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Weichert, Princeton Junction Office
January 2014

Real Estate
Market Update
Weichert, Princeton Office
January 2014
Real Estate
Market Update
Joshua D Wilton
Managing Broker
Princeton Office

DaveMcDermott
Gold Services Manager
Princeton Office
Agenda
1. The Market
- A History, Current Conditions and Forecast
2. Strategies for Buying & Selling
3. We are here to help
Agenda

1. The Real Estate Market
(a brief history)
Agenda

Then…
The Boom…
The boom….

Otteau.com
Otteau.com
NJ version of the bust...
The NJVersion of the Bust…

Otteau.com
2012: State of the Market

Affordability
will
Spur Recovery
Affordability Index
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.
Source: NAR Housing Affordability Index 1971 to 2010
194.5
Nov 2011
Affordability Index
NJ version of the bust...
The NJVersion of the Bust…

Otteau.com
The Forecast…
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
Real Estate Market Update
What are the ‘experts’ saying about the market
now…?
“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
"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
"All those young people who moved in
with their parents over the past few
Affordability is still good compared to any time over the last 50 years.
years and didn't move out during the
recession, there should be pent-up
demand for household formation."

Jed Kolko
Trulia’s Chief Economist
I can do all my own research online…
Affordability is still good compared to any time over the last 50 years.

The Customer….
The Local Market
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
The National Picture
5,500,000

Existing Home Sales

5,000,000

4,500,000

4,000,000

S&P Case Shiller 12/2013
Percentage of Distressed Property Sales
35%

14%

NAR 12/2013
Year-Over-Year % Change in House Sales
NORTHEAST
WEST

Up 6.6%

Down 10.1%
MIDWEST
Unchanged
NAR’s Existing Homes
Sales Report 12.2013

SOUTH
Up 1%
Pending Home Sales

100 = Historically Healthy Level

NAR 12/2013
Months Inventory of Homes for Sale

5-6 Months = Normal Market Inventory

NAR 12/2013
The New Jersey Picture
Agenda

Then…

Source: Otteau Valuation Group
The Greater Princeton Picture
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
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
Mercer County

Source: Trend MLS
Somerset County

Source: Trend MLS
Middlesex County

Source: Trend MLS
Market Absorption Scale
(Absorption Rate in Months)

5-6 months absorption rate indicates a normal market.
“Market Absorption” Rate
Anytown., NJ

107 current active listings
4 reported sales in last 30 days

24.3
= months
absorption
rate

Market Absorption Rate is the Absorption Rate indicates to normal current inventory of
5-6 Months Market number of months it will take a sell the market.
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
46

Market Scale for Supply & Demand
1
2
3
4
Normal

Market Absorption in Months

High Supply/Low Demand

5
6
7
8
9

10
11
12

Normal

Low Supply/High Demand

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” Rate
Anytown., NJ

107 current active listings
4 reported sales in last 30 days

24.3
= months
absorption
rate

Market Absorption Rate is the Absorption Rate indicates to normal current inventory of
5-6 Months Market number of months it will take a sell the market.
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
2/25/14
Towns

Active
Listings

Pending in Absorption
Last 30
Rate in
Days
Months

Net Gain
New Listings
(Loss) to
in 30 Days
Market

Listings
Reduced in
30 Days

% of Invent.
Reduced

Expired
Listings

W/drawn
Listings

Closed
Listings

West Windsor:
All Styles

63

11

5.73

31

20

4

6.4%

1

2

10

West Windsor
Condo/
T.Houses

16

1

16

9

8

1

6.3%

0

1

2

West Windsor
55+

2

0

99

2

2

--

--

0

0

0

West Windsor
Single Family

45

10

4.5

20

10

3

6.7%

1

1

8

Lawrence: All
Styles

117

15

7.8

33

18

18

15.4%

8

7

13

Lawrence:
Condo/
THouses

33

4

8.3

17

13

2

6.1%

1

4

3

Lawrence:
55+

6

3

2

1

(2)

--

--

0

0

0

78

8

9.8

15

7

16

20.5%

7

3

10

Lawrence:
Single Family
2/25/14
Towns

Active
Listings

Pending
in Last
30 Days

Absorption
Rate in
Months

Ewing:
All Styles

176

13

14

Ewing :
Condo/
T.Houses

32

1

Ewing
55+:

