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Princeton Real Estate October 2017 Market Seminar

Want to see the latest home price trends in the Princeton & Mercer County real estate markets? Here is the latest research from the Weichert, Princeton office. Covers pricing, trends as well and buying and selling strategies.

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Princeton Real Estate October 2017 Market Seminar

  1. 1. Princeton Area Real Estate Market Update October 2017 Josh Wilton Managing Broker Weichert Realtors Princeton Office
  2. 2. “ Dave Ramsey Financial Guru When getting help with money, whether it is insurance, real estate or investments you should always look for someone with the heart of a teacher, not the heart of a salesman.
  3. 3. Agenda The Market: The Big Picture Understanding the Local Market(s) You’re Buying Into or Selling Out Of Process and Strategies for Buyers and Sellers Real Estate Market Update Agenda
  4. 4. Real Estate Market Update What are you hearing about the market?
  5. 5. The National Picture
  6. 6. Economic factors 6 Now ** 2013 2010 Gas per gallon (NY area) $2.45 $3.81 $2.73 Stock market (Dow Jones) 22,773 14,776 11,578 Avg. 30-year fixed rate 4.25%* 4.43% 4.71% Consumer confidence rating 117.7 76.2 63.4 Household income $56,516 $53,046 $49,276 Unemployment rate 4.5% 7.4% 9.3% Foreclosures 848,609 1,369 ,405 2,871,891 2010 to Current Comparisons
  7. 7. Listing Inventory 7 • BIG deal in 2016 • BIGGER deal in 2017 • Existing inventory levels down 11% over a year (nationally)
  8. 8. Median Seller Tenure In Home 8
  9. 9. First-Time Homebuyers make up Majority of 2017 Home buyers* 9 • 52% First Time Homebuyers • 61% Millennial Buyers (35 years and under) • Millennials skip over starter homes for move-up properties • NAR reported in 2016 17% of buyers under 25 year saved down payment monies within one year
  10. 10. The boom….The New Jersey MarketThe Statewide Picture
  11. 11. The boom….The New Jersey MarketThe Statewide Picture
  12. 12. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research
  13. 13. The New Jersey MarketYTD Statewide Picture Source: NJAR 10K Research New Listings Pendings
  14. 14. The New Jersey MarketYTD Statewide Picture Source: NJAR 10K Research
  15. 15. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research
  16. 16. The New Jersey MarketThe Statewide Picture: Absorption Rate Source: NJAR 10K Research
  17. 17. The Local Market Real Estate is Local It’s Local to the County 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
  18. 18. ‘I can do my own local research online…’ You’re probably thinking….
  19. 19. Online Estimates If the estimate is accurate within 5% you’re talking about a $50,000 spread 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
  20. 20. The boom….The Local MarketThe Local Picture
  21. 21. Mercer County Supply & Demand Price Trends Source: NAR, November 2008 Forecast The Local Picture
  22. 22. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/dmograph/est/est_index.html Long Term Demand for Housing 2008 2009 2010 2011 2012 2013 2014 2015 2016
  23. 23. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/pub/factbook/merfct.pdf Long Term Demand for Housing
  24. 24. Source: NJAR 10K Research Data Mercer/ Middlesex County Market Drivers 1. Trains/Schools/Affordability 2. Schools/Trains/Affordability 3. Convenience/Town Center/Lifestyle 4. Affordability 5. Schools 6. Trains
  25. 25. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  26. 26. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  27. 27. Plainsboro Market Activity Single Family Homes Average Sale Price Source: Middlesex MLS
  28. 28. Plainsboro Market Activity Single Family Homes Average Days on Market Source: Middlesex MLS
