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Weichert Princeton Office April 2014 Princeton Real Estate Market Seminar

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Weichert Princeton Office April 2014 Princeton Real Estate Market Seminar

  1. 1. Weichert, Princeton Office April 2014 Real EstateReal Estate Market UpdateMarket Update
  2. 2. Weichert, Princeton Office January 2014 Real Estate Market Update Joshua D Wilton Managing Broker Princeton Office DaveMcDermott Gold Services Manager Princeton Office
  3. 3. Agenda 1. The Market - A History, Current Conditions and Forecast 2. Strategies for Buying & Selling 3. We are here to help
  4. 4. Agenda 1. The Real Estate Market (a brief history)
  5. 5. Agenda Then…
  6. 6. The boom…. Otteau.com The Boom…The Boom…
  7. 7. Otteau.com
  8. 8. Affordability will Spur Recovery 2012: State of the Market
  9. 9. Affordability Index Source: NAR Housing Affordability Index 1971 to 2010 Definition: A measure of the financial ability of US Families to buy a house. 100 means that families earning the national median income have just the amount of money needed to qualify for a mortgage on a median priced home. Higher than100 means they have more than enough. Lower than 100 means they have less than enough. Definition: A measure of the financial ability of US Families to buy a house. 100 means that families earning the national median income have just the amount of money needed to qualify for a mortgage on a median priced home. Higher than100 means they have more than enough. Lower than 100 means they have less than enough.
  10. 10. 194.5 Nov 2011 Affordability Index
  11. 11. The Forecast…
  12. 12. The 1st Quarter Results….
  13. 13. What’s ahead in 2014…? • Low inventory, high demand in popular price points and neighborhoods • Tight Listing Activity • Multiple Offers • Rising Prices • Repeat, Smart-Money Buyers
  14. 14. Real Estate Market UpdateReal Estate Market Update What are the ‘experts’ saying about the market now…?
  15. 15. Home Price Expectation Survey 2014 1Q Average Annual % APPRECIATION
  16. 16. 4.5 4.0 3.7 3.7 3.8 2014 2015 2016 2017 2018 PROJECTED Percentage Appreciation Home Price Expectation Survey 2014 1Q
  17. 17. Home Price Expectation Survey 2014 1Q Cumulative House Appreciation by 2018 19.4% 28.4% 19.7% 10.9% Pre-Bubble Trend Bulls All Projections Bears
  18. 18. “We expect single-family home sales and housing starts to be at the highest level since 2007.” Frank E. Nothaft Chief Economist at Freddie Mac
  19. 19. "The conditions that led to the robust appreciation experienced earlier this year, including historically low mortgage interest rates, high affordability, low inventory and high demand, are waning. In their place, we're beginning to see more inventory and rising mortgage rates, which will lead to further normalization in the market going forward." Dr. Stan Humphries Zillow Chief Economist
  20. 20. Affordability is still good compared to any time over the last 50 years. "All those young people who moved in with their parents over the past few years and didn't move out during the recession, there should be pent-up demand for household formation." Jed Kolko Trulia’s Chief Economist
  21. 21. Affordability is still good compared to any time over the last 50 years. I can do all my own research online… The Customer….
  22. 22. The Local Market
  23. 23. Online Estimates If the estimate is accurate within 5% you’re talking about a $50,000 swing on a $500,000 estimate The home value could be anywhere from $475,000 - $525,000 And they’re only that close a third of the time
  24. 24. The National Picture
  25. 25. 4,000,000 4,500,000 5,000,000 5,500,000 Existing Home Sales S&P Case Shiller 12/2013
  26. 26. Percentage of Distressed Property SalesPercentage of Distressed Property Sales 35% 14% NAR 12/2013
  27. 27. WEST Down 10.1% MIDWEST Unchanged SOUTH Up 1% NORTHEAST Up 6.6% NAR’s Existing Homes Sales Report 12.2013 Year-Over-Year % Change in House Sales
  28. 28. NAR 12/2013 100 = Historically Healthy Level Pending Home Sales
  29. 29. Months Inventory of Homes for Sale 5-6 Months = Normal Market Inventory NAR 12/2013
  30. 30. The New Jersey Picture
  31. 31. Agenda Then… Source: Otteau Valuation Group
  32. 32. The Greater Princeton Picture
  33. 33. Long Term Supply…
  34. 34. Mercer County Building Permits 2003-2012 Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/industry/bp/bp2000_index.html
  35. 35. 71% of the building permits issues in Mercer County were for ‘multi-family’ housing. Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/industry/bp/bp2000_index.html
  36. 36. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
  37. 37. The Local Market Top 5 Rules in Real Estate Real Estate is Local Real Estate is Local Real Estate is Local Real Estate is Local Real Estate is Local
  38. 38. Mercer County Source: Trend MLS
  39. 39. Somerset County Source: Trend MLS
  40. 40. Middlesex County Source: Trend MLS
  41. 41. Market Absorption Scale (Absorption Rate in Months) 5-6 months absorption rate indicates a normal market.