1

Ewing:
Single
Family

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

26

13

44

25%

12

2

14

32

8

7

4

13%

2

1

2

0

999

1

1

---

---

0

0

0

143

12

12

18

6

40

28%

10

1

12

East
Windsor:
All Styles

102

13

8

27

14

22

22%

10

2

14

East
Windsor:
Condo/
Thouses

57

6

10

21

15

16

28%

8

0

9

East
Windsor:
55+

8

1

8

8

7

---

---

1

0

0

East
Windsor:
Single
Family

37

6

6

6

0

6

16%

1

2

5
2/25/14
Towns

Active
Listings

Pending
in Last
30 Days

Absorption
Rate in
Months

New
Listings in
30 Days

126

10

12.6

25

15

16

12.7%

4

3

4

Hopewell
Twp. Condo/
T.Houses

9

1

9.0

3

2

2

22.2%

0

1

1

Hopewell
Twp.:
55+

0

0

0

0

0

0

0.0%

1

0

0

Hopewell Twp
Single Family

117

9

13.0

22

13

14

11.9%

3

2

3

Hamilton: All
Styles

415

35

11.86

87

52

65

15.7%

16

17

34

94

7

13.43

24

17

8

8.5%

0

4

5

4

2

2.00

0

(2)

0

0.0%

0

1

1

317

26

12.19

63

37

57

17.9%

16

12

28

Hopewell
Twp.
All Styles

Hamilton:
Condo/ THouses

Hamilton:
55+

Hamilton:
Single Family

Net Gain
(Loss) to
Market

Listings
Reduced in
30 Days

% of
Invent.
Reduced

Expired
Listings

W/drawn
Listings

Closed
Listings
2/25/14
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

Robbinsville
All Styles

64

18

4

25

7

7

11%

1

4

8

Robbinsville
Condo/
T.Houses

32

6

5

15

9

2

6%

1

3

4

Single Family

32

12

3

10

(2)

5

16%

0

1

4

Hightstown
Boro: All
Styles

32

2

16

6

4

4

13%

2

1

4

Pennington

20

2

10

6

4

3

15%

0

1

0

Hopewell Boro

9

1

9

1

0

0

0%

0

0

1
2/25/14
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

104

11

9.5

35

24

5

4.8%

1

6

13

Princeton:
Condo/
Thouses

26

5

5.2

5

0

1

3.8%

0

0

2

Princeton:
Single
Family

78

6

13

30

24

4

5.1%

1

6

11
2/25/14
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

137

17

8

29

12

4

3

8

3

20

South
BrunswickCon
do/ T.Houses

34

7

5

8

1

-2

1

4

1

8

South
Brunswick
55+

25

0

99

1

1

0

0

0

0

1

South
Brunswick
Single Family

78

10

8

20

10

6

8

4

2

11

Monroe:
All Styles

279

26

10

85

59

7

5

30

2

61

Monroe:
55+

149

18

8

49

31

2

1

8

1

44

Monroe:
Single Family

130

8

16

36

28

5

4

12

1

16
2/25/14
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

77

25

3

31

+6

4

5%

4

2

13

Montgomery
Condo/Twnhms

9

3

3

6

+3

0

0

0

0

4

Single Family

68

22

3

25

+3

4

5%

4

2

9

Hillsborough
All Styles

129

39

3.3

42

+3

9

7%

6

13

24

Hillsborough
Condo/Twnhms

54

18

3

22

+4

5

9%

3

7

11

Hillsborough
Single Family

75

21

3.6

20

-1

4

5%

3

6

13
2/25/14
Towns

Active
Listing
s

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

34

5

6.8

19

14

3

8%

6

0

12

Plainsboro
cond0
T’home

5

2

2.5

7

5

0

0

2

0

5

Plainsboro
55+

10

1

10

3

2

0

0

1

0

3

Plainsboro
Single
Family

19

2

9.5

9

7

3

16%

3

0

4

Cranbury:
All Styles

13

1

13

2

1

4

31%

2

0

3
2006 - 2008 Core Market Comparison: Week of 1/13/14

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

West
Windsor

95

18

5.3

72

12

6

Plainsboro

86

12

7.16

66

10

6.6

34

5

Lawrence

164

14

11.7

154

13

11.8

147

15

202

18

11

142

13

11

102

Hamilton

529

45

11.8

393

41

9.6

Hopewell
Twp

135

5

27

105

9

Robbinsville

118

10

12

67

Princeton

137

13

10.5

South
Brunswick

220

9

Montgomery

121

17

East
Windsor

63

11

‘14
Absorp.
Rate

5.3

Inventory
compared
to 2012

Inventory
compared to
2013

(24%)