  29. 29. Plainsboro Market Activity Single Family Homes List to Sale Price Ratio Source: Middlesex MLS
  30. 30. Plainsboro Market Activity Condos & Townhouses Average Sale Price Source: Middlesex MLS
  31. 31. Plainsboro Market Activity Condos & Townhouses Average Days on Market Source: Middlesex MLS
  32. 32. Plainsboro Market Activity Condos & Townhouses List to Sale Price Ratio Source: Middlesex MLS
  33. 33. Plainsboro Market Activity Walker Gordon Farm Average Sale Price Source: Middlesex MLS
  34. 34. Plainsboro Market Activity Walker Gordon Farm Average Days on Market Source: Middlesex MLS
  35. 35. Plainsboro Market Activity Walker Gordon Farm List to Sale Price Ratio Source: Middlesex MLS
  36. 36. Source: NJAR 10K Research DataSource: NJAR 10K Research Plainsboro, Year over Year 2014 2015 2016 2017 Listed 254 269 306 274 Pended 164 183 204 215 Sold 146 171 198 191 Avg Sold Price $434 $426 $438 $384
  37. 37. Source: NJAR 10K Research Data West Windsor Train Schools Lifestyle Affordability
  38. 38. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  39. 39. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  40. 40. West Windsor Market Activity Single Family Homes Average Sale Price
  41. 41. West Windsor Market Activity Single Family Homes Average Days on Market 2012 2013 2014 2015 2016 2017
  42. 42. West Windsor Market Activity Single Family Homes List to Sale Price Ratio
  43. 43. West Windsor Market Activity Condos & Townhouses Average Sale Price 2012 2013 2014 2015 2016 2017
  44. 44. West Windsor Market Activity Condos & Townhouses Average Days on Market
  45. 45. West Windsor Market Activity Condos & Townhouses List to Sale Price Ratio 2012 2013 2014 2015 2016 2017
  46. 46. West Windsor Market Activity All Styles– Canal Pointe Average Sale Price 2012 2013 2014 2015 2016 2017
  47. 47. West Windsor Market Activity Canal Pointe – All Styles Average Days on Market 2012 2013 2014 2015 2016 2017
  48. 48. West Windsor Market Activity Canal Pointe – All Styles Average List to Sale Price Ratio 2012 2013 2014 2015 2016 2017
  49. 49. West Windsor Market Activity Single Family – Estates @ Princeton Jct Average Sale Price Source: Trend MLS
  50. 50. West Windsor Market Activity Single Family – Estates @ Princeton Jct Average Days on Market Source: Trend MLS
  51. 51. West Windsor Market Activity Single Family – Estates @ Princeton Jct List to Sale Price Ratio Source: Trend MLS
  52. 52. Source: NJAR 10K Research DataSource: NJAR 10K Research WW, Year over Year 2014 2015 2016 2017 Listed 409 431 466 379 Pended 284 293 294 282 Sold 254 278 302 283 Avg Sold Price $591 $582 $561 $577
  53. 53. Source: NJAR 10K Research DataSource: NJAR 10K Research East Windsor Train Schools Lifestyle Affordability
  54. 54. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  55. 55. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  56. 56. East Windsor Market Activity Single Family Homes Average Sale Price 2012 2013 2014 2016 Source: Trend MLS 2015 2017
  57. 57. East Windsor Market Activity Single Family Homes Average Days on Market Source: Trend MLS 2012 2013 2014 20162015 2017
  58. 58. East Windsor Market Activity Single Family Homes List to Sale Price Ratio Source: Trend MLS 2012 2013 2014 20162015 2017
  59. 59. East Windsor Market Activity Condos & Townhouses Average Sale Price Source: Trend MLS 2012 2013 2014 20162015 2017
  60. 60. East Windsor Market Activity Condos & Townhouses Average Days on Market Source: Trend MLS 2012 2013 2014 20162015 2017
  61. 61. East Windsor Market Activity Condos & Townhouses List to Sale Price Ratio Source: Trend MLS 2012 2013 2014 20162015 2017
