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Weichert, Princeton Office January 2011 Market Update/ Forecast Seminar Offers analysis of the Princeton & Greater Princeton, NJ real estate markets & effective strategies to buy and sell.
Presented by: Joshua D Wilton Broker/ Sales Rep.  Weichert Realtors Princeton, NJ (o) 609-921-1900 www.weichert-princeton.com www.facebook.com/weichertprinceton
Agenda ,[object Object],[object Object],[object Object],[object Object],[object Object]
Agenda ,[object Object],[object Object]
 
In our local area (CT/NY/NJ Lehigh Valley, PA), the number of homes for sale (Weichert and non-Weichert listings) has steadily increased over the past four years. Variance % 2010 to 2009 NY (Ashby)   +13.11% CT (Doepper)   +118.53% Passaic/Hudson/Bergen NJ (Bixon)   + 5.86% Western Central NJ/Lehigh Valley PA (McDonald)   +6.78% Northern and Central NJ (Prevete) +9 .24% Eastern Central/Shore Points NJ (Waters)   +10.63% Southern NJ (Williams)   +10.87%
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.
183.7 Aug 2011 Affordability Index
1 st  Time Home Buyer Index
2011: State of the Market +8.29% 1 yr change ‘ 09 vs ‘11
Historically Low Interest Rates 2012: State of the Market
30 Year Fixed interest rate 3.94% Lowest in recorded history
So why is the market so tight…?
5-6 months absorption rate indicates a normal market. How Long Will Interest Rates Remain Low?
What will the future bring…?
What will the future bring…?
A long term outlook in NJ & Mercer County ‘Supply & Demand’ Source: NAR, November 2008 Forecast
NJ Housing Permits Source: Census In thousand units
NJ Housing Permits Source: Census RESIDENTIAL BUILDING PERMITS AUTHORIZED 2000-2008 COUNTY 2000  2001  2002  2003  2004  2005  2006  2007 2008 Total  Atlantic County 1,625 1,685 2,020 2,285 2,075 2,002 1,893 1,136 794 15,515 Bergen County 2,847 1,784 1,771 1,289 2,142 2,972 2,164 2,957 1,311 19,237 Burlington County 2,775 2,184 2,359 1,805 1,516 1,475 2,784 1,037 976 16,911 Camden County 796 757 1,160 1,934 1,413 1,706 1,183 1,191 895 11,035 Cape May County 1,242 1,403 1,422 1,693 2,149 2,433 1,580 1,081 485 13,488 Cumberland County 255 256 310 374 566 630 737 683 336 4,147 Essex County 1,491 1,548 1,588 2,235 2,343 3,128 3,284 1,854 1,314 18,785 Gloucester County 1,337 1,635 1,802 1,859 2,050 2,075 1,141 920 788 13,607 Hudson County 1,338 1,116 1,534 2,116 3,808 4,498 4,275 3,081 3,229 24,995 Hunterdon County 616 685 602 814 648 506 350 316 206 4,743 Mercer County 1,283 1,355 1,428 1,188 1,641 1,296 847 700 625 10,363 Middlesex County 2,460 1,884 1,999 2,306 2,622 3,206 2,567 1,597 1,020 19,661 Monmouth County 2,912 2,194 2,372 2,756 2,628 2,584 2,820 2,060 1,526 21,852 Morris County 2,684 1,577 1,914 1,555 1,427 2,503 1,670 1,052 795 15,177 Ocean County 5,633 3,830 3,534 4,009 3,818 2,904 2,114 2,160 1,527 29,529 Passaic County 457 631 689 829 763 647 850 760 432 6,058 Salem County 161 180 170 307 334 297 298 148 198 2,093 Somerset County 2,282 1,439 1,530 1,260 1,362 1,220 1,058 926 791 11,868 Sussex County 719 808 679 587 612 668 603 360 302 5,338 Union County 776 551 681 1,198 1,399 1,278 1,593 1,123 673 9,272 Warren County 896 765 877 585 620 560 512 258 146 5,219 New Jersey 34,585 28,267 30,441 32,984 35,936 38,588 34,323 25,400 18,369 278,893
Long Term Supply … Source: NAR, November 2008 Forecast Richardson Commercial
Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
Long Term Demand in Mercer County … Source: NAR, November 2008 Forecast Source: https://edis.commerce.state.nc.us/docs/countyProfile/NJ/34021.pdf (Mercer County) Population & Growth Population Annual Growth Rate 2013 Total Population 383,677 0.6% 2008 Total Population 371,963 0.7% 2000 Total Population 350,761
Affordability will Spur Recovery 2012: State of the Market
1.  Real Estate is Local Top Five Rules for Understanding the Real Estate Market: 2.  Real Estate is Local 3.  Real Estate is Local 4.  Real Estate is Local 5.  Real Estate is Local
Mercer County SF Inventory  01-10 Trendmls.com
Mercer County SF Settled Units 01-10 Trendmls.com
2010 v 2011 Market Comparison Town 2011 Listed 2011 Sold 2010 Listed 2010 Sold 2011 DOM 2010 DOM 2011 Sold $ 2010 Sold $ 2011 Avg.  $ 2010 Avg.  $ Pton Twp. 328 167 313 161 103 98 $156m $142m $937k $883K Pton Boro 130 66 125 66 81 109 $56m $59m $857k $899k West  Windsor 412 251 497 311 72 60 $132m $166m $522k $536k Lawrence 461 217 550 284 101 91 $66m $96m $305k $339k Hope-well 321 137 380 168 121 122 $62m $88m $455k $528k Ewing 574 195 642 252 119 98 $34.3m $52m $176k 208 East Windsor 452 138 453 176 120 97 $34.5 46 $250k $263k Plains-boro 310 167 327 200 82 61 $65m $78m $328k $391k
1. You Understand the Local Market That You are Buying into or Selling out of… -Inventory - Location - Sales Patterns - Neighborhood, Location - Style of Home, Beds, Baths, etc
Market Absorption Scale (Absorption Rate in Months) 5-6 months absorption rate indicates a normal market.
Absorption Rate by Price Range 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 .