(13%)

(23%)

(48%)

7.8

(6%)

(5%)

13

8

(30%)

(28%)

415

35

11

(25%)

5%

11.7

126

10

12.6

(28%)

20%

17

4

64

18

4

(43%)

4

113

11

10.2

104

11

9.5

(17%)

(7)

24

160

17

9

137

17

8

(27%)

(14%)

10.1

88

18

4.9

77

25

3

(27%)

(12%)

6.8
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
Market Absorption Rate
Princeton
All Inventory
107 current active listings

9.72 months
= absorption
11 reported ‘pending’ sales in last 30 daysrate

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
Market Absorption Rate
Princeton
NOT Single Family Homes
26 current active listings

6.5 months
= absorption
4 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
Princeton
Twin or Townhouse
3 bedroom
5 current active listings

2.5 months
= absorption
2 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
South Brunswick
All Inventory
137 current active listings

8 months
= absorption
17 reported ‘pending’ sales in last 30 daysrate

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
Market Absorption Rate
South Brunswick
Condo/Townhouse Market
24 current active listings

12 months
= absorption
2 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
South Brunswick
Princeton Walk Development
All Types
3 current active listings

1.5 months
= absorption
2 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
South Brunswick
Princeton Walk Development
Townhomes
0 current active listings

0 months
= absorption
1 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
West Windsor

63 current active listings

5.75 months
= absorption
11 reported ‘pending’ sales in last 30 daysrate

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
Market Absorption Rate
West Windsor
Under $500,000
22 current active listings

5.5 months
= absorption
4 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
West Windsor
$501,000 - $750,000
15 current active listings

3 months
= absorption
5 reported ‘pending’ sales in last 30 days rate

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
Market Absorption Rate
West Windsor
$750,000 +
11 current active listings

11 months
= absorption
1 reported ‘pending’ sales in last 30 days rate

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
Strategies to Buy & Sell in 2014…
2014

Top Buyer Negotiating
Strategy…Pay now or Pay more
later.
Monroe Lane, Princeton
Listed at $650,000
14 offers…
Weichert Buyer prevailed at
$740,000
Exact Comp…currently on the
market for $749,000…
2. ‘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 2013 Princeton
Listing v Contracts: Dec – Jan 2012, Lawrence Twp.
The Impact of
Pricing, Staging and Pre-Inspection
on the Salability of A Home..…
Negotiations are about
leverage
Maximize Yours

Source: MLS
Home Pricing
All Negotiations, including real estate, are all about negotiation and control.

Who is in control?
Effects of Right Pricing:
•
•
•
•

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 Over Pricing:
•
•
•
•
•

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
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.
Hillsborough

The Price Trend Came up with a price of $520,000
We recommended a price of $499,000
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
West Windsor

The Price Trend Came up with a price of $780,000
We recommended a price of $769,000
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
Princeton
Price Trend Price:
$1.275
Appraised by local
Appraiser prior to going on
market:
$1.275
Princeton
Put on market at
$1.1 million
8 offers
Sold in 8 days
$1.350 million
No contingencies
The Impact of Staging on the
Salability of Your Home..…
Home Staging
All Negotiations, including real estate, are all about negotiation and control.

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.
Clean & In Good Repair
“Wow…. I could live here!”
“The Investment in Home Staging
is Always Less than Your
First Price Reduction!”
Buyers Only Know What They See …
… Not The Way It Is Going To Be.
Home Staging
“The investment in home staging is always less than your first price reduction!”

*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.
Home Staging

“The investment in home staging is always less than your first price reduction!”