  42. 42. “Market Absorption” Rate 107 current active listings 4 reported sales in last 30 days = 24.3 months absorption rate Anytown., NJ 5-6 Months Market Absorption Rate indicates a normal market.Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same. Also referred to as “Months of Inventory” 5-6 Months Absorption Rate indicates a Normal Market
  43. 43. 52 Market Scale for Supply & DemandMarket Scale for Supply & Demand High Supply/Low Demand Low Supply/High Demand Normal MarketAbsorptioninMonths 1 2 3 4 5 6 7 8 9 10 11 12 Normal Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values. As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. Note: This Market Scale is valid only for absorption rates between 1 and 12 months.
  44. 44. “Market Absorption” Rate 107 current active listings 4 reported sales in last 30 days = 24.3 months absorption rate Anytown., NJ 5-6 Months Market Absorption Rate indicates a normal market.Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same. Also referred to as “Months of Inventory” 5-6 Months Absorption Rate indicates a Normal Market
  45. 45. Plainsboro Inventory Accumulation: Also known as “Absorption Rate” or “Market Absorption” Source: TREND Multiple Listing Service
  46. 46. West Windsor Inventory Accumulation: Also known as “Absorption Rate” or “Market Absorption” Source: TREND Multiple Listing Service
  47. 47. 56 Market Scale for Supply & DemandMarket Scale for Supply & Demand High Supply/Low Demand Low Supply/High Demand Normal MarketAbsorptioninMonths 1 2 3 4 5 6 7 8 9 10 11 12 Normal Weichert has been studying market conditions for more than 3 decades and has found a direct correlation between market absorption and property values. As absorption rates increase beyond a normal market level of 5-6 months, property values depreciate annually. Note: This Market Scale is valid only for absorption rates between 1 and 12 months.
  48. 48. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor: All Styles 85 23 3.7 41 18 13 15.3% 1 2 15 West Windsor Condo/ T.Houses 16 7 2.3 8 1 1 6.3% 0 0 3 West Windsor 55+ 3 0 999 1 1 -- -- 0 0 0 West Windsor Single Family 66 16 4.1 32 16 12 18.2% 1 2 12 Lawrence: All Styles 147 17 8.7 51 34 31 21.1% 6 1 17 Lawrence: Condo/ THouses 38 7 5.4 13 6 7 18.4% 2 0 7 Lawrence: 55+ 10 1 10 4 3 -- -- 0 0 2 Lawrence: Single Family 99 9 11 34 25 24 24.2% 4 1 8
  49. 49. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Plainsboro All Styles 46 18 2.5 19 1 4 8% 4 0 4 Plainsboro Condo/ THouses 19 6 3.1 11 5 0 0 3 0 1 Plainsboro 55+ 8 1 8 0 (1) 0 0 0 0 1 Plainsboro Single Family 19 11 1.7 8 (4) 4 21% 1 0 2 Cranbury: All Styles 16 4 4 6 2 1 6% 0 0 1
  50. 50. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Ewing: All Styles 187 12 16 48 36 29 16% 3 8 13 Ewing : Condo/ T.Houses 30 2 15 7 5 4 13% 0 3 2 Ewing 55+: 2 0 999 1 1 --- --- 0 0 0 Ewing: Single Family 155 10 16 40 30 25 16% 3 5 11 East Windsor: All Styles 108 22 5 36 14 15 14% 3 5 15 East Windsor: Condo/ Thouses 56 13 4 14 1 5 9% 3 0 6 East Windsor: 55+ 8 1 8 2 1 --- --- 0 0 1 East Windsor: Single Family 44 8 6 20 12 10 23% 0 5 8
  51. 51. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Hopewell Twp. All Styles 159 15 10.6 49 34 28 17.6% 2 6 7 Hopewell Twp. Condo/ T.Houses 9 2 4.5 4 2 4 44.4% 1 1 1 Hopewell Twp.: 55+ 2 2 1.0 2 0 0 0 0 1 0 Hopewell Twp Single Family 148 11 13.5 43 32 24 16.2% 1 4 6 Hamilton: All Styles 461 47 9.8 141 94 108 23.4% 23 7 39 Hamilton: Condo/ THouses 91 12 7.6 24 12 12 13.2% 10 2 7 Hamilton: 55+ 6 0 99.9 1 1 0 0 1 0 1 Hamilton: Single Family 364 35 10.4 116 81 96 26.6% 12 5 31
