How a Traffic Jam on The New Jersey Turnpike Reminded Me of Our Annapolis Real Estate Market
August 20th, 2008 Categories: Sellers
I’m a Little Sheepish To Admit That The Moss Haedrich Team Can Do a Bang Up Job Selling Million Dollar Homes, But We’re Woefully Unprepared to Pay a $3.00 Toll
Or at least we were. But now I’ve gone and purchased an E-ZPass, one of those electronic thingamabobs you mount on your windshield so you can fly through toll booths.
The straw that broke the camel’s back was a massive bottleneck this past Monday at the southern end of the New Jersey Turnpike. Everything was fine and then, for no good reason, hundreds of cars were funneled into just four open lanes marked “Cash Only.” (An equal number were closed, for crying out loud.) The Fortunates, those who had the foresight to purchase an E-ZPass already, flew through specially marked lanes. We, The Unfortunates bucked, bumped and fumed our way through the toll at a snail’s pace, shooting menacing stares at anyone who dared to butt in line. It was not pretty.
Real Estate Sales Have Bottlenecked Across the Country of Late, Too, Including Here in Annapolis
Indeed, homes are piling up on the market while buyers - many of them paralyzed by dire reports in the media - just sit back and wait. Meanwhile, frustrated sellers find themselves inching their way, like the “Cash Only” masses, toward a sale, all the while experiencing the home seller’s version of road rage. Many are giving up, taking their homes off the market, or opting to rent.
There’s No Such Thing as An E-ZPass for Home Sellers, But There IS a Path of Least Resistance - And The Traffic There is Moving
We know because four of our listings - from $1,200,000 to under $300K - have gone under contract in the last 4 weeks. Two of them took less than 3 weeks to get there. So we’re familiar with the signs along that path, and here’s what they say:
Price it Right- All the advertising in the world won’t sell a home if it’s not priced on target. Your agent knows what that price is, but might be afraid to tell you. Ask. If you’re not willing to go there, you might as well de-list - or perhaps try to rent - and ride out this market. Could take a year, or three.
Make It Beautiful - 99% of buyers want to buy a model home, no matter the price range. Make yours look like model material and you’re golden.
Cut the Inspector off at the Pass - Don’t wait for a home inspection to fix leaky faucets, electrical outlets, replace rotten wood, etc. Buyers and their agents love to mug you on these items and make off with your wallet.
Don’t Give Up! - It takes dogged persistence to sell a home in this market, so your agent should be working like a dog to get the job done. Know what your agent’s plan is, and how they’re working it.
And by all means, buy yourself an E-ZPass.