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
*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 Impact of Inspection & Repairs
on the Salability of Your Home..…
Pre - Inspection
All Negotiations, including real estate, are all about negotiation and 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. It
will also advise if any potential environmental hazards
were observed.
Pre-Inspection

DOESN’T THE BUYER DO THE HOME
INSPECTION?
Pre-Inspection
• 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
Its about control.
Real Estate Market Update

Weichert Financial Services

Dave McDermott
Gold Services Manager
NMLS #101160
Weichert Financial Services
646-921-1900
dmcdermott@weichertfinancial.com
The Financial Forecast…
Pop Quiz I
If you take out a $200,000 30 year fixed
payment loan from the bank, what is
your monthly payment?
A. $1802.
B. $1597.
C. $1310.
D. $998.
My Job is to Provide You the Highest
Level of Customer Service in the
Industry
My Team…
We put Jim’s Money on the line and
Guarantee our performance
I look forward to meeting with
you.
What will a real estate
company do for me?
This is
where
you win
or lose
the sale

Source: 2012 NAR Profile of Home Buyers and Sellers
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.
Thank you for your time
today.
Resource and Website List
www.trendmls.com
www.realtor.org
www.njar.com
www.Otteau.com
www.Pre-listing-inspection.com
www.Housemaster.com
www.Stagingshoppingcenter.com
www.realtytrac.com
www.njar.com/10k

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March 2014 market update seminar public

