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  • Camille Haynes

3 Reasons Why Your Northern New Jersey Home Won’t Sell

In the real estate world, we call a property that does not sell within the contracted listing term an Expired Listing. For the homeowner who has been trying to sell their Union or Essex County area home and is unsuccessful in accomplishing their goal, an expired listing can be a very frustrating thing. These homeowners, however, are not alone. The average real estate agent unfortunately sells only between 60 – 70% of his/her listing inventory. This means that during a balanced market up to 40% of the listing contracts expire before the home sells. The seller of an expired listing is then forced to make a difficult decision: to re-list and try again with the same agent who was unsuccessful the first time, to stay at the property for an indefinite period of time, to re-list with another agent or to attempt to sell on their own as a FSBO (For Sale By Owner).

It is important to assess the reasons why a Union or Essex area home does not sell during its contract period. This will enable the seller to make the best decision moving forward. Although this list does not cover all the reasons why a home did not sell during its contract period, here is a countdown of the top 3 reasons why a property in the Northern New Jersey area will not sell during its listing contract term:

3. Condition: The condition of your New Jersey property can either be a huge deterrent or an appealing factor in the buyer’s decision to bring an offer. Has the home been updated in the last 5 to 10 years or is it sporting shag carpet from the 70’s? The retro look is making a comeback, but most buyers are not all that down with purchasing a home with countertops and cabinets that show 40 years of wear and tear. In general, if you keep your New Jersey home updated with current trends, not only will it sell faster but it will sell for more money than a home that has not been updated. Selling a home that is dated for the most possible money is impossible, however… in order to do this, you have to be “on-point” with the next two reasons.

2. Marketing: How is your house being marketed? Most agents will put your home on the local MLS (Multiple Listing Service) system and rely on their broker’s marketing systems do the rest. Unfortunately, most brokers follow a standard marketing campaign that merely shares the home with all the other brokers in an attempt to promote more exposure. The problem with this is that we currently live in the Information Age where trends in mobile apps, social networking sites, and social media sites change faster than you can say Twitterpated! If you are looking for the best chance to sell your home in this fast-paced internet age, you will have to focus on the software and applications that give your property the ultimate market exposure - especially in a Covid-19 environment.

And now for the #1 reason why most northern New Jersey homes do not sell during the first contract term…

Price: In a tight race with marketing, pricing ends up being the #1 reason homes in the Union and Essex County area do not sell during the first contract term. There are many reasons for this. If the home is priced accurately according to the neighborhood but it doesn’t line up with the comparable homes, then it is especially overpriced. If the market is heading in a downward condition and the property is priced well today, it will not be priced well in as little as 2 – 4 weeks. If the home is priced right but the marketing does not add up, then the home becomes overpriced considering the lack of marketing. In short, these three factors work together to either create success or to create another expired listing. If you would like to ensure your real estate sale goes smoothly, the best thing you can do is to take these three factors into account and either find an agent who knows his/her stuff or make sure you have the time to do it on your own.

If you would like to get more information on how to effectively sell your Union or Essex County home the second time around, make sure to contact Camille Haynes and discover how her marketing plan gets your home SOLD!

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