From the Star Ledger – July 4, 2009 (Written by Jeffrey Cohen)

It’s not exactly a secret that today’s residential real estate market poses a considerable challenge to the seller.  With low interest rates and home prices coming down, it would seem buyers have the leverage in a transaction right now.

But there are things sellers can do to level the playing field.  While no one thinks it’s likely you’ll get the price for your house today that you would have two years ago, getting a fair and realistic price certainly is possible, and it doesn’t have to take forever. 

Real estate agents know how to best market a home, and what tactics will make a newly listed house sell quickly.  The trick is getting sellers to agree.  “Sellers have to be realistic about pricing,” said Natalie Bindler, broker/owner of ERA Advantage Realty in Keyport.  “The price of the house has to be consistent with it’s market value.”

Bindler said some sellers are not quick to accept the current market conditions, and insist on pricing homes above market value, a plan she said is not likely to succeed quickly.  “Call a Realtor and get a market analysis to see what has sold and how long it took to sell,” she advised sellers.  “It’s hard when (the seller) has unrealistic expectations.”

Once the price is set at a reasonable level, Bindler said the appearance of the home is a top priority.  “Kitchens and bathrooms are the first  things people look at when they’re touring a house,” she explained.  “If they need to be fixed up, you should do that.”  She also suggested that painting, a relatively inexpensive but very effective upgrade, can help many houses sell more easily.  “They don’t use wallpaper anymore, and that should come down,” Bindler said.  “And it’s very important to de-clutter.  The house has to be kept very clean.  Staging sometimes is useful.”

Lucille Gesek, Realtor associate as Eastport Realty in Lanoka Harbor, agreed that price is the driving force in a large number of transactions, and is more important a factor that ever before.

“In today’s market, the price is what’s going to sell your house,” Gesek said.  “You have a lot of competition out there, and the price is what’s going to sell it for you.”  Beyond reducing the asking price of a home however, she added that some other tactics – mostly involving the look of the home inside and out – can be helpful.  “It has to be clutter free, depersonalised and very clean,” Gesek said.  “You might not put in a brand-new kitchen, but if it’s not in great shape, you might make that a negotiating factor (on price).” 

Emphasising the home’s best points is the key to marketing.  “Whatever great features your house has, you have to jump on those,” Gesek said.  “If it’s not a strength, you can reflect that in the price.  You want to be number one, two or three house in your price range, not number 10, because those first three are the ones that are going to sell.”