The Pie of Pie above provides for 2010 in Metuchen the number of homes sold and percentages by price range.
As we define the Metuchen upscale market by homes sold above $500,000 we can see that Metuchen has a substantial upscale market (30%) greater than the national distribution.
The second smaller Pie emphasizes the Metuchen luxury market by sold price ranges. For example last year for the $600K - $699K price range there was 5 homes sold. To make it more meaningful think of them as 5 buyers out of 91 buyers or 6%. This is telling us first that real buyers in that price range are not waiting on every corner. Second and more importantly this calls for a different marketing and overall approach if you want to successfully sale your home.
Look at the preceding price range ($500K - $599K). What is the percentage of sold homes or real buyers? -yes 13% or more than twice the amount of real buyers for the $600K - $699K price range.
Now let's say your agent is showing you after a thorough comparable market analysis that your home should be listed to start around $600K.
Presented with the statistical information from the chart above, do you think that you would increase your probability to sale your home by listing it at $590K or $610K? - when you know that historically the $500K - $599K price range had more than twice the amount of real buyers than the $600K - $699K price range.
Going through the home selling cycle there are many business decisions that you need to make as the seller and that we as real estate agents need to make. At the end by both making consistent knowledgeable decisions and good business-like decisions we simply increase the likelihood to reach a successful sale.
Make your first critical business decision and set-up your free, no-obligation and confidential consultation with us today-
If you are selling your upscale or luxury home (price over 500K) more than ever especially in todays market you need to consider it as a business transaction and be prepared to make knowledgeable decisions that are going to increase your likelihood of being successful.
As such you need to understand to a certain degree the big picture in the Metuchen area and in your specific home price range.
To start with do you know approximately the number of real Metuchen buyers for your home price range? This is only one of a few critical statistics needed but is a step in the right direction.
Disclaimer: data is from the Middlesex County Multiple Listing System. Information deemed reliable but cannot be guaranteed. The MCMLS does not necessarily include all activities within Middlesex County local markets. Each Keller Williams office is independently owned and operated. Licensed in New Jersey.
Catherine "Cathy" Chaudemanche, Metuchen Realtor Associate, ABR NJAR Circle of Excellence Sales Award 2009, 2010, 2011 Certified Luxury Home Marketing Specialist Direct: (732)-616-6700 firstname.lastname@example.org