AFTER SOME FALSE STARTS, A LISTING IS PRICED RIGHT

Kathleen Lynn
The Record (Bergen County, NJ)
07-24-2011
AFTER SOME FALSE STARTS, A LISTING IS PRICED RIGHT
Byline: Kathleen Lynn
Section: REAL ESTATE
Type: News

The listing: Two-bedroom split-level

Location: Bergenfield
Listed by: Jennifer Ariano of Dick O'Connor Real Estate in Dumont

On the market: 2 1/2 years

Asking price: $219,000

The game plan: Ariano listed the house on the multiple listing service and advertised it on the Internet. She also e-mailed and called agents who were active in that price range. And she hired a photographer to take photos of the property.

The house was in good condition. Ariano did not recommend spending a lot on improvements because she felt the sellers wouldn't get that money back in the sale price.

The home had been on the market with other agents, starting in 2008 at an asking price of $349,900. As the market declined, the seller reduced the price repeatedly, settling at $249,000 before Ariano got the listing. She compared the home with similar properties nearby and advised the homeowner to list the house at $219,000.

"I couldn't really justify asking $250,000, when there were three- bedroom homes selling for $250,000," she said.

Once it was priced at $219,000, Ariano got an offer within four days. The buyer was concerned about water in the basement, and the sellers spent several thousand dollars to put in a French drain. But that wasn't enough to reassure the buyer, who backed out.

Three months later, another buyer made an offer.

"Just price it right, market it properly, get the agents in the door, and the house will sell," Ariano said.

The result: Another agent brought in the buyer, and the home sold for $210,000.

-- Kathleen Lynn

Sellers and real estate agents: Have a recently closed transaction you'd like to tell us about? Please e-mail Kathleen Lynn at lynn@northjersey.com.

2011