  62. 62. Source: NJAR 10K Research DataSource: NJAR 10K Research EW, Year over Year, Jan – May 2014 2015 2016 2017 Listed 403 384 422 384 Pended 236 241 304 330 Sold 228 229 264 313 Avg Sold Price $249 $269 $255 $271
  63. 63. Source: NJAR 10K Research Data Lawrenceville Train Schools Lifestyle Affordability
  64. 64. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  65. 65. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  66. 66. LawrencevilleMarket Activity SingleFamily Homes AverageSalePrice 2012 2013 2015 Source: TrendMLS 2014 2016 2017
  67. 67. LawrencevilleMarket Activity SingleFamily Homes AverageDayson Market Source: TrendMLS 2012 2013 20152014 2016 2017
  68. 68. Lawrenceville Market Activity Single Family Homes List to Sale Price Ratio Source: TrendMLS 2012 2013 20152014 2016 2017
  69. 69. Lawrenceville Market Activity Condos & Townhouses Average Sale Price Source: TrendMLS 2012 2013 20152014 2016 2017
  70. 70. LawrencevilleMarket Activity Condos& Townhouses AverageDayson Market Source: TrendMLS 2012 2013 20152014 2016 2017
  71. 71. LawrencevilleMarket Activity Condos& Townhouses List to Sale PriceRatio Source: TrendMLS 2012 2013 20152014 2016 2017
  72. 72. Source: NJAR 10K Research DataSource: NJAR 10K Research Law, Year over Year, Jan – May 2014 2015 2016 2017 Listed 508 470 474 491 Pended 285 254 309 321 Sold 261 246 290 319 Avg Sold Price $304 $317 $301 $314
  73. 73. Source: NJAR 10K Research DataSource: NJAR 10K Research Princeton Train Schools Lifestyle Affordability
  74. 74. Source: NJAR 10K Research DataSource: NJAR 10K ResearchSource: TrendMLS
  75. 75. Princeton Market Activity Single Family Average Sale Price Source: TrendMLS
  76. 76. Princeton Market Activity Single Family Average Days on Market Source: TrendMLS
  77. 77. Princeton Market Activity Single Family List to Sale Price Ratio Source: TrendMLS
  78. 78. Princeton Condo/ Townhouse Average Sales Price Source: TrendMLS
  79. 79. Princeton Condo/ Townhouses Average Days on Market
  80. 80. Princeton Condo Townhouse List to Sale Price Ratio
  81. 81. Princeton Single Family Under $1 million Average Sales Price
  82. 82. Princeton Single Family Homes Under $1 million Average Days on Market
  83. 83. Princeton Single Family Under $1 million List to Sales Price Ratio Source: TrendMLS
  84. 84. Princeton Single Family $1-1.9 million Average Sales Price Source: TrendMLS
  85. 85. Princeton Single Family $1-1.9 million Days on Market Source: TrendMLS
  86. 86. Princeton Single Family $1-1.9 million List to Sales Price Ratio Source: TrendMLS
  87. 87. Princeton Single Family $1-1.5 million Average Sales Price Source: TrendMLS
  88. 88. Princeton Single Family $1-1.5 million Average Sales Price Open House Traffic Source: TrendMLS
  89. 89. Princeton Single Family $1-1.5 million Days on Market Source: TrendMLS
  90. 90. Princeton Single Family $1-1.5 million List to Sales Price Ratio Source: TrendMLS
  91. 91. Princeton Single Family $1.5-1.99 million Average Sales Price Source: TrendMLS
  92. 92. Princeton Single Family $1.5-1.99 million Days on Market Source: TrendMLS
  93. 93. Princeton Single Family $1.5-1.99 million List to Sales Price Ratio Source: TrendMLS
  94. 94. Princeton Single Family $2 million + Average Sales Price Source: TrendMLS
  95. 95. Princeton Single Family $2 million Days on Market Source: TrendMLS
  96. 96. Princeton Single Family $2 million List to Sales Price Ratio Source: TrendMLS
  97. 97. Princeton Single Family $3 million+ Average Sales Price Source: TrendMLS
  98. 98. Princeton Single Family $3 million+ Days on Market Source: TrendMLS
  99. 99. Princeton Single Family $3 million+ Days on Market Source: TrendMLS
  100. 100. Source: NJAR 10K Research DataSource: NJAR 10K Research Pton, Year over Year 2014 2015 2016 2017 Listed 401 431 418 392 Pended 264 248 264 248 Sold 261 238 251 254 Avg Sold Price $965k $1.037m $1.031m $1.069m