Sample 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 Scale for Supply & Demand High Supply/Low Demand Low Supply/High Demand 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.  Market Absorption in Months 1 2 3 4 5 6 7 8 9 10 11 12 Normal
2007 thru 2011 Market Activity Comparison: Week of 12/10 2007 Active  Inventory 2007 Pending Sales (prev. 30 days) 2008 Active  Inventory 2008 Pending Sales (prev. 30 days) 2009 Active Inventory 2009 Pending Sales (prev 30 days) 2010 Active Inventory 2010 Pending Sales (prev. 30 days) 2011 Active Inventory 2011 Pending Sales (prev. 30 days) Pton. Boro 32 2 39 2 30 2 37 3 39 3 Pton Twp 102 3 86 7 87 5 117 8 122 4 W. Windsor 112 9 102 5 90 18 91 15 91 12 Lawrence 197 15 175 9 195 26 179 14 175 5 East Windsor 183 18 187 14 157 20 211 2 216 12 Ewing 199 12 218 8 225 17 267 7 256 20 Hamilton 553 30 534 31 484 56 580 23 585 30 Hopewell Twp. 172 20 100 13 138 14 139 1 142 8 Cranbury 28 1 21 0 26 2 21 0 21 0 Plainsboro 94 5 88 5 86 9 82 5 South Brunswick 175 10 206 11 147 18 259 12 242 9 Montgomery 95 9 99 8 95 10 140 22 106 24
12/6/11 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Li1stings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor:  All Styles 91 12 7.6 20 8 15 16.5% 9 7 13 West Windsor Condo/ T.Houses 19 6 3.2 4 -2 2 10.5% 0 0 2 West Windsor 55+ 12 0 99 1 1 -- -- 0 0 3 West Windsor  Single Family 60 6 10 15 9 13 21.7% 9 7 8 Lawrence: All Styles 175 5 35 16 11 29 16.8% 15 9 13 Lawrence: Condo/ THouses 59 3 19.7 8 5 11 18.6% 6 2 2 Lawrence:  55+ 13 1 13 1 0 -- -- 1 3 0 Lawrence:  Single Family 103 1 103 7 6 18 17.8% 8 4 11
12/6/11 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 256 20 12.8 34 14 55 21% 19 9 16 Ewing : Condo/ T.Houses 27 8 3.5 6 -2 12 44% 2 3 3 Ewing 55+: 10 0 999 0 0 --- --- 0 0 1 Ewing: Single Family 219 12 18.3 28 16 43 20% 17 6 12 East Windsor: All Styles 216 12 18 32 20 39 18% 22 6 14 East Windsor: Condo/ Thouses 127 5 25.4 22 17 27 21% 15 4 6 East Windsor: 55+ 14 1 14 2 1 --- --- 1 0 1 East Windsor: Single Family 75 6 12.5 8 2 12 16% 6 2 7
12/6/11 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 142 8 18 15 7 21 15% 10 10 12 Hopewell Twp. Condo/ T.Houses 12 1 12 2 1 3 25% 1 2 2 Hopewell Twp.: 55+ 6 0 99 0 0 -- -- 0 0 0 Hopewell Twp Single Family 124 7 18 13 6 18 14.5% 9 8 10 Hamilton: All Styles 585 30 19.5 76 46 99 17% 38 20 47 Hamilton: Condo/ THouses 95 1 95 13 12 20 21% 6 4 11 Hamilton: 55+ 40 1 40 8 7 -- -- 4 2 6 Hamilton:  Single Family 450 28 16 55 27 79 17.5% 28 14 30
12/6/11 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 Robbinsville All Styles 123 14 9 12 (2) 23 19% 9 2 21 Robbinsville Condo/ T.Houses 50 9 5.5 9 0 12 24% 4 1 12 Single  Family 73 5 15 3 (2) 11 15% 5 1 9 Hightstown Boro: All Styles 57 5 11 8 3 8 14% 12 2 3 Pennington 18 2 9 1 1 4 22% 1 2 0 Hopewell Boro 7 3 2 0 (3) 0 0 3 1 2
12/6/11 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 Princeton Boro:  All Styles 39 3 13 4 -1 8 20.5% 2 3 9 Pton -Boro Condo/ Thouses 20 0 99 3 -3 3 15% 0 3 3 Pton-Boro Single Family 19 3 6.3 1 3 5 26.3% 2 0 6 Pton Twp: All Styles 122 4 30.5 10 6 13 9.9% 11 7 16 Pton Twp: Condo/ Thouses 16 1 16 1 0 4 25% 5 0 4 Pton Twp: Single Family 106 3 35.3 9 6 9 8.5% 6 7 12
12/6/11 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 242 9 27 22 13 117 48 31 5 31 South BrunswickCondo/ T.Houses 72 2 36 8 6 43 60 10 1 10 South Brunswick 55+ 35 1 35 3 2 20 57 0 0 1 South Brunswick Single Family 125 6 21 11 5 54 43 21 4 20 Monroe: All Styles 482 27 18 75 48 174 36 75 5 46 Monroe: 55+ 303 19 16 54 35 109 36 41 2 41 Monroe: Single Family 179 8 22 21 13 65 36 34 3 5
12/6/11 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 106 24 4.4 15 -9 17 16% 17 9 15 Montgomery Condo/Twnhms 19 6 3.2 2 -4 3 16% 3 3 4 Single  Family 87 18 4.8 13 -5 14 16% 14 6 11 Hillsborough All Styles 255 32 8 33 +1 31 12% 19 8 24 Hillsborough Condo/Twnhms 109 7 15.6 17 +10 16 15% 6 4 9 Hillsborough Single Family 151 25 6 16 -9 15 10% 13 4 15
Understand the Market That You are Buying/ Selling in… I want to live/ sell in West Windsor…..
Sample 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.
