much and as unbiased information as possible for: 1. people who live in the Princeton area and are considering selling/buying their home, and/or want to keep up with the state of the local real estate market; 2. people who are relocating, are not familiar with Princeton NJ and would like to know what is it like to live in Princeton and surrounding towns.
There is a flip side, however, to this much information -how do you find what you need? To help a bit with this task I picked some of the popular articles and organised them by topic. So, get in a comfortable chair and explore Princeton and Princeton real estate -just click on the article of interest. If you still couldn't find an answer to your question, just sent me an e-mail, and I would answer it.
If you want to proceed to the next step and search homes for sale in Princeton, West Windsor, Montgomery and in other surrounding towns, you could do it here as well - click on Princeton Homes For Sale.
This weekend is difficult for my family as my boys are preparing to go to school away from home. With truck loads of socks and other "important items" waiting to be marked, I was reflecting on the important decisions parents have to make when it comes to school choice.
Excellent public schools is why many parents are attracted to greater Princeton area. Parents also have other choices. Some of the best private schools are in Princeton as well. What some out of state prospective home buyers may not know about is the Princeton Charter school.
Here is how NJ Monthly describes this school: " Set at the southernmost end of an expansive, tree-fringed campus, the Princeton Charter School reflects the community it serves: comfortable, safe, and geographically removed from the turmoil of the states urban communities and inner-city public schools. This is not your typical charter school, at least not in New Jersey, where the vast majority are in economically depressed urban neighborhoods. But it is proof that top-rated schools and stratospheric SAT scores do not necessarily guarantee community satisfaction. Even in Princeton, it appears, parents are hungry for alternatives to the status quo."
"The founders who wrote the charter wanted a more rigorous education for their children and felt that in some cases the education their children got was too dependent on which teacher they were assigned," says Charles Marsee, the schools retiring head of school.
The curriculum concentrates on English and math, with a strong emphasis on writing; this is the kind of place where kids still learn how to diagram a sentence and are expected to do long division without a calculator. Test scores bear out the programs success. For the past five years, the middle school has had the highest number of "advanced proficient" scores in math and science in the state.
For that, Marsee credits the curriculum and the schools quality of instruction. "Weve been very good and very fortunate in bringing together an outstanding faculty," he says. "
"Last year, the Center for Education Reform, an organization promoting school choice, named Princeton Charter and the Hoboken Charter School among the best in the nation."
If you are considering moving and buying a home in Princeton, Montgomery, West Windsor or other surrounding towns you could search for Princeton Homes for sale right here on this site.
Getting kids ready for the start of new year is on the agenda of many Princeton school parents. Every year parents, myself included, feel a certain anxiety about what the next academic year would be like for their kids. This uncertainty is understandably higher for parents who are just considering moving to the Princeton area.
Parents often ask how one school compares to another to help them select where to live and/or buy their home in the Greater Princeton. Others argue the rankings may not address your child's specific needs.
Here are few facts to help you in thinking about high schools in Princeton, Montgomery, West Windsor and Hopewell. New Jersey Monthly ranks New Jersey schools and many parents consider these ratings when evaluating the best school for their kids and as part of their decision when moving to the Princeton area. With a freshman in my family, I could particularly appreciate how high the scores are for all area schools. The second observation is the high number of AP classes offered and the high grades (over 3) students received.
There are some changes in the lineup in the recently released 2008 rankings. Princeton High had moved up significantly, while Montgomery High and West Windsor South moved down, West Windsor moved down just one rank.
According to NJ Magazine's ranking of New Jersey schools: School Rank 2008 Rank 2006 Princeton High School 6 13 Montgomery High School 16 4 West Windsor High North 19 18 West Windsor High South 21 9 Hopewell Valley Central 39 59
Here a few other facts: School Average Size Class Av. SAT #Of AP's Offered % Scoring >3 on AP Princeton 11.8 1824 27 91 Montgomery 12.1 1755 24 90 W. Windsor N 19.9 1742 29 87 W. Windsor S 21.5 1798 31 91
If you are reading this article because you are considering a move to Princeton NJ area, you could see here Princeton homes for sale now:
This article is not a prescription for getting the largest possible number of clients in the shortest time. It is about building long lasting relationships with clients.