  101. 101. Source: NJAR 10K Research DataSource: NJAR 10K Research Ewing Train Schools Lifestyle Affordability
  102. 102. Source: NJAR 10K Research DataSource: NJAR 10K Research
  103. 103. Source: NJAR 10K Research DataSource: NJAR 10K Research Ewing SF Average Sale Price
  104. 104. Source: NJAR 10K Research Data Ewing SF DOM
  105. 105. Source: NJAR 10K Research DataSource: NJAR 10K Research Ewing SF List to Sale Price Ratio
  106. 106. Source: NJAR 10K Research DataSource: NJAR 10K Research Ewing, Year over Year, Jan – May 2014 2015 2016 2017 Listed Pended Sold Avg Sold Price
  107. 107. Source: NJAR 10K Research DataSource: NJAR 10K Research Hamilton Train Schools Lifestyle Affordability
  108. 108. Hamilton Market Activity Single Family Homes Average Sale Price Source: TrendMLS
  109. 109. Hamilton Market Activity Single Family Homes List to Sale Price Ratio Source: TrendMLS 2012 2013 20152014 2016 2017
  110. 110. Hamilton Market Activity Condos & Townhouses Average Sale Price Source: TrendMLS 2012 2013 20152014 20172016
  111. 111. Hamilton Market Activity Condos & Townhouses Average Days on Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  112. 112. Hamilton Market Activity Condos & Townhouses List to Sale Price Ratio Source: TrendMLS 2012 2013 2014 2015 2016 2017
  113. 113. Source: NJAR 10K Research DataSource: NJAR 10K Research Hamilton, Year over Year, Jan – May 2014 2015 2016 2017 Listed 1322 1354 1417 1405 Pended 682 784 892 972 Sold 633 701 815 923 Avg Sold Price $210 $218 $209 $209
  114. 114. Source: NJAR 10K Research DataSource: NJAR 10K Research Hopewell
  115. 115. Hopewell Twp Market Activity SingleFamily Homes AverageSalePrice 2012 2013 2014 Source: TrendMLS 2015 2016 2017
  116. 116. Hopewell Twp Market Activity SingleFamily Homes AverageDayson Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  117. 117. Hopewell Twp Market Activity SingleFamily Homes List to Sale PriceRatio Source: TrendMLS 2012 2013 2014 2015 2016 2017
  118. 118. Hopewell Twp Market Activity Condos& Townhouses AverageSalePrice Source: TrendMLS 2012 2013 2014 2015 2016 2017
  119. 119. Hopewell Twp Market Activity Condos& Townhouses AverageDayson Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  120. 120. Hopewell Twp Market Activity Condos& Townhouses List to Sale PriceRatio Source: TrendMLS 2012 2013 2014 2015 2016 2017
  121. 121. Hopewell Twp Market Activity Brandon Farms* AverageSalePrice (includes Single Family and Townhomes) Source: TrendMLS 2012 2013 2014 2015 2016 2017
  122. 122. Hopewell Twp Market Activity Brandon Farms* AverageDayson Market (includes Single Family and Townhomes) Source: TrendMLS 2012 2013 2014 2015 2016 2017
  123. 123. Hopewell Twp Market Activity Brandon Farms* List to Sale PriceRatio (includes Single Family and Townhomes) Source: TrendMLS 2012 2013 2014 2015 2016 2017
  124. 124. Source: NJAR 10K Research DataSource: NJAR 10K Research Hopewell, Year over Year, Jan – May 2014 2015 2016 2017 Listed 414 418 393 426 Pended 200 217 236 251 Sold 162 221 238 243 Avg Sold Price $516 $513 $517 $477
  125. 125. 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
  126. 126. Strategies for Buying and Selling in Today’s Market
  127. 127. Source: NJAR 10K Research Data When’s the best time to Buy/Sell? Source: Trend MLS
  128. 128. Local Market Absorption: Lawrence Style Active Listings Under Contract in 30 Days Absorption Rate New Listings in 30 Days Net Inventory Gain/Loss Price Reductions in 30 Days % of Invent. Reduced Closed Sales in 30 days All Styles 167 15 11.1 34 19 61 36% 31 Single Family 115 10 11.5 25 15 41 35% 17 Condo/ Townhouse 19 5 3.8 11 6 19 100% 14 Adult Community 4 2 2 2 0 1 25%