West Windsor Colonials By Price 5-6 months absorption rate indicates a normal market. Price Actives Pendings Ab. Rate $300-$500 17 3 5.6 500-$650 12 3 4 $650-$799 14 4 3.5 $800-$999 6 0 99 $1 million + 2 1 2
Princeton Twp. Single Fam. by Price Alone 5-6 months absorption rate indicates a normal market. Price Actives Pendings Ab. Rate $400-$600 16 1 16 $600-$799 19 2 9.5 $1.0 – 1.35 14 2 7 $1.36-$1.65 16 0 99 $1.65-$2.0 10 0 99
Buying/ Selling Strategies Source: MLS
‘ I don’t want to buy a house and then watch it drop in value!’
 
  Purchase Price $329,000 Loan Amount $317400 Down Payment $11,515 Monthly P&I $1802  Appreciation/Depreciation Home Value 1st Year -3% $319,130 2nd Year 0% $319,130 3rd Year 1% $322,321 4th Year 3% $331,990 5th Year 5% $348,590 5 Year Appreciation/Depreciation $19,500 Tax Benefit   Vs Paying Rent  @ $1600/mo 1st Year $5,000 $19,200 2nd Year $5,000 $19,200 3rd Year $5,000 $19,200 4th Year $5,000 $19,200 5th Year $5,000 $19,200 5 Year Total $25,000 $96,000 Total Gain  $44,200 Create Equity v  Pay Rent
  Purchase Price $329,000 Loan Amount $317400 Down Payment $11,515 Monthly P&I $1802  Appreciation/Depreciation Home Value 1st Year 5 $319,130 2nd Year 3% $319,130 3rd Year 2% $322,321 4th Year 2% $331,990 5th Year 2% $348,590 5 Year Appreciation/Depreciation $48,590 Tax Benefit   Vs Paying Rent  @ $1600/mo 1st Year $5,000 $19,200 2nd Year $5,000 $19,200 3rd Year $5,000 $19,200 4th Year $5,000 $19,200 5th Year $5,000 $19,200 5 Year Total $25,000 $96,000 Total Gain  $73,529 Create Equity v  Pay Rent
+ The Amortization Schedule on a Loan Yearly Schedule of Balances and Payments Year Beginning Balance Payment Principal Interest Cumulative Principal Cumulative Interest Ending Balance 2010  $315,646.96 $21,625.92 $4,374.96 $17,250.96 $6,128.00 $24,508.72 $311,272.00 2011  $311,272.00 $21,625.92 $4,621.30 $17,004.62 $10,749.30 $41,513.34 $306,650.70 2012  $306,650.70 $21,625.92 $4,881.98 $16,743.94 $15,631.28 $58,257.28 $301,768.72 2013  $301,768.72 $21,625.92 $5,157.36 $16,468.56 $20,788.64 $74,725.84 $296,611.36 2014  $296,611.36 $21,625.92 $5,448.28 $16,177.64 $26,236.92 $90,903.48 $291,163.08
Appreciation (conservitive): $19,500 + Amortization: $20,109 +  Tax Benefit of Home Ownership $25,000 +  Low Interest Rates: $5000 ___________________ total 5 year gain = $69,609
[object Object],How Long Will Interest Rates Remain Low?
Market Absorption Scale (Absorption Rate in Months) 5-6 months absorption rate indicates a normal market.
1. ‘I am going to time the Market and buy/ sell at the time when inventory & buyer count is in my favor…’ Source: MLS
Listing v Contracts: Dec – Jan 2011, Princeton Twp. Date Units Listed Listed Volume Listed Average Pended Units Sold Sold Volume Sold Average Average DOM Dec 2011 1 975,000 975,000 1 7 6,049,810 864,258 127 Nov 2011 12 13,448,470 1,120,705 7 14 13,615,375 972,526 121 Oct 2011 19 30,493,500 1,604,921 17 8 4,701,870 587,733 125 Sep 2011 27 32,652,276 1,209,343 14 18 19,890,800 1,105,044 91 Aug 2011 16 12,546,300 784,143 9 28 26,741,650 955,058 89 July 2011 19 14,944,800 786,568 16 20 27,159,000 1,357,950 68 June 2011 39 41,836,900 1,072,741 19 21 15,886,499 756,499 122 May 2011 52 65,734,444 1,264,123 35 15 13,484,100 898,940 72 Apr 2011 40 40,740,062 1,018,501 13 8 6,756,950 844,618 133 Mar 2011 51 68,914,088 1,351,256 22 14 12,117,000 865,500 128 Feb 2011 32 23,239,909 726,247 8 6 4,103,000 683,833 128 Jan 2011 20 24,895,499 1,244,774 6 8 6,051,000 756,375 99                   Totals: 328 370,421,248 1,129,333 167 167 156,557,054 937,467 103                  
Listing v Contracts: Dec – Jan 2011, West Windsor. Date Units Listed Listed Volume Listed Average Pended Units Sold Sold Volume Sold Average Average DOM Dec 2011 4 2,286,700 571,675 1 1 585,000 585,000 57 Nov 2011 23 14,398,655 626,028 13 14 7,265,295 518,949 79 Oct 2011 22 10,658,488 484,476 12 24 14,353,000 598,041 87 Sep 2011 25 12,208,440 488,337 24 23 12,385,025 538,479 61 Aug 2011 27 12,722,210 471,192 25 34 17,294,750 508,669 54 July 2011 35 18,198,790 519,965 20 37 20,523,900 554,700 56 June 2011 45 26,025,988 578,355 36 34 17,281,476 508,278 70 May 2011 48 26,107,288 543,901 35 21 11,744,500 559,261 76 Apr 2011 64 34,006,062 531,344 32 14 6,025,000 430,357 63 Mar 2011 56 32,541,174 581,092 14 21 10,676,000 508,380 83 Feb 2011 35 19,939,237 569,692 15 11 4,379,000 398,090 113 Jan 2011 28 14,258,350 509,226 21 17 9,720,500 571,794 101                   Totals: 412 223,351,382 542,115 248 251 132,233,446 526,826 72                
Source: MLS Inventory Levels, Princeton Twp. New Jersey, 2010
3. ‘I am going to wait until the price comes down further  and then  make an offer/ if I lower my price I will get lower bids…? Source: MLS
Don’t Wait West Windsor:  75% Homes currently Under Contract:  32 Under contract within 30 days of  Listing at the Right Price  or  Re-positioning in line with the market :  24 East Windsor:  76% Homes currently Under Contract:  21 Under contract within 30 days of  Listing at the Right Price or Re-positioning in line with the market :  16
Don’t Wait Plainsboro:  95% Homes currently Under Contract:  21 Under contract within 30 days of  Listing at the Right Price or Re-positioning in line with the market :  20
It’s About Price Sellers, if your listing hasn’t gone under contract in the last 30 days and the price is not adjusted it  will not  go under contract in the next 30.  If the home your buyer wants has not had a price adjustment in the last 30 days it is the perfect time to go face to face with the seller to negotiate!
