Nineteen years ago, I helped a couple sell their home in Fair Haven, NJ. It was a charming little place in a beautiful historic neighborhood—small but well-kept, with a great yard. The house had been on the market with another broker, but after months without an offer, the listing expired. That’s when I met the homeowners.
We had a long talk about strategy. I knew the market, I saw the true value in their home, and I knew that to get it sold, we needed to adjust the price. They agreed—somewhat reluctantly—to lower it by 8%. Not quite as much as I had recommended, but enough to make a difference.
At the time, the market was shifting. Subtle at first, but by the time their home sold in June 2007, things were getting rocky. The final sale price wasn’t what they had hoped for. In fact, they were pretty disappointed. But I encouraged them to think about the bigger picture—what they wanted for their future, and whether waiting any longer was worth the risk. If they wanted to hold out, I would have stood by them. But I had a feeling: it was time to take the bird in hand.
Less than six months later, the Great Recession hit.