  52. 52. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorptio n Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Princeton: All Styles 121 15 8.1 37 22 13 10.7% 6 5 16 Princeton: Condo/ Thouses 37 3 12.3 14 11 3 8.1% 2 1 6 Princeton: Single Family 84 12 7 23 11 10 11.9% 4 4 10
  53. 53. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings South Brunswick All Styles 150 13 11 46 33 4 3 11 0 15 South BrunswickCon do/ T.Houses 38 6 6 16 10 2 5 2 0 9 South Brunswick 55+ 30 0 99 8 8 0 0 2 0 1 South Brunswick Single Family 82 7 17 20 13 2 2 7 0 5 Monroe: All Styles 309 18 17 122 104 7 2 32 1 63 Monroe: 55+ 166 13 13 79 66 8 5 11 0 50 Monroe: Single Family 143 5 29 43 38 -1 1 21 1 13
  54. 54. 4/1/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings Montgomery All Styles 111 30 3.7 55 +25 24 22% 3 1 15 Montgomery Condo/Twnhms 12 12 1 10 -2 2 17% 1 0 3 Single Family 99 18 5.5 45 +27 22 22% 2 1 12 Hillsborough All Styles 158 48 3.3 79 +31 29 18% 9 4 26 Hillsborough Condo/Twnhms 64 21 3 37 +16 13 20% 3 1 13 Hillsborough Single Family 94 27 3.5 42 +15 16 17% 6 3 13
  55. 55. 2006 - 2008 Core Market Comparison: Week of 10/13/08 Town ’12 Inven. Count ‘12 Pending Sales ‘12 Absorp. Rate ‘13 Inven. Count ‘13 Pending Sales ‘13 Absorp. Rate ‘14 Inven. Count ‘14 Pending Sales ‘14 Absorp. Rate Inventory compared to 2012 Inventory compared to 2013 West Windsor 131 21 6.2 72 35 2.1 85 23 3.7 (35%) 18% Plainsboro 84 18 9 45 19 2.3 46 18 7.5 (45%) 1% Lawrence 196 20 9.8 141 16 8.8 147 17 8.7 (25%) 4% East Windsor 187 16 12 130 30 4 108 22 5 (40%) (17%) Hamilton 538 56 9.6 426 58 7.4 461 47 9.8 (20%) 10% Hopewell Twp 147 13 11.3 145 13 11.1 159 15 10.6 2% 8% Robbinsvill e 123 12 10.3 98 25 4 74 19 4 (39%) (24%) Princeton 169 14 12.07 133 16 8.3 121 15 8.1 (28%) (9%) South Brunswick 232 12 19 171 18 10 150 13 11 (35%) (12%) Montgome ry 152 20 7.6 111 37 3 111 30 3.7 (26%) --------- 1/7/14 Year over year
  56. 56. The Local Market Real Estate is Local It’s Local to the Town It’s Local to the Price Point It’s Local to the Neighborhood/Development It’s Local to the Street Real Estate is Local
  57. 57. Market Absorption Rate 88 current active listings 9 reported ‘pending’ sales in last 30 days = 9.8 months absorption rate Princeton All Inventory Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  58. 58. Market Absorption Rate 26 current active listings 6 reported ‘pending’ sales in last 30 days = 4.3 months absorption rate Princeton NOT Single Family Homes Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  59. 59. Market Absorption Rate 10 current active listings 5 reported ‘pending’ sales in last 30 days = 2 months absorption rate Princeton Twin or Townhouse 3 bedroom Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  60. 60. Market Absorption Rate 107 current active listings 6 reported ‘pending’ sales in last 30 days = 17.8 months absorption rate South Brunswick All Inventory Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  61. 61. Market Absorption Rate 24 current active listings 2 reported ‘pending’ sales in last 30 days = 12 months absorption rate South Brunswick Condo/Townhouse Market Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  62. 62. Market Absorption Rate 3 current active listings 2 reported ‘pending’ sales in last 30 days = 1.5 months absorption rate South Brunswick Princeton Walk Development All Types Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  63. 