  • 1. Weichert, Princeton Junction Office January 2014 Real Estate Market Update
  • 2. Weichert, Princeton Office January 2014 Real Estate Market Update Joshua D Wilton Managing Broker Princeton Office DaveMcDermott Gold Services Manager Princeton Office
  • 3. Agenda 1. The Market - A History, Current Conditions and Forecast 2. Strategies for Buying & Selling 3. We are here to help
  • 4. Agenda 1. The Real Estate Market (a brief history)
  • 8. NJ version of the bust... The NJVersion of the Bust… Otteau.com
  • 9. 2012: State of the Market Affordability will Spur Recovery
  • 10. Affordability Index 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. Source: NAR Housing Affordability Index 1971 to 2010
  • 12. NJ version of the bust... The NJVersion of the Bust… Otteau.com
  • 14.
  • 15. 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
  • 16. Real Estate Market Update What are the ‘experts’ saying about the market now…?
  • 17.
  • 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. "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. "All those young people who moved in with their parents over the past few Affordability is still good compared to any time over the last 50 years. 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. I can do all my own research online… Affordability is still good compared to any time over the last 50 years. The Customer….
  • 23.
  • 24. 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
  • 27. Percentage of Distressed Property Sales 35% 14% NAR 12/2013
  • 28. Year-Over-Year % Change in House Sales NORTHEAST WEST Up 6.6% Down 10.1% MIDWEST Unchanged NAR’s Existing Homes Sales Report 12.2013 SOUTH Up 1%
  • 29. Pending Home Sales 100 = Historically Healthy Level NAR 12/2013
  • 30. Months Inventory of Homes for Sale 5-6 Months = Normal Market Inventory NAR 12/2013
  • 31. The New Jersey Picture
  • 32.
  • 33.
  • 34.
  • 35.
  • 38. Long Term Supply … Source: NAR, November 2008 Forecast Richardson Commercial
  • 39. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf
  • 40. 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
  • 44. Market Absorption Scale (Absorption Rate in Months) 5-6 months absorption rate indicates a normal market.
  • 45. “Market Absorption” Rate Anytown., NJ 107 current active listings 4 reported sales in last 30 days 24.3 = months absorption rate Market Absorption Rate is the Absorption Rate indicates to normal current inventory of 5-6 Months Market number of months it will take a sell the market. 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
  • 46. 46 Market Scale for Supply & Demand 1 2 3 4 Normal Market Absorption in Months High Supply/Low Demand 5 6 7 8 9 10 11 12 Normal Low Supply/High Demand 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.
  • 47. “Market Absorption” Rate Anytown., NJ 107 current active listings 4 reported sales in last 30 days 24.3 = months absorption rate Market Absorption Rate is the Absorption Rate indicates to normal current inventory of 5-6 Months Market number of months it will take a sell the market. 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
  • 48. 2/25/14 Towns Active Listings Pending in Absorption Last 30 Rate in Days Months Net Gain New Listings (Loss) to in 30 Days Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings West Windsor: All Styles 63 11 5.73 31 20 4 6.4% 1 2 10 West Windsor Condo/ T.Houses 16 1 16 9 8 1 6.3% 0 1 2 West Windsor 55+ 2 0 99 2 2 -- -- 0 0 0 West Windsor Single Family 45 10 4.5 20 10 3 6.7% 1 1 8 Lawrence: All Styles 117 15 7.8 33 18 18 15.4% 8 7 13 Lawrence: Condo/ THouses 33 4 8.3 17 13 2 6.1% 1 4 3 Lawrence: 55+ 6 3 2 1 (2) -- -- 0 0 0 78 8 9.8 15 7 16 20.5% 7 3 10 Lawrence: Single Family
  • 49. 2/25/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months Ewing: All Styles 176 13 14 Ewing : Condo/ T.Houses 32 1 Ewing 55+: 1 Ewing: Single Family 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 26 13 44 25% 12 2 14 32 8 7 4 13% 2 1 2 0 999 1 1 --- --- 0 0 0 143 12 12 18 6 40 28% 10 1 12 East Windsor: All Styles 102 13 8 27 14 22 22% 10 2 14 East Windsor: Condo/ Thouses 57 6 10 21 15 16 28% 8 0 9 East Windsor: 55+ 8 1 8 8 7 --- --- 1 0 0 East Windsor: Single Family 37 6 6 6 0 6 16% 1 2 5
  • 50. 2/25/14 Towns Active Listings Pending in Last 30 Days Absorption Rate in Months New Listings in 30 Days 126 10 12.6 25 15 16 12.7% 4 3 4 Hopewell Twp. Condo/ T.Houses 9 1 9.0 3 2 2 22.2% 0 1 1 Hopewell Twp.: 55+ 0 0 0 0 0 0 0.0% 1 0 0 Hopewell Twp Single Family 117 9 13.0 22 13 14 11.9% 3 2 3 Hamilton: All Styles 415 35 11.86 87 52 65 15.7% 16 17 34 94 7 13.43 24 17 8 8.5% 0 4 5 4 2 2.00 0 (2) 0 0.0% 0 1 1 317 26 12.19 63 37 57 17.9% 16 12 28 Hopewell Twp. All Styles Hamilton: Condo/ THouses Hamilton: 55+ Hamilton: Single Family Net Gain (Loss) to Market Listings Reduced in 30 Days % of Invent. Reduced Expired Listings W/drawn Listings Closed Listings
  • 51. 2/25/14 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 Robbinsville All Styles 64 18 4 25 7 7 11% 1 4 8 Robbinsville Condo/ T.Houses 32 6 5 15 9 2 6% 1 3 4 Single Family 32 12 3 10 (2) 5 16% 0 1 4 Hightstown Boro: All Styles 32 2 16 6 4 4 13% 2 1 4 Pennington 20 2 10 6 4 3 15% 0 1 0 Hopewell Boro 9 1 9 1 0 0 0% 0 0 1
  • 52. 2/25/14 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 104 11 9.5 35 24 5 4.8% 1 6 13 Princeton: Condo/ Thouses 26 5 5.2 5 0 1 3.8% 0 0 2 Princeton: Single Family 78 6 13 30 24 4 5.1% 1 6 11
  • 53. 2/25/14 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 137 17 8 29 12 4 3 8 3 20 South BrunswickCon do/ T.Houses 34 7 5 8 1 -2 1 4 1 8 South Brunswick 55+ 25 0 99 1 1 0 0 0 0 1 South Brunswick Single Family 78 10 8 20 10 6 8 4 2 11 Monroe: All Styles 279 26 10 85 59 7 5 30 2 61 Monroe: 55+ 149 18 8 49 31 2 1 8 1 44 Monroe: Single Family 130 8 16 36 28 5 4 12 1 16
  • 54. 2/25/14 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 77 25 3 31 +6 4 5% 4 2 13 Montgomery Condo/Twnhms 9 3 3 6 +3 0 0 0 0 4 Single Family 68 22 3 25 +3 4 5% 4 2 9 Hillsborough All Styles 129 39 3.3 42 +3 9 7% 6 13 24 Hillsborough Condo/Twnhms 54 18 3 22 +4 5 9% 3 7 11 Hillsborough Single Family 75 21 3.6 20 -1 4 5% 3 6 13
  • 55. 2/25/14 Towns Active Listing s 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 34 5 6.8 19 14 3 8% 6 0 12 Plainsboro cond0 T’home 5 2 2.5 7 5 0 0 2 0 5 Plainsboro 55+ 10 1 10 3 2 0 0 1 0 3 Plainsboro Single Family 19 2 9.5 9 7 3 16% 3 0 4 Cranbury: All Styles 13 1 13 2 1 4 31% 2 0 3
