If your house is currently for sale in Tenafly, or if you are considering selling your home, then this blog post will give you valuable information that you can’t get anywhere else (hey, no one else will put in the effort that it takes to analyze the market for your benefit).
Run from everyone who tells you that it’s all about price, because they’re wrong.
It’s time for Tenafly to take the lead, and stop lowering the sales prices when trying to sell your home
Sales figures show that Tenafly is overwhelming in demand compared to its neighboring towns
High demand has created a sellers market in Tenafly.
Selling your home is not all about price. And it’s not all about being the lowest price (but you can’t be a pig and over price it by a whopping amount, just because you want/need to sell it for more).
And contrary to the Realtors mantra, your house doesn’t need to be priced right for it to sell or to sell faster (I still haven’t figured it out what they mean by price it right).
The following charts breakdown the yearly home sales in Tenafly starting in 2001:
The following charts detail a yearly breakdown of home sales for Tenafly starting 2001 and ending in mid 2012…by price range
What these charts show us is that the yearly home sales have been fairly consistent since around 2006…in every price range other than for the ultra luxury niche (that segment got slammed).
Fact: home sales in Bergen County really crashed in 2006…2 years before the national market collapsed…see chart____ . And home sales have pretty much bounced around the same sales volume (# of homes sold) since that time. However, home prices did fall by a large percentage.
The consistent number of home sales in each price category shows us that as long as your home is within a general price range, then you’re fine.
Lower sales prices and lower interest rates do not create more sales.
Sales people like to believe that the lower the price is, more homes will sell…but the evidence shows us that this mindset is wrong. It’s an outdated wives-tale, that doesn’t hold water.
- a supposed 30% price decrease hasn’t created more home sales
- and 3+ years of historically low interest rates has not created more homes sales in our area
In fact, Tenafly is for the most part the most expensive town in the area…given the volume of home sales
If it’s all about lowering your price, or being the cheapest home on the market, then the towns surrounding Tenafly should be bursting with home sales…because in those towns you can get a newer larger home, or a smaller home for considerably less money than you can buy in Tenafly. And the property taxes are less expensive as well.
Home sales year to date:
- Alpine…8 homes sold
- Closter…47 homes sold
- Cresskill…36 sales
- Demarest…27 sales
- Englewood…60 sales
- Englewood Cliffs…29 sales
- Haworth…24 sales ytd, which is 2 more sales that Haworth had in all of 2011. Why are home sales on fire in Haworth?
- Norwood…16 sales
- Tenafly…92 homes sold ytd
Even though homes in Tenafly are more expensive and have higher property taxes…Tenafly sales outpace each one of these towns by a range of 30%-90%
The only market segment in Tenafly that has been whacked (compared to 2011) or has it been, is the luxury home sector. For some reason that I can’t explain, sales of homes priced over $2 million skyrocketed in 2011 to 16 sales. between 2008 and 2010 luxury home sales averaged around 6 homes per year. And at this point in time in 2012 were sold in this price range, 6 homes.
What these figures don’t show for Tenafly is the new construction activity that has taken place in Tenafly over the past 2 years. People bought properties, knocked down the houses, and built new homes, either to live in or to sell as spec homes. there were 12 new, very large and expensive homes built in the past 2 years in Tenafly…so even though the luxury market took a hit on paper, the real market condition is quite different.
Why haven’t the Realtors pointed this out to everyone. They just don’t get it.
Reason behind breaking the numbers down to specific price ranges:
I didn’t just break them down by volume, which would be very misleading to buyers and sellers…I broke down the numbers by a defined set of price categories that I have consistently used throughout this blog. By breaking down the numbers, you can see how the market is performing at every price category. This is the only way for consumers to get an honest and clear understanding of what is really happening in our marketplace. Knowledge will save you a fortune in the longrun.
It’s one thing to see the stats for homes sold up to $1 million, but the numbers become more meaningful and honest when you break them down do a more defined price point
I wish I had been smart enough to analyze the market in such detail while I was building homes, because if I had done so I would not have built the last 2 homes that I built. The agents told me one thing, while the numbers pointed to something entirely different.
Important note: just because one price niche is down in sales, doesn’t necessarily mean that-that niche is in trouble. You really have to take a look at the price points surrounding your target price…and this will give you a more realistic view of the market
For those of you who are hungry for real in depth information, this should be enough to sink your teeth into. So analyze away and let me know what you think.
Home sales in Tenafly are are incredibly stable. And stability is key to a recovery. Now is the time for Realtors and the brokerage firms to get on the ball and start pricing homes where they should be…not just where they think they should be. And the data backs this up. The sales prices in Tenafly have been stable for quite some time, so now is the time to push them back up to where they need to be. A healthy and thriving Tenafly, will help lift all of the neighboring town…and it has to start in Tenafly.
Let the recovery begin!