Looking for real estate advice

anothermom2
Tue, 06 Jan 2009 16:26:00 +0000

NJ is a tough market. In most areas, not only do the buyers have all the cards, but you can have a few other problems after contract (repair/inspection issues), and then the piece de resistance, the appraisal can come in lower than your contract price - both of which happened to us. However, we sold some months ago, and were happy to do so to get rid of the house. We had done major work to sell it (roof, refinished floors, paint, some shrubs) and it had previously had the kitchen and two baths done. Yes, we did not make as much money as we felt that we should, considering the number of years we owned it (all told maybe 4-5% return over many years), and it was a good neighborhood too. However, the expenses of keeping it (insurance, HVAC, landscape etc.) were regular, and we did not need to keep it.

Unless you are sitting on an actual loss, take less profit and lower the price. Even a loss is not always viewed as bad. Years ago in one of the previous real estate down cycles, a friend of ours who is a financial whiz, sold his two condos for a loss. He bought a bigger place for a lot less since it was a down cycle. That is the upside of the lower sales price to you; the place that you buy (especially if it is bigger) will have more upside potential when things do turn around.

I wish you luck, and I know it is aggravating. I also agree that the better it looks inside, the more likely the sale. (Just bring your toothbrush thing.)