For starters, let's get rid of the salespeople favorite word "leads". Why do we insist on calling people "leads" instead of "prospective clients"? Some may think it's a minor point. For me, it somehow devalues and de-personalizes the relationship before it even started. People looking for a romantic match on the Internet don't say "I got a call from a very handsome lead". More likely it's: "I got a call from a great guy I would like to meet". No different with real estate clients -we are looking for a relationship.
Having changed my marketing focus to blogging from the conventional methods, I learned interesting lessons.
1. Write content for the type of clients you want to attract. The people who contact me from the blog are more often then not similar to me. They are detail oriented, focus on and appreciate research, value education as part of the selling process, are looking for a lot of useful information, could recognize intelligence and knowledge when they see it, do not believe they know -it -all, have an open mind, are suspicious of hard core sales people .
This made my year a lot more enjoyable. In contrast, pursuing FSBO last year, as the conventional wisdom for the relatively new real estate agents, produced, putting it mildly, a lot of stress. These are often people convinced they know it all, suspicious of advice, apprehensive of the value of your work, etc.
This as not what my heart desired.
2. Be there to answer the call. I rarely have to call back -I am there when the phone rings, sometimes startling the person on the other line. One client said, of the several calls he placed, I was the only one who answered the phone...Clients said they were not sure why real estate agents advertise their phone numbers if they are not there to answer them.
E-mail immediately, if you don't have the phone number to call. Be sensitive to the style of inquiry. Do not push to get the person's phone number. Realize it could be a slow dance of getting to know each other through e-mails. The goal here is in each e-mail to provide value while finding out a bit more about the client's needs.
3. Judge the tempo It could be a slow dance or it could be a cha-cha. It is often slower with buyer clients, then seller clients, since sellers are often under more time pressure. I had clients contact me after several failed relationships with other agents. What ever dissatisfaction was generated with the previous agent, the client may need time to see if and how you are different.
4. No hard sell One thing I never do is push. Some times clients get stuck in the analysis paralysis and/or unable to make decisions. There are agents who believe such clients need to be pushed towards making a decision. I found two things could happen. The client gets stressed. If they make the decision, they are never certain later if it was the right decision and could come to resent you as an agent. If the stress gets to be too much, they would go somewhere else.
Buying and selling is stressful enough for clients. My job is to minimize the stress, not add to it.
5. Educate as you go Let's suppose the client didn't take your advice and, for example, didn't offer what you recommended. Let's suppose it caused them to "lose" a bid. This is not the end of the world. In fact, better then anything you could say or do, it showed the client the value and validity of your advice.
This is one way my clients come to trust me - they see my words come true. It's not about the promises of a great job, or the ads with my smiling face, or the hype of being #1 producer. It's simply advising and guiding, so your words become verifiable facts. Does it take extra time? Yes. Does it stretch the process? May be. Does it built stronger relationships ? Most certainly.
One thing I found not to be the case. Prospective clients calling to hire you from a blog.
This is what I read a lot on Active Rain. Some may say my blogging has not risen to the heights needed for this to be the case. Fair enough. I am not sure I could fault prospective sellers for not hiring me right off the bat based on my blog. Again, my clients tend to be similar to me in many ways. I would not hire someone to do something very important, let's say surgery, just because I liked their blog, or even got a recommendation. I would want to meet them in person, meet other doctors, and decide then. Having a blog should make the client's task easier -more of a confirmation rather then investigation from scratch.
I found this to be the case with the sellers. When prospective clients ask me if they should talk to other agents, I say -"Sure". Why? Because:
1. It's part of due diligence.
2. Blog is a resume and a bit of an interview. It's not the interview.
3. Through my blog they could peak "into my head" over a long time, most other agents don't offer it to their clients.
4. I am confident in my abilities.
5. If they select someone else, it would have not been a good match anyway. This saves me time, expense and aggravation.
6. This is not the last chance we have to work together.
7. When the prospective client's choice turns out wrong they come back appreciating even more what I have to offer.
Be smart, be focused, be responsive, be respectful, be an advisor, know your stuff, get the job done. Hey, it's easy to get clients for life.
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