Sellers not budging on home prices

In October 2005, David Raimondi put his 100-year-old Allendale, N.J., house and barn on the market, asking $525,000. It’s been almost three years, and the property has still not sold.

Raimondi, a house painter who wants to move to a less expensive area, is one of the growing ranks of frustrated sellers whose homes have been on the market for more than a year. Though most sellers don’t stay on the market for years, real estate agents say the average time between listing and sale has stretched out during the housing slump.

These sellers’ experiences show just how tough the market is. Still, real estate agents say, there are buyers out there, and it’s possible to sell a property if you take the right steps. Interviews with real estate experts, along with a closer look at Raimondi’s story, offer these lessons for sellers:

The first offer is often the best offer.

Be realistic about price.

Listen to the experts.

Beware of getting stale.

Go for the Pottery Barn look.

Understand buyer psychology.

Don’t expect buyers to renovate.

Play to your home’s strength.

Agents tried to tell him — but seller wouldn’t budge
by Kathleen Lynn | The Record