63. Market Absorption Rate 0 current active listings 1 reported ‘pending’ sales in last 30 days = 0 months absorption rate South Brunswick Princeton Walk Development Townhomes Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  64. 64. Market Absorption Rate 48 current active listings 10 reported ‘pending’ sales in last 30 days = 4.8 months absorption rate West Windsor Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  65. 65. Market Absorption Rate 22 current active listings 4 reported ‘pending’ sales in last 30 days = 5.5 months absorption rate West Windsor Under $500,000 Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  66. 66. Market Absorption Rate 31* current active listings 3 reported ‘pending’ sales in last 30 days = 10.3 months absorption rate West Windsor $501,000 - $750,000 Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  67. 67. Of the 31 homes ‘active’ in this price point10 have offers accepted and are showing for back up only.
  68. 68. Market Absorption Rate 21* current active listings 3 reported ‘pending’ sales in last 30 days = 7 months absorption rate West Windsor $501,000 - $750,000 Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  69. 69. Of the 31 homes ‘active’ in this price point 7 have offers accepted and are showing for back up only.
  70. 70. Market Absorption Rate 24* current active listings 3 reported ‘pending’ sales in last 30 days = 8 months absorption rate West Windsor $501,000 - $750,000 Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  71. 71. Of the 24 ‘active’ 5 were 55+ or townhouse.
  72. 72. Market Absorption Rate 19 * current active listings 3 reported ‘pending’ sales in last 30 days = 6.3 months absorption rate West Windsor $501,000 - $750,000 Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  73. 73. Of the 19 left, 5 are currently negotiating offers.
  74. 74. Market Absorption Rate 14 * current active listings 3 reported ‘pending’ sales in last 30 days = 4.6 months absorption rate West Windsor $501,000 - $750,000 Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  75. 75. Market Absorption Rate 23 current active listings 10 reported ‘pending’ sales in last 30 days = 2.3 months absorption rate West Windsor $750,000 + Market Absorption Rate is the number of months it will take to sell the current inventory of homes if nothing new comes on the market and the rate of sales stays the same 5-6 Months Absorption Rate indicates a Normal Market
  76. 76. Strategies to Buy & Sell in 2014…
  77. 77. 2014 Top Buyer Negotiating Strategy…Pay now or Pay more later.
  78. 78. Monroe Lane, Princeton Listed at $650,000 14 offers…
  79. 79. Weichert Buyer prevailed at $740,000
  80. 80. Listed in Princeton at $799,000
  81. 81. Weichert Buyer prevailed at $890,000
  82. 82. Reed Dr S, West Windsor Listed at $749,000 7 offers…
  83. 83. Exact Comp Listed $759,000 2 weeks later 5 offers
  84. 84. 2. ‘I am going to time the Market and buy/ sell at the time when inventory & buyer count is in my favor…’ Source: MLS
  85. 85. Listing v Contracts: Dec – Jan 2013 Princeton
  86. 86. Listing v Contracts: Dec – Jan 2012, Lawrence Twp.
  87. 87. The Impact of Pricing, Staging and Pre-Inspection on the Salability of A Home..…
  88. 88. Negotiations are about leverage Maximize Yours Source: MLS
  89. 89. All Negotiations, including real estate, are all about negotiation and control. Home Pricing Who is in control?
