Why the First Two Weeks on the Market Set Your Home's Price in New Jersey

The first two weeks on the market decide what your home sells for, because that's when every active buyer in your price range sees it for the first time. Price it right on day one and those buyers compete for it; price it too high and they move on, and the ones who come later start asking what's wrong with it.

I'm Dennis Mark Interdonato with The Dennis Mark Group at Keller Williams Realty Ocean Living. I tell sellers in Monmouth and Ocean County the same thing every time: if I can't list your home at the price I recommend, I can't bring you the most money. That's not a sales line. It's how the first two weeks work.

Why do the first two weeks matter more than the rest of the listing?

Think about who's watching when your home goes live. Buyers who've been searching for a while have alerts set for your town, your price range and your bedroom count. They've already seen everything else out there. Your home is the new one.

That group sees it within hours. If the price makes sense next to what they've already toured, they book showings that first weekend, and you get the thing every seller wants: more than one buyer looking at the same time.

After that first wave, the audience changes. New buyers trickle in a few at a time. The ones who passed in week one don't come back on their own. That's why the first price is the one that counts.

What happens when a home is priced too high at first?

• The serious buyers skip it. They compare your home with the ones they've already seen, and it doesn't measure up at that number.
• It shows up in the wrong searches. A buyer searching up to a certain price never sees a home listed a little above it.
• Days on market start to count against you. Buyers and their agents notice a listing that's been sitting, and they start their offer lower.
• Price drops follow. Each one tells the market the first number was wrong. Homes that chase the market down often sell for less than they would have with the right price from the start.

How do you set the right list price from day one?

Here's the process I use with every seller:

1. Walk the house like a builder, not a salesperson. I spent years building and remodeling New Jersey homes. I look at the roof, the systems, the layout and the updates, because buyers' inspectors will too.
2. Pull the real comparable sales. Closed sales nearby, in the same style and condition, and recent enough to reflect what buyers are paying now. Active listings show the competition; closed sales show the value.
3. Check what's competing right now. Your home will be shown next to whatever else is on the market that week. It has to stand out at its price.
4. Get the home ready before it goes live. The photos, the cleaning and any updates happen before day one, not after a slow first weekend. See whether to update before you sell.
5. Launch with the full marketing push the same day. Photos, video, social posts and the email list all hit together, so the first wave sees it at once.
6. Agree on a plan before you list. We decide together what we'll do if the first weekend doesn't bring the response we expect, so nobody is guessing later.

If you want a starting number for your home, the home valuation tool is a good first look, and the guide to what your home will sell for explains how the number gets built.

What does pricing it right look like in a real sale?

A seller in Howell found me on Google. About 20 years earlier, my family's company had remodeled part of their home, which was a funny coincidence. I came to the first meeting fully prepared, they listened, and we listed it at the price I recommended.

They had an accepted offer within the first 7 days, after 6 offers came in over asking. That's what the first two weeks can do when the price, the preparation and the marketing all line up on day one. You can read what past clients say about working with me on the testimonials page.

What are the most common pricing mistakes sellers make?

• Pricing to leave room to negotiate. Buyers don't negotiate on a home they never come to see.
• Picking the agent who quotes the highest number. A high quote wins the listing. It doesn't sell the house.
• Pricing from what you need, not what the market pays. Your payoff, your next purchase and your renovation costs matter to you. Buyers only compare your home with the others they can buy.
• Testing the market first. "Let's try it higher for a couple of weeks" spends your best two weeks on the wrong price.

How does this work in Monmouth and Ocean County towns?

Property taxes differ from town to town, and buyers factor that into the monthly payment. A price that ignores it can push a home out of a buyer's budget even when the list price looks fine. For current numbers in your area, see the monthly market report.

Frequently Asked Questions

How long should it take to get an offer on a well-priced home?

It depends on the town, the price range and the time of year. The goal is to bring the most buyers in during the first two weeks, which is when a well-priced, well-marketed home gets its strongest response.

Should I list my home high and lower the price later?

Usually not. Starting high costs you the first wave of buyers, and each price drop signals the first number was wrong. Pricing right from day one gives you the best shot at multiple offers.

Is an online home value estimate accurate enough to set my price?

It's a starting point. It can't see your condition, your updates or how your home compares with what's on the market this week. A walkthrough and closed comparable sales set the real number.

What if my home doesn't get offers in the first two weeks?

That's why we agree on a plan before listing. We look at showing feedback and what's changed in the competition, then adjust together instead of waiting it out.

This is general information, not legal, tax or lending advice.

About the author

Dennis Mark Interdonato is a REALTOR® and Master CDRE® who leads The Dennis Mark Group at Keller Williams Realty Ocean Living in Point Pleasant, NJ, helping buyers and sellers throughout New Jersey make their next move, with Monmouth and Ocean County as home base. Before and alongside real estate, he worked as a New Jersey home builder and residential remodeler. Read more about Dennis Mark.

Keep reading

• The New Jersey selling guide
• Should you update before selling or sell as-is?
• Name your selling price
• Have a question this didn't answer? Send it to Dennis Mark.