Jeff Smith,  Loan Officer Weichert Financial Services Financial Benefits and Process of Home-Ownership.
Pop Quiz… If you take out a $200,000 30 year fixed payment loan from the bank, what is your monthly payment? A. $1901. B. $1640. C. $1201. D. $969.
Pop Quiz… What does an average buyer need for a down payment? A. 25% B. 20% C. 10% D. 3.5% D. 0%
FHA Loan Limits Reinstated… The new limits are in effect for case numbers issued from  November 18 th  of this year through September 30, 2012. It also permits up to a 6% seller contribution from a seller to a buyer for actual closing costs and escrows.   Local County Limits: Hunterdon $729,750 Mercer $440,000 Middlesex $729,750 Monmouth $729,750 Salem $420,000 Somerset $729,750
Introducing the USDA Mortgage OPPORTUNITY : Customers want to purchase homes  with little or no money down. SOLUTION : The USDA 100% Financing Mortgage will help your borrowers overcome one of the greatest obstacles to homeownership – a down payment.
Information and Eligibility ,[object Object],[object Object],[object Object],The USDA Rural Development Guaranteed Rural Housing Program is an affordable housing loan program guaranteed (insured) by the U.S. Department of Agriculture. Your Gold Services Manager will help you determine borrower and property eligibility.
Buyer Profiles ,[object Object],[object Object],[object Object],[object Object],[object Object]
Features and Benefits ,[object Object],[object Object],[object Object],[object Object],[object Object],This type of loan is mainly for purchase  financing and primary residences only.
Features and Benefits ,[object Object],[object Object],[object Object]
Property Eligibility ,[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],[object Object],Let’s indentify your listings that qualify for USDA financing.
1  Source: Freddie Mac   2  As reported in the Washington Post 12/26/09 3   As reported on CNBC 12/22/09 How Long Will Interest Rates Remain Low?
Monthly Payment Savings ,[object Object],Monthly payments are based on interest rates of 5.5% on 9/13/2009 vs. 4.25% on 9/13/2010. One Year Ago Today Mortgage Amount $300,000 $300,000 Monthly Payment (P&I) $1,704 $1,476 Savings $228/month
[object Object],[object Object],[object Object],[object Object],The interest rate assumption is based on a 30-year fixed rate mortgage. $252 difference per month for 30 years The Opportunity in 2011
[object Object],Establish  Your  Buying Power
The Impact of Pricing on the Salability of Your Home..…
All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
Negotiations are about leverage, use the listing price as part of yours… Source: MLS
Princeton Twp. 2010 The Price Trend Came up with a price of $850,000. I recommended a price of $799,000.
Negotiations are about leverage, use the listing price as yours… Listed at $799,000. 5 offers, sold at $942,000.  The seller had control.
 
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.
Princeton Sold Homes, 2010 Days on Market
List to Sales Price Ratio 2010
Local Market Update
Local Market Update
2 .  The Effect of  Staging  on the Value of a  Home .
All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
What  Is  Home  Staging  ? 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 .
Non-Staged The Way You Live In Your Home…
…  And The Way We Market And Sell A House Are Two Different Things. Staged
“ The Investment in Home Staging  is  Always Less  than Your  First Price Reduction!”
Non-Staged Buyers Only Know What They See …
…  Not The Way It Is Going To Be. Staged
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!”
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!”
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.
All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
What is  ‘ Pre-Inspection?’
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.   
PRE-LISTING Home Inspection DOESN’T THE BUYER DO THE HOME INSPECTION?
All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
PRE-LISTING Home Inspection Data on where most sales fall apart: attorney review, home inspection. Fall Thru Percentage 2007: 26% Fall Thru Percentage 2010: 10% .
Home Improvements I am moving out of the house, I do not want spend too much money to move. Or I just spent $$ on a new kitchen, I want $$$$$$ back on that investment when I move.
 
Weichert Family of Companies What will a real estate company do for me?
Making Your Purchase as  Smooth as Possible Buying a home involves the careful coordination of many people. Choosing a real estate team  you can count on will make the process smoother and easier.
[object Object],The Weichert Difference ,[object Object],[object Object]
[object Object],[object Object],[object Object],[object Object],What Will a Weichert Agent Do for Me?
We’re Here to Help ,[object Object]
Become a Fan! www.facbook.com/weichertprinceton www.weichert-princeton.com   We post a ton of great market data on these two sites.
Resource and website list: ,[object Object],[object Object],[object Object],[object Object]
Resource and Website List ,[object Object],[object Object],[object Object]
Resource and Website List: ,[object Object],[object Object]
Resource and website list: ,[object Object],[object Object],[object Object]

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December 2011 Market Seminar

  • 1. Weichert, Princeton Office January 2011 Market Update/ Forecast Seminar Offers analysis of the Princeton & Greater Princeton, NJ real estate markets & effective strategies to buy and sell.
  • 2. Presented by: Joshua D Wilton Broker/ Sales Rep. Weichert Realtors Princeton, NJ (o) 609-921-1900 www.weichert-princeton.com www.facebook.com/weichertprinceton
  • 3.
  • 4.
  • 5.  
  • 6. In our local area (CT/NY/NJ Lehigh Valley, PA), the number of homes for sale (Weichert and non-Weichert listings) has steadily increased over the past four years. Variance % 2010 to 2009 NY (Ashby) +13.11% CT (Doepper) +118.53% Passaic/Hudson/Bergen NJ (Bixon) + 5.86% Western Central NJ/Lehigh Valley PA (McDonald) +6.78% Northern and Central NJ (Prevete) +9 .24% Eastern Central/Shore Points NJ (Waters) +10.63% Southern NJ (Williams) +10.87%
  • 7. 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.