  90. 90. • Promotes a sense of urgency among buyers • Promotes a sense of urgency among agents • Generates interest and showings • Sets the stage for multiple purchase offers in the first 30 days • Offers tend to be higher in relation to list price • Controls negotiations • Results in highest price in shortest time Effects of Right Pricing:
  91. 91. • Buyer excitement diminishes quickly • Extends time house is on the market • Results in price reductions • May attract “bargain hunters” and discounted offers • Results in a lower selling price In the final stages of Over Pricing, after extended days-on-market and several price reductions, a home begins to attract interest from buyers who are looking to profit from sellers under duress. These buyers, often referred to as bottom-feeders, tend to offer deeply discounted prices for homes. ~Jeff Otteau Effects of Over Pricing:
  92. 92. One Aim Determining your best asking price. Our unique method goes beyond the traditional assessment of comparable home prices by anticipating changing marketing conditions in your area.
  93. 93. Hillsborough The Price Trend Came up with a price of $520,000 We recommended a price of $499,000
  94. 94. Negotiations are about leverage, use the listing price as yours… Listed at $544,900 Reduced to $535,000 Reduced to $509,000 Reduced to $499,000 96 Days on Market 1 Offer Sold for $490,000 The buyer had control
  95. 95. West Windsor The Price Trend Came up with a price of $780,000 We recommended a price of $769,000
  96. 96. Negotiations are about leverage, use the listing price as yours… Listed at $769,000 8 Days on Market 11 Offers Sold for $805,000 The seller had control
  97. 97. Princeton Price Trend Price: $1.275 Appraised by local Appraiser prior to going on market: $1.275
  98. 98. Princeton Put on market at $1.1 million 8 offers Sold in 8 days $1.350 million No contingencies
  99. 99. The Impact of Staging on the Salability of Your Home..…
  100. 100. All Negotiations, including real estate, are all about negotiation and control. Home Staging Who is in control?
  101. 101. The process of preparing homes for sale regardless of price, location, or condition to achieve the maximum sales price in the minimum marketing time. The goal is to appeal to the broadest range of BUYERS. What is Home Staging?
  102. 102. Clean & In Good Repair
  103. 103. “Wow…. I could live here!”
  104. 104. “The Investment in Home Staging is Always Less than Your First Price Reduction!”
  105. 105. Buyers Only Know What They See …
  106. 106. … Not The Way It Is Going To Be.
  107. 107. Home Staging *Based on a StagedHomes.com survey of over 400 homes across Canada & the Continental US prepared for sale by an Accredited Staging Professional (ASP™) from June 2007 through November 2007. “The investment in home staging is always less than your first price reduction!”
  108. 108. Home Staging *Based on a StagedHomes.com survey of over 400 homes across Canada & the Continental US prepared for sale by an Accredited Staging Professional (ASP™) from June 2007 through November 2007. The average increase in sales price of an ASP Staged vs. non-Staged home is 6.9% That is an additional $31,050 on a $450,000 sale “The investment in home staging is always less than your first price reduction!”
  109. 109. The Impact of Inspection & Repairs on the Salability of Your Home..…
  110. 110. All Negotiations, including real estate, are all about negotiation and control. Pre - Inspection
  111. 111. What is ‘Pre-Inspection?’
  112. 112. Pre-Inspection WHAT DOES PRE-INSPECTION INCLUDE? The standard home inspector's report will review the condition of the home's heating system, central air conditioning system (temperature permitting), interior plumbing and electrical systems; the roof, attic, and visible insulation; walls, ceilings, floors, windows and doors; the foundation, basement, and visible structure. It will also advise if any potential environmental hazards were observed.
  113. 113. Pre-Inspection DOESN’T THE BUYER DO THE HOME INSPECTION?
  114. 114. • Why do a Pre-Inspection? – Fix EVERYTHING before going on market – Remove objections – Reduce the risk of going ‘off market’ for a buyer who ends up killing the deal – Stay in Control Pre-Inspection
  115. 115. Its about control.
