Happy weekend! It’s that time of year when real estate slows a little – leaving plenty of time for me to work on pricing plans and market review. This morning I was looking specifically at Countryside Manor in Basking Ridge. Once again, I was able to prove out that when a property is properly priced it will sell within 30-45 days and within 2-3% of list price. This holds true not only for new listings but for also for listings that have been on the market for a while and reduced their price in response to market activity (or lack thereof!).
This report shows the last 12 months of market activity in Countryside Manor here in Basking Ridge. There are no listings that came up as expired or withdrawn, so every property that listed also sold.
Another take away from this analysis is that contrary to popular belief, an adjustment in list price does not necessarily translate to low ball offers. But if it does, it’s better to have offers to refuse than no offers to negotiate. Note 128 Countryside Drive, the price was just adjusted in response to a lack of offers and few showings, and there are already two showings scheduled for this weekend.