  • 8. 183.7 Aug 2011 Affordability Index
  • 9. 1 st Time Home Buyer Index
  • 10. 2011: State of the Market +8.29% 1 yr change ‘ 09 vs ‘11
  • 11. Historically Low Interest Rates 2012: State of the Market
  • 12. 30 Year Fixed interest rate 3.94% Lowest in recorded history
  • 13. So why is the market so tight…?
  • 14. 5-6 months absorption rate indicates a normal market. How Long Will Interest Rates Remain Low?
  • 15. What will the future bring…?
  • 16. What will the future bring…?
  • 17. A long term outlook in NJ & Mercer County ‘Supply & Demand’ Source: NAR, November 2008 Forecast
  • 18. NJ Housing Permits Source: Census In thousand units
  • 19. NJ Housing Permits Source: Census RESIDENTIAL BUILDING PERMITS AUTHORIZED 2000-2008 COUNTY 2000 2001 2002 2003 2004 2005 2006 2007 2008 Total Atlantic County 1,625 1,685 2,020 2,285 2,075 2,002 1,893 1,136 794 15,515 Bergen County 2,847 1,784 1,771 1,289 2,142 2,972 2,164 2,957 1,311 19,237 Burlington County 2,775 2,184 2,359 1,805 1,516 1,475 2,784 1,037 976 16,911 Camden County 796 757 1,160 1,934 1,413 1,706 1,183 1,191 895 11,035 Cape May County 1,242 1,403 1,422 1,693 2,149 2,433 1,580 1,081 485 13,488 Cumberland County 255 256 310 374 566 630 737 683 336 4,147 Essex County 1,491 1,548 1,588 2,235 2,343 3,128 3,284 1,854 1,314 18,785 Gloucester County 1,337 1,635 1,802 1,859 2,050 2,075 1,141 920 788 13,607 Hudson County 1,338 1,116 1,534 2,116 3,808 4,498 4,275 3,081 3,229 24,995 Hunterdon County 616 685 602 814 648 506 350 316 206 4,743 Mercer County 1,283 1,355 1,428 1,188 1,641 1,296 847 700 625 10,363 Middlesex County 2,460 1,884 1,999 2,306 2,622 3,206 2,567 1,597 1,020 19,661 Monmouth County 2,912 2,194 2,372 2,756 2,628 2,584 2,820 2,060 1,526 21,852 Morris County 2,684 1,577 1,914 1,555 1,427 2,503 1,670 1,052 795 15,177 Ocean County 5,633 3,830 3,534 4,009 3,818 2,904 2,114 2,160 1,527 29,529 Passaic County 457 631 689 829 763 647 850 760 432 6,058 Salem County 161 180 170 307 334 297 298 148 198 2,093 Somerset County 2,282 1,439 1,530 1,260 1,362 1,220 1,058 926 791 11,868 Sussex County 719 808 679 587 612 668 603 360 302 5,338 Union County 776 551 681 1,198 1,399 1,278 1,593 1,123 673 9,272 Warren County 896 765 877 585 620 560 512 258 146 5,219 New Jersey 34,585 28,267 30,441 32,984 35,936 38,588 34,323 25,400 18,369 278,893
  • 20. Long Term Supply … Source: NAR, November 2008 Forecast Richardson Commercial
  • 21. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
  • 22. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
  • 23. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
  • 24. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
  • 25. Long Term Demand in Mercer County … Source: NAR, November 2008 Forecast Source: https://edis.commerce.state.nc.us/docs/countyProfile/NJ/34021.pdf (Mercer County) Population & Growth Population Annual Growth Rate 2013 Total Population 383,677 0.6% 2008 Total Population 371,963 0.7% 2000 Total Population 350,761
  • 26. Affordability will Spur Recovery 2012: State of the Market
  • 27. 1. Real Estate is Local Top Five Rules for Understanding the Real Estate Market: 2. Real Estate is Local 3. Real Estate is Local 4. Real Estate is Local 5. Real Estate is Local
  • 28. Mercer County SF Inventory 01-10 Trendmls.com
  • 29. Mercer County SF Settled Units 01-10 Trendmls.com
  • 30. 2010 v 2011 Market Comparison Town 2011 Listed 2011 Sold 2010 Listed 2010 Sold 2011 DOM 2010 DOM 2011 Sold $ 2010 Sold $ 2011 Avg. $ 2010 Avg. $ Pton Twp. 328 167 313 161 103 98 $156m $142m $937k $883K Pton Boro 130 66 125 66 81 109 $56m $59m $857k $899k West Windsor 412 251 497 311 72 60 $132m $166m $522k $536k Lawrence 461 217 550 284 101 91 $66m $96m $305k $339k Hope-well 321 137 380 168 121 122 $62m $88m $455k $528k Ewing 574 195 642 252 119 98 $34.3m $52m $176k 208 East Windsor 452 138 453 176 120 97 $34.5 46 $250k $263k Plains-boro 310 167 327 200 82 61 $65m $78m $328k $391k
  • 31. 1. You Understand the Local Market That You are Buying into or Selling out of… -Inventory - Location - Sales Patterns - Neighborhood, Location - Style of Home, Beds, Baths, etc
  • 32. Market Absorption Scale (Absorption Rate in Months) 5-6 months absorption rate indicates a normal market.
  • 33. Absorption Rate by Price Range 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 .
  • 34. Sample 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.