  116. 116. Real Estate Market UpdateReal Estate Market Update Weichert Financial ServicesWeichert Financial Services Dave McDermott Gold Services Manager NMLS #101160 Weichert Financial Services 646-921-1900 dmcdermott@weichertfinancial.com
  117. 117. The Financial Forecast…
  118. 118. Mortgage Rate Projections Analyst Projected Rate 1Q 2015 Fannie Mae 4.9% National Assoc of Realtors 5.5% Freddie Mac 5.1% Mortgage Bankers Assoc 5.1% 2/2014
  119. 119. My Job is to Provide You the Highest Level of Customer Service in the Industry
  120. 120. Sellers: Inking the Deal is only ½ the battle. Appraisals are always an issue in a rising market. Choose the buyer based on the lender as much as the offer. (ability to close)
  121. 121. Buyers: Preparation leads to success. Over 100 loan products to choose from. Work with someone local that is accessible THROUGHOUT the deal.
  122. 122. My Team…
  123. 123. We put Jim’s Money on the line and Guarantee our performance We close you on time or we pay you $1,000.
  124. 124. I look forward to meeting with you.
  125. 125. What will a real estate company do for me?
  126. 126. Source: 2012 NAR Profile of Home Buyers and Sellers This is where you win or lose the sale
  127. 127. We are here to helpWe are here to help Buying and selling a home involves the careful coordination of a lot of people. Choosing a real estate team you can count on will make the process smoother and easier.
  128. 128. Thank you for your time today.
  129. 129. Resource and Website ListResource and Website List www.trendmls.com www.realtor.org www.njar.com/10k www.Otteau.com www.Pre-listing-inspection.com www.Housemaster.com www.Stagingshoppingcenter.com www.realtytrac.com www.njar.com/10k

Editor's Notes

  • https://www.pulsenomics.com/Q4_2013_HPE_Survey.php
  • https://www.pulsenomics.com/Q4_2013_HPE_Survey.php
  • https://www.pulsenomics.com/Q4_2013_HPE_Survey.php
  • http://money.cnn.com/2013/12/31/news/economy/home-prices-jump/index.html?hpt=hp_t3
  • http://www.freddiemac.com/news/finance/docs/Nov_2013_public_outlook.pdf
  • http://www.dsnews.com/articles/housing-market-performs-well-despite-rising-interest-rates-2013-10-24
  • http://www.chicagotribune.com/classified/realestate/sns-201311091600--tms--realestmctnig-a20131115-20131115,0,5318891.column
  • http://www.chicagotribune.com/classified/realestate/sns-201311091600--tms--realestmctnig-a20131115-20131115,0,5318891.column
  • www.realtor.org/
  • http://www.realtor.org/
  • http://www.realtor.org/news-releases/2013/12/existing-home-sales-decline-in-november-but-strong-price-gains-continue
  • http://www.realtor.org/
  • http://www.realtor.org/
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Populate this table to show the local absorption rate in the various price ranges that are appropriate for your market area. Please add or delete rows as necessary to adequately reflect local conditions.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Create your own table to approach the aspects of the marketplace that you consider most relevant and valuable to your associates.
    For ideas on what to cover, refer to the tables in the Planning Day Presentation on your Planning Day 2005 CD.
    For example, you might discuss the market conditions of different communities or price ranges each week.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • Review the generic sample calculation and/or a customized calculation you prepared for your office market area.
    Follow the instructions below to update this slide with customized information for your office.
    Save the Sales Meeting Guide presentation to your C drive.
    Open the Sales Meeting Guide presentation from your C drive.
    Scroll down to the “Sample Market Absorption Rate” slide in the weekly training section of the presentation.
    Double-click on the slide to be able to make edits.
    Click in each section of the formula to edit text.
    Save the document to save edits.
  • http://fanniemae.com/resources/file/research/emma/pdf/Housing_Forecast_011314.pdf
    http://www.freddiemac.com/finance/docs/Jan_2014_public_outlook.pdf
    http://www.mortgagebankers.org/files/Bulletin/InternalResource/86783_.pdf
    http://www.realtor.org/sites/default/files/reports/2013/embargoes/phs-12-30-illtratatb/forecast-1-2014-us-economic-outlook-12-30-2013.pdf

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