  129. 129. Lawrence 7/27/17 Style Active Listings Under Contract in 30 Days Absorption Rate 0-500 28 14 2 Single Family 500-700 23 0 99 Single Family 700-999 7 0 99 Single Family $1.0+ 13 1 13
  130. 130. Princeton Single Family $1-1.5 million Average Sales Price Open House Traffic Source: TrendMLS
  131. 131. Local Market Absorption: West Windsor Style Active Listings Under Contract in 30 Days Absorption Rate New Listings in 30 Days Net Inventory Gain/Loss Price Reductions in 30 Days % of Invent. Reduced Closed Sales in 30 days All Styles 86 16 5.375 37 21 5 31% Single Family 71 10 7.1 28 18 28 39% Condo/ Townhouse 15 6 2.5 9 3 4 26% Adult Community 8 0 99* 2 2 5 62%
  132. 132. West Windsor Market Activity 7/27/17 Style Active Listings Pending in last 30 Days Absorption Rate SF 0-650 38 6 6.3 SF 650-799 31 4 7.75 SF 800-999 17 0 99 $1.0+ 2 0 99
  133. 133. Open House Report
  134. 134. 2017 Top Buyer Negotiating Strategies… 1.Pay Now or Pay More Later (based on core market, schools, trains and towns) 2.Don’t Wait to Offer on an ‘Over-Priced’ Home, its fun to negotiate 1:1 3.Use an Escalation Clause in High-Demand Markets & in multiple bid situations 4. ‘Thin Slice’ the Market. Get hyper local (ab rate, inventory, pricing etc)
  135. 135. Buyer Negotiation Tips in a Fast Market 1. Understand the process before you start shopping. 2. Have mortgage pre-approval from a local, respected, reliable lender 3. Put a significant amount in escrow if possible 4. Be as flexible as possible with your closing date 5. Remove as many contingencies as possible (inspection, appraisel, etc) 6. Use an Escalation Clause
  136. 136. Financial Services Carlos A. Machado Gold Services Manager Princeton Office NMLS #4384 Weichert Financial Services 908-307-8317 cmachado@weichertfinancial.com
  137. 137. •For Sellers: To make sure they have all the information they need to choose an offer •For Buyers: Buying Power & Documentation My Job…
  138. 138. As the seller, do I get to see the pre-approval letter? • The Pre-approval letter must be with all the offers. • Cash deals should be accompanied with a "proof of funds" which is a bank statement or letter from the bank or escrow agent • Make sure the letter is not a pre-qualification (this is only an opinion letter) • Let me help you review and confirm the pre-approvals you have when you go to select an offer
  139. 139. We will help you to find out your Purchase Power !
  140. 140. Your Mortgage Loan Checklist • Two Forms of identification (including 1 government photo ID. • Pay stubs for the past 30 days. • Your most recent last two years' W-2. • All pages of your signed personal tax returns, for the two most recent years. • All pages of your most recent bank statement. • (sellers, make sure that this was done)
  141. 141. Negotiating Your Purchase
  142. 142. Experience a smooth closing! • Don’t apply for credit. • Don’t be late with payments. • Don’t make a large purchase. • Don’t be late with documents. • Try not to change jobs. Following these tips can ease you down the road toward a smooth closing.
  143. 143. Weichert Financial Carlos Alberto Machado Gold Service Manager cmachado@weichertfinancial.com 908-307-8317 Princeton Office NMLS#4384
  144. 144. I look forward to meeting with you   Carlos A. Machado Gold Services Manager Princeton Office NMLS #4384 Weichert Financial Services 908-307-8317 cmachado@weichertfinancial.com
  145. 145. 2017 Top Seller Negotiating Strategies… 1.Stage it (Pretty it Up) 2.Fix it First (Pre Inspect) 3.Price it Right (Set the Market) 4.Stay in Control
  146. 146. All Negotiations, including real estate, are all about negotiation and control. Home Pricing Who is in control?