  • 35. Market Scale for Supply & Demand High Supply/Low Demand Low Supply/High Demand 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. Market Absorption in Months 1 2 3 4 5 6 7 8 9 10 11 12 Normal
  • 36. 2007 thru 2011 Market Activity Comparison: Week of 12/10 2007 Active Inventory 2007 Pending Sales (prev. 30 days) 2008 Active Inventory 2008 Pending Sales (prev. 30 days) 2009 Active Inventory 2009 Pending Sales (prev 30 days) 2010 Active Inventory 2010 Pending Sales (prev. 30 days) 2011 Active Inventory 2011 Pending Sales (prev. 30 days) Pton. Boro 32 2 39 2 30 2 37 3 39 3 Pton Twp 102 3 86 7 87 5 117 8 122 4 W. Windsor 112 9 102 5 90 18 91 15 91 12 Lawrence 197 15 175 9 195 26 179 14 175 5 East Windsor 183 18 187 14 157 20 211 2 216 12 Ewing 199 12 218 8 225 17 267 7 256 20 Hamilton 553 30 534 31 484 56 580 23 585 30 Hopewell Twp. 172 20 100 13 138 14 139 1 142 8 Cranbury 28 1 21 0 26 2 21 0 21 0 Plainsboro 94 5 88 5 86 9 82 5 South Brunswick 175 10 206 11 147 18 259 12 242 9 Montgomery 95 9 99 8 95 10 140 22 106 24
  • 37. 12/6/11 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days Net Gain (Loss) to Market Li1stings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor: All Styles 91 12 7.6 20 8 15 16.5% 9 7 13 West Windsor Condo/ T.Houses 19 6 3.2 4 -2 2 10.5% 0 0 2 West Windsor 55+ 12 0 99 1 1 -- -- 0 0 3 West Windsor Single Family 60 6 10 15 9 13 21.7% 9 7 8 Lawrence: All Styles 175 5 35 16 11 29 16.8% 15 9 13 Lawrence: Condo/ THouses 59 3 19.7 8 5 11 18.6% 6 2 2 Lawrence: 55+ 13 1 13 1 0 -- -- 1 3 0 Lawrence: Single Family 103 1 103 7 6 18 17.8% 8 4 11
  • 38. 12/6/11 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 256 20 12.8 34 14 55 21% 19 9 16 Ewing : Condo/ T.Houses 27 8 3.5 6 -2 12 44% 2 3 3 Ewing 55+: 10 0 999 0 0 --- --- 0 0 1 Ewing: Single Family 219 12 18.3 28 16 43 20% 17 6 12 East Windsor: All Styles 216 12 18 32 20 39 18% 22 6 14 East Windsor: Condo/ Thouses 127 5 25.4 22 17 27 21% 15 4 6 East Windsor: 55+ 14 1 14 2 1 --- --- 1 0 1 East Windsor: Single Family 75 6 12.5 8 2 12 16% 6 2 7
  • 39. 12/6/11 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 142 8 18 15 7 21 15% 10 10 12 Hopewell Twp. Condo/ T.Houses 12 1 12 2 1 3 25% 1 2 2 Hopewell Twp.: 55+ 6 0 99 0 0 -- -- 0 0 0 Hopewell Twp Single Family 124 7 18 13 6 18 14.5% 9 8 10 Hamilton: All Styles 585 30 19.5 76 46 99 17% 38 20 47 Hamilton: Condo/ THouses 95 1 95 13 12 20 21% 6 4 11 Hamilton: 55+ 40 1 40 8 7 -- -- 4 2 6 Hamilton: Single Family 450 28 16 55 27 79 17.5% 28 14 30
  • 40. 12/6/11 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 Robbinsville All Styles 123 14 9 12 (2) 23 19% 9 2 21 Robbinsville Condo/ T.Houses 50 9 5.5 9 0 12 24% 4 1 12 Single Family 73 5 15 3 (2) 11 15% 5 1 9 Hightstown Boro: All Styles 57 5 11 8 3 8 14% 12 2 3 Pennington 18 2 9 1 1 4 22% 1 2 0 Hopewell Boro 7 3 2 0 (3) 0 0 3 1 2
  • 41. 12/6/11 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 Princeton Boro: All Styles 39 3 13 4 -1 8 20.5% 2 3 9 Pton -Boro Condo/ Thouses 20 0 99 3 -3 3 15% 0 3 3 Pton-Boro Single Family 19 3 6.3 1 3 5 26.3% 2 0 6 Pton Twp: All Styles 122 4 30.5 10 6 13 9.9% 11 7 16 Pton Twp: Condo/ Thouses 16 1 16 1 0 4 25% 5 0 4 Pton Twp: Single Family 106 3 35.3 9 6 9 8.5% 6 7 12
  • 42. 12/6/11 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 242 9 27 22 13 117 48 31 5 31 South BrunswickCondo/ T.Houses 72 2 36 8 6 43 60 10 1 10 South Brunswick 55+ 35 1 35 3 2 20 57 0 0 1 South Brunswick Single Family 125 6 21 11 5 54 43 21 4 20 Monroe: All Styles 482 27 18 75 48 174 36 75 5 46 Monroe: 55+ 303 19 16 54 35 109 36 41 2 41 Monroe: Single Family 179 8 22 21 13 65 36 34 3 5
  • 43. 12/6/11 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 106 24 4.4 15 -9 17 16% 17 9 15 Montgomery Condo/Twnhms 19 6 3.2 2 -4 3 16% 3 3 4 Single Family 87 18 4.8 13 -5 14 16% 14 6 11 Hillsborough All Styles 255 32 8 33 +1 31 12% 19 8 24 Hillsborough Condo/Twnhms 109 7 15.6 17 +10 16 15% 6 4 9 Hillsborough Single Family 151 25 6 16 -9 15 10% 13 4 15
  • 44. Understand the Market That You are Buying/ Selling in… I want to live/ sell in West Windsor…..
  • 45. Sample 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.
  • 46. West Windsor Colonials By Price 5-6 months absorption rate indicates a normal market. Price Actives Pendings Ab. Rate $300-$500 17 3 5.6 500-$650 12 3 4 $650-$799 14 4 3.5 $800-$999 6 0 99 $1 million + 2 1 2
  • 47. Princeton Twp. Single Fam. by Price Alone 5-6 months absorption rate indicates a normal market. Price Actives Pendings Ab. Rate $400-$600 16 1 16 $600-$799 19 2 9.5 $1.0 – 1.35 14 2 7 $1.36-$1.65 16 0 99 $1.65-$2.0 10 0 99
  • 49. ‘ I don’t want to buy a house and then watch it drop in value!’