  • 56. 2006 - 2008 Core Market Comparison: Week of 1/13/14 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 West Windsor 95 18 5.3 72 12 6 Plainsboro 86 12 7.16 66 10 6.6 34 5 Lawrence 164 14 11.7 154 13 11.8 147 15 202 18 11 142 13 11 102 Hamilton 529 45 11.8 393 41 9.6 Hopewell Twp 135 5 27 105 9 Robbinsville 118 10 12 67 Princeton 137 13 10.5 South Brunswick 220 9 Montgomery 121 17 East Windsor 63 11 ‘14 Absorp. Rate 5.3 Inventory compared to 2012 Inventory compared to 2013 (24%) (13%) (23%) (48%) 7.8 (6%) (5%) 13 8 (30%) (28%) 415 35 11 (25%) 5% 11.7 126 10 12.6 (28%) 20% 17 4 64 18 4 (43%) 4 113 11 10.2 104 11 9.5 (17%) (7) 24 160 17 9 137 17 8 (27%) (14%) 10.1 88 18 4.9 77 25 3 (27%) (12%) 6.8
  • 57. 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
  • 58. Market Absorption Rate Princeton All Inventory 107 current active listings 9.72 months = absorption 11 reported ‘pending’ sales in last 30 daysrate 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. Market Absorption Rate Princeton NOT Single Family Homes 26 current active listings 6.5 months = absorption 4 reported ‘pending’ sales in last 30 days rate 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. Market Absorption Rate Princeton Twin or Townhouse 3 bedroom 5 current active listings 2.5 months = absorption 2 reported ‘pending’ sales in last 30 days rate 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. Market Absorption Rate South Brunswick All Inventory 137 current active listings 8 months = absorption 17 reported ‘pending’ sales in last 30 daysrate 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. Market Absorption Rate South Brunswick Condo/Townhouse Market 24 current active listings 12 months = absorption 2 reported ‘pending’ sales in last 30 days rate 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. Market Absorption Rate South Brunswick Princeton Walk Development All Types 3 current active listings 1.5 months = absorption 2 reported ‘pending’ sales in last 30 days rate 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. Market Absorption Rate South Brunswick Princeton Walk Development Townhomes 0 current active listings 0 months = absorption 1 reported ‘pending’ sales in last 30 days rate 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. Market Absorption Rate West Windsor 63 current active listings 5.75 months = absorption 11 reported ‘pending’ sales in last 30 daysrate 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. Market Absorption Rate West Windsor Under $500,000 22 current active listings 5.5 months = absorption 4 reported ‘pending’ sales in last 30 days rate 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. Market Absorption Rate West Windsor $501,000 - $750,000 15 current active listings 3 months = absorption 5 reported ‘pending’ sales in last 30 days rate 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
  • 68. Market Absorption Rate West Windsor $750,000 + 11 current active listings 11 months = absorption 1 reported ‘pending’ sales in last 30 days rate 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. Strategies to Buy & Sell in 2014…
  • 71.
  • 72. Monroe Lane, Princeton Listed at $650,000 14 offers…
  • 74. Exact Comp…currently on the market for $749,000…
  • 75. 2. ‘I am going to time the Market and buy/ sell at the time when inventory & buyer count is in my favor…’ Source: MLS
  • 76. Listing v Contracts: Dec – Jan 2013 Princeton
  • 77. Listing v Contracts: Dec – Jan 2012, Lawrence Twp.
  • 78. The Impact of Pricing, Staging and Pre-Inspection on the Salability of A Home..…
  • 80. Home Pricing All Negotiations, including real estate, are all about negotiation and control. Who is in control?
  • 81. Effects of Right Pricing: • • • • 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
  • 82. Effects of Over Pricing: • • • • • 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
  • 83. 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.
  • 84.
  • 85. Hillsborough The Price Trend Came up with a price of $520,000 We recommended a price of $499,000
  • 86. 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
  • 87. West Windsor The Price Trend Came up with a price of $780,000 We recommended a price of $769,000
  • 88. 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
  • 89. Princeton Price Trend Price: $1.275 Appraised by local Appraiser prior to going on market: $1.275
  • 90. Princeton Put on market at $1.1 million 8 offers Sold in 8 days $1.350 million No contingencies
  • 91. The Impact of Staging on the Salability of Your Home..…
  • 92. Home Staging All Negotiations, including real estate, are all about negotiation and control. Who is in control?
  • 93. 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.
  • 94. Clean & In Good Repair
  • 95. “Wow…. I could live here!”
  • 96. “The Investment in Home Staging is Always Less than Your First Price Reduction!”
  • 97. Buyers Only Know What They See …
  • 98. … Not The Way It Is Going To Be.
  • 99. Home Staging “The investment in home staging is always less than your first price reduction!” *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.
  • 100. Home Staging “The investment in home staging is always less than your first price reduction!” 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 *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.
  • 101. The Impact of Inspection & Repairs on the Salability of Your Home..…
  • 102. Pre - Inspection All Negotiations, including real estate, are all about negotiation and control.
  • 104. 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.
  • 105. Pre-Inspection DOESN’T THE BUYER DO THE HOME INSPECTION?
  • 106. Pre-Inspection • 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
  • 108. Real Estate Market Update Weichert Financial Services Dave McDermott Gold Services Manager NMLS #101160 Weichert Financial Services 646-921-1900 dmcdermott@weichertfinancial.com
  • 110. Pop Quiz I If you take out a $200,000 30 year fixed payment loan from the bank, what is your monthly payment? A. $1802. B. $1597. C. $1310. D. $998.
  • 111. My Job is to Provide You the Highest Level of Customer Service in the Industry
  • 113. We put Jim’s Money on the line and Guarantee our performance
  • 114. I look forward to meeting with you.
  • 115. What will a real estate company do for me?
  • 116. This is where you win or lose the sale Source: 2012 NAR Profile of Home Buyers and Sellers
  • 117. 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.
  • 118. Thank you for your time today.
  • 119. Resource and Website List www.trendmls.com www.realtor.org www.njar.com www.Otteau.com www.Pre-listing-inspection.com www.Housemaster.com www.Stagingshoppingcenter.com www.realtytrac.com www.njar.com/10k

