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88 Failed Summit NJ Real Estate Listings

There has been a lot written about Summit NJ Real Estate sales over the past few years, but what about the statistics on the expired listings (homes listed for sale that did not sell)?  How many of them are there, why didn’t they sell, is there anything they have in common, is it just the market is bad, or are there other reasons?

Here are some statistics on Summit NJ Expired Home Listings:

2008 Expired Summit NJ Real Estate Listings — 88
2007 Expired Summit NJ Real Estate Listings — 55
2006 Expired Summit NJ Real Estate Listings — 47
2005 Expired Summit NJ Real Estate Listings — 24
2004 Expired Summit NJ Real Estate Listings — 19
2003 Expired Summit NJ Real Estate Listings — 45
Stats are for date range of 12-2 of a year through 12-2 of the following year.

During the past 12 months there have been 250 home sales in Summit New Jersey compaired to the 88 expired listings.  2007 had seen 292 Summit NJ Home Sales so the number of home sales is down but not that much.

As you can see the number of expired Summit NJ Home Listings is at the highest level since before 2003.  The number of expired listings seems to be going up as price appreciation stalled and then went even higher as home values in Summit New Jersey actually started to fall.  This is a clear indication that these particular home sellers did not have the proper market perspective when it came to pricing their homes.

Here is a list of common mistakes home sellers make when getting ready to sell their homes:

  • They don’t interview more then one Realtor to market their home.

  • They select their Realtor based on the company he/she is associated with. (Home buyers do not care if your home is listed for sale with RE/MAX, Weichert, Coldwell Banker, Prudential, or any of the other big name companies).

  • They select their Realtor based on which Realtor quotes the highest listing price. (Many home sellers believe that this is an indication of skill or marketing abilities.  In most cases it is  in reality someone playing on your perceptions.)

  • They over price their home.  This in many cases is related to the point above.

  • They believe that just because they want a certain price, or have debt on the home at a certain level, that any of that has any bearing on what a home buyer will be willing to pay.

  • Many home sellers seem to think that all Realtors are the same when it comes to marketing.  This could not be further from the truth, in fact there are some very big differences between a great Realtor and the average.  This can be explained by the top 10% typically doing about 90% of all the real estate transactions in a given year.

So if you are one of the expired home sellers reading this, please don’t take this information personally or as an attack on you.  Just use the information to avoid making the same mistakes again.

James Boyer
Summit REALTOR
RE/MAX Properties Unlimited
973-539-6300 Office
973-647-0253 Direct

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This entry was posted on Tuesday, December 2nd, 2008 at 4:32 pm and is filed under summit NJ real estate. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

One Response to “88 Failed Summit NJ Real Estate Listings”

  1. dave in NYC Says:
    December 4th, 2008 at 1:58 pm

    In this tough market, you have to be willing to go the extra mile in selling your listings, although it’s tough to talk clients into the extra costs that can come up. Things like home staging we’re easy sells in the boom, but are much more important in a tougher real estate market, and it’s important that clients and agents do all they can to move their inventory.

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