  • 50.  
  • 51.   Purchase Price $329,000 Loan Amount $317400 Down Payment $11,515 Monthly P&I $1802 Appreciation/Depreciation Home Value 1st Year -3% $319,130 2nd Year 0% $319,130 3rd Year 1% $322,321 4th Year 3% $331,990 5th Year 5% $348,590 5 Year Appreciation/Depreciation $19,500 Tax Benefit   Vs Paying Rent @ $1600/mo 1st Year $5,000 $19,200 2nd Year $5,000 $19,200 3rd Year $5,000 $19,200 4th Year $5,000 $19,200 5th Year $5,000 $19,200 5 Year Total $25,000 $96,000 Total Gain $44,200 Create Equity v Pay Rent
  • 52.   Purchase Price $329,000 Loan Amount $317400 Down Payment $11,515 Monthly P&I $1802 Appreciation/Depreciation Home Value 1st Year 5 $319,130 2nd Year 3% $319,130 3rd Year 2% $322,321 4th Year 2% $331,990 5th Year 2% $348,590 5 Year Appreciation/Depreciation $48,590 Tax Benefit   Vs Paying Rent @ $1600/mo 1st Year $5,000 $19,200 2nd Year $5,000 $19,200 3rd Year $5,000 $19,200 4th Year $5,000 $19,200 5th Year $5,000 $19,200 5 Year Total $25,000 $96,000 Total Gain $73,529 Create Equity v Pay Rent
  • 53. + The Amortization Schedule on a Loan Yearly Schedule of Balances and Payments Year Beginning Balance Payment Principal Interest Cumulative Principal Cumulative Interest Ending Balance 2010 $315,646.96 $21,625.92 $4,374.96 $17,250.96 $6,128.00 $24,508.72 $311,272.00 2011 $311,272.00 $21,625.92 $4,621.30 $17,004.62 $10,749.30 $41,513.34 $306,650.70 2012 $306,650.70 $21,625.92 $4,881.98 $16,743.94 $15,631.28 $58,257.28 $301,768.72 2013 $301,768.72 $21,625.92 $5,157.36 $16,468.56 $20,788.64 $74,725.84 $296,611.36 2014 $296,611.36 $21,625.92 $5,448.28 $16,177.64 $26,236.92 $90,903.48 $291,163.08
  • 54. Appreciation (conservitive): $19,500 + Amortization: $20,109 + Tax Benefit of Home Ownership $25,000 + Low Interest Rates: $5000 ___________________ total 5 year gain = $69,609
  • 55.
  • 56. Market Absorption Scale (Absorption Rate in Months) 5-6 months absorption rate indicates a normal market.
  • 57. 1. ‘I am going to time the Market and buy/ sell at the time when inventory & buyer count is in my favor…’ Source: MLS
  • 58. Listing v Contracts: Dec – Jan 2011, Princeton Twp. Date Units Listed Listed Volume Listed Average Pended Units Sold Sold Volume Sold Average Average DOM Dec 2011 1 975,000 975,000 1 7 6,049,810 864,258 127 Nov 2011 12 13,448,470 1,120,705 7 14 13,615,375 972,526 121 Oct 2011 19 30,493,500 1,604,921 17 8 4,701,870 587,733 125 Sep 2011 27 32,652,276 1,209,343 14 18 19,890,800 1,105,044 91 Aug 2011 16 12,546,300 784,143 9 28 26,741,650 955,058 89 July 2011 19 14,944,800 786,568 16 20 27,159,000 1,357,950 68 June 2011 39 41,836,900 1,072,741 19 21 15,886,499 756,499 122 May 2011 52 65,734,444 1,264,123 35 15 13,484,100 898,940 72 Apr 2011 40 40,740,062 1,018,501 13 8 6,756,950 844,618 133 Mar 2011 51 68,914,088 1,351,256 22 14 12,117,000 865,500 128 Feb 2011 32 23,239,909 726,247 8 6 4,103,000 683,833 128 Jan 2011 20 24,895,499 1,244,774 6 8 6,051,000 756,375 99                   Totals: 328 370,421,248 1,129,333 167 167 156,557,054 937,467 103                  
  • 59. Listing v Contracts: Dec – Jan 2011, West Windsor. Date Units Listed Listed Volume Listed Average Pended Units Sold Sold Volume Sold Average Average DOM Dec 2011 4 2,286,700 571,675 1 1 585,000 585,000 57 Nov 2011 23 14,398,655 626,028 13 14 7,265,295 518,949 79 Oct 2011 22 10,658,488 484,476 12 24 14,353,000 598,041 87 Sep 2011 25 12,208,440 488,337 24 23 12,385,025 538,479 61 Aug 2011 27 12,722,210 471,192 25 34 17,294,750 508,669 54 July 2011 35 18,198,790 519,965 20 37 20,523,900 554,700 56 June 2011 45 26,025,988 578,355 36 34 17,281,476 508,278 70 May 2011 48 26,107,288 543,901 35 21 11,744,500 559,261 76 Apr 2011 64 34,006,062 531,344 32 14 6,025,000 430,357 63 Mar 2011 56 32,541,174 581,092 14 21 10,676,000 508,380 83 Feb 2011 35 19,939,237 569,692 15 11 4,379,000 398,090 113 Jan 2011 28 14,258,350 509,226 21 17 9,720,500 571,794 101                   Totals: 412 223,351,382 542,115 248 251 132,233,446 526,826 72                
  • 60. Source: MLS Inventory Levels, Princeton Twp. New Jersey, 2010
  • 61. 3. ‘I am going to wait until the price comes down further and then make an offer/ if I lower my price I will get lower bids…? Source: MLS
  • 62. Don’t Wait West Windsor: 75% Homes currently Under Contract: 32 Under contract within 30 days of Listing at the Right Price or Re-positioning in line with the market : 24 East Windsor: 76% Homes currently Under Contract: 21 Under contract within 30 days of Listing at the Right Price or Re-positioning in line with the market : 16
  • 63. Don’t Wait Plainsboro: 95% Homes currently Under Contract: 21 Under contract within 30 days of Listing at the Right Price or Re-positioning in line with the market : 20
  • 64. It’s About Price Sellers, if your listing hasn’t gone under contract in the last 30 days and the price is not adjusted it will not go under contract in the next 30. If the home your buyer wants has not had a price adjustment in the last 30 days it is the perfect time to go face to face with the seller to negotiate!