Editor's Notes

  1. http://money.cnn.com/2013/12/31/news/economy/home-prices-jump/index.html?hpt=hp_t3
  2. http://www.freddiemac.com/news/finance/docs/Nov_2013_public_outlook.pdf
  3. http://www.dsnews.com/articles/housing-market-performs-well-despite-rising-interest-rates-2013-10-24
  4. http://www.chicagotribune.com/classified/realestate/sns-201311091600--tms--realestmctnig-a20131115-20131115,0,5318891.column
  5. http://www.chicagotribune.com/classified/realestate/sns-201311091600--tms--realestmctnig-a20131115-20131115,0,5318891.column
  6. www.realtor.org/
  7. http://www.realtor.org/
  8. http://www.realtor.org/news-releases/2013/12/existing-home-sales-decline-in-november-but-strong-price-gains-continue
  9. http://www.realtor.org/
  10. http://www.realtor.org/
  11. 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.
  12. 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.
  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. 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.
  15. 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.
  16. 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.
  17. 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.
  18. 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.
  19. 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.
  20. 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.
  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. 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.
  23. 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.
  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.
  28. 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.
  29. 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.
  30. 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.
  31. 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.
  32. 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.
  33. 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.
  34. 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.
  35. 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.
  36. 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.
  37. 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.
  38. 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.
  39. 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.
  40. 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.
  41. 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.