  • 65. Jeff Smith, Loan Officer Weichert Financial Services Financial Benefits and Process of Home-Ownership.
  • 66. Pop Quiz… If you take out a $200,000 30 year fixed payment loan from the bank, what is your monthly payment? A. $1901. B. $1640. C. $1201. D. $969.
  • 67. Pop Quiz… What does an average buyer need for a down payment? A. 25% B. 20% C. 10% D. 3.5% D. 0%
  • 68. FHA Loan Limits Reinstated… The new limits are in effect for case numbers issued from  November 18 th of this year through September 30, 2012. It also permits up to a 6% seller contribution from a seller to a buyer for actual closing costs and escrows.   Local County Limits: Hunterdon $729,750 Mercer $440,000 Middlesex $729,750 Monmouth $729,750 Salem $420,000 Somerset $729,750
  • 69. Introducing the USDA Mortgage OPPORTUNITY : Customers want to purchase homes with little or no money down. SOLUTION : The USDA 100% Financing Mortgage will help your borrowers overcome one of the greatest obstacles to homeownership – a down payment.
  • 70.
  • 71.
  • 72.
  • 73.
  • 74.
  • 75. 1 Source: Freddie Mac 2 As reported in the Washington Post 12/26/09 3 As reported on CNBC 12/22/09 How Long Will Interest Rates Remain Low?
  • 76.
  • 77.
  • 78.
  • 79. The Impact of Pricing on the Salability of Your Home..…
  • 80. All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
  • 81. Negotiations are about leverage, use the listing price as part of yours… Source: MLS
  • 82. Princeton Twp. 2010 The Price Trend Came up with a price of $850,000. I recommended a price of $799,000.
  • 83. Negotiations are about leverage, use the listing price as yours… Listed at $799,000. 5 offers, sold at $942,000. The seller had control.
  • 84.  
  • 85. 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.
  • 86. Princeton Sold Homes, 2010 Days on Market
  • 87. List to Sales Price Ratio 2010
  • 90. 2 . The Effect of Staging on the Value of a Home .
  • 91. All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
  • 92. What Is Home Staging ? 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 .
  • 93. Non-Staged The Way You Live In Your Home…
  • 94. … And The Way We Market And Sell A House Are Two Different Things. Staged
  • 95. “ The Investment in Home Staging is Always Less than Your First Price Reduction!”
  • 96. Non-Staged Buyers Only Know What They See …
  • 97. … Not The Way It Is Going To Be. Staged
  • 98. 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!”
  • 99. 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!”
  • 100. 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.
  • 101. All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
  • 102. What is ‘ Pre-Inspection?’
  • 103. 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.  
  • 104. PRE-LISTING Home Inspection DOESN’T THE BUYER DO THE HOME INSPECTION?
  • 105. All Negotiations, including real estate, are all about negotiation and control . Home Staging Who is in control?
  • 106. PRE-LISTING Home Inspection Data on where most sales fall apart: attorney review, home inspection. Fall Thru Percentage 2007: 26% Fall Thru Percentage 2010: 10% .
  • 107. Home Improvements I am moving out of the house, I do not want spend too much money to move. Or I just spent $$ on a new kitchen, I want $$$$$$ back on that investment when I move.
  • 108.  
  • 109. Weichert Family of Companies What will a real estate company do for me?
  • 110. Making Your Purchase as Smooth as Possible Buying a home involves the careful coordination of many people. Choosing a real estate team you can count on will make the process smoother and easier.
  • 111.
  • 112.
  • 113.
  • 114. Become a Fan! www.facbook.com/weichertprinceton www.weichert-princeton.com We post a ton of great market data on these two sites.
  • 115.
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Editor's Notes

  1. (elicit responses)
  2. (elicit responses)
  3. (elicit responses)
  4. (elicit responses)
  5. 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.
  6. 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.
  7. 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.
  8. 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.
  9. 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.
  10. 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.
  11. 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.
  12. 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.
  13. 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.
  14. 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.
  15. 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.
  16. 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.
  17. Create your own table or put together a bulleted list that covers the aspects of the marketplace that you consider most relevant and valuable to your Associates. Examples of items that might be used on this slide include trends in sales, prices, inventory and/or foreclosures in the different communities in your local market; news from your local board of Realtors; what the competition is doing, etc.
  18. Create your own table or put together a bulleted list that covers the aspects of the marketplace that you consider most relevant and valuable to your Associates. Examples of items that might be used on this slide include trends in sales, prices, inventory and/or foreclosures in the different communities in your local market; news from your local board of Realtors; what the competition is doing, etc.
  19. Create your own table or put together a bulleted list that covers the aspects of the marketplace that you consider most relevant and valuable to your Associates. Examples of items that might be used on this slide include trends in sales, prices, inventory and/or foreclosures in the different communities in your local market; news from your local board of Realtors; what the competition is doing, etc.
  20. GSM Dialogue : GSM to ask for show of hands. GSM to share a recent success story that fits this profile.
  21. 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.
  22. Create your own table or put together a bulleted list that covers the aspects of the marketplace that you consider most relevant and valuable to your Associates. Examples of items that might be used on this slide include trends in sales, prices, inventory and/or foreclosures in the different communities in your local market; news from your local board of Realtors; what the competition is doing, etc.
  23. Create your own table or put together a bulleted list that covers the aspects of the marketplace that you consider most relevant and valuable to your Associates. Examples of items that might be used on this slide include trends in sales, prices, inventory and/or foreclosures in the different communities in your local market; news from your local board of Realtors; what the competition is doing, etc.
  24. 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.
  25. 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.
  26. 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.
  27. 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.