  147. 147. The process of preparing homes for sale regardless of price, location, or condition to achieve the maximum sales price in the minimum marketing time. The goal is to appeal to the broadest range of BUYERS. What is Home Staging?
  148. 148. Clean & In Good Repair
  149. 149. “Wow…. I could live here!”
  150. 150. Buyers Only Know What They See …
  151. 151. 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!”
  152. 152. All Negotiations, including real estate, are all about negotiation and control. Home Staging Who is in control?
  153. 153. The Impact of Inspection & Repairs on the Salability of Your Home..… A Certified Home Inspector’s report will review: Condition of the home's HVAC, 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
  154. 154. • Why do a Pre-Inspection? – Fix/ Disclose/ Permit EVERYTHING before going on market – Removes buyer objections/ fears – Reduce the risk of going ‘off market’ for a buyer who ends up killing the deal – You stay in control Pre-Inspection
  155. 155. All Negotiations, including real estate, are all about negotiation and control. Pre - Inspection Who is in control?
  156. 156. The Impact of Your Initial List Price
  157. 157. • Promotes a sense of urgency among buyers & agents (fear of loss) • Generates interest and showings • Sets the stage for multiple offers in the first 30 days • Offers tend to be higher in relation to list price • Results in highest price in shortest time Effects of “Right” Pricing
  158. 158. • 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 Effects of Over Pricing:
  159. 159. Negotiations are about leverage, use the listing price as yours… PTA suggested Market Value of $840,000 Ab Rate of 12.5 months Listed at $799,500 1 day on the market 4 Offers Bidding wrapping up today The seller had control West Windsor
  160. 160. Negotiations are about leverage, use the listing price as yours… 5 Lost Trail: listed by another Broker on 7/31/16 for $695,000. Decrease price on 9/24/16 to $650,000. Listing with Broker expired on 2/28/2017 after being on the market for 216 days. Wct listed their property on 4/7/2017 at $680,000. Used Professional photography & 3D Matterport, recommended contractor work to be done, used professional staging, Property went to pending on 4-22- 17------closed on 5-19-17 at $10,000 over listed price $690,000 after receiving multiple offers. Lawrence
  161. 161. Princeton 36 Mercer St. The Price Trend Analysis suggested Market Value of $1.250 We recommended listing at $1.1 million
  162. 162. Princeton 36 Mercer St. • Pre-inspection • Staged • Right Pricing Sold for $1.350 million, cash in 7 days. No contingencies.
  163. 163. Hamilton 1715 Silver Ct. Hamilton N J 08690 2 Bedroom 1.5 Baths Presented at $115,000 Listed 6/5/17--- 1 open house 6/10/17 received multiple offers starting 6/11/17 at full asking and then at over asking contract signed on 6/14/17---Closing date of 7/17/17
  164. 164. Hamilton Two other units on the market for sale in the same community-1 at $122,000 was on originally at $129,000 so far for 166 days. (listing broker placed this one photo on the Internet)
  165. 165. Hamilton ---the other at $112,900 so far on for 66 days (listing broker placed one photo on the MLS)
  166. 166. 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
  167. 167. Fall Thru Analysis Reason for Fall Thru Total # Fall Thrus % of Total Fall Thrus Home Inspection 659 39.2% Buyer Financing 416 24.8% Buyer Changed Mind 185 11.0% Attorney Review 72 4.3% Appraisal 71 4.2% Contingency of buyer/seller house purchase 44 2.6% Short Sale Declined 39 2.3% Another offer (buyer) came in 30 1.8% Seller Changed Mind 23 1.4% HOA Docs or Board not approved 21 1.3% Buyer/Seller Passed Away or illness 14 0.8% Foreclosure or Bankruptcy 14 0.8% Title Issues 13 0.8% Deal Came Back together & Closed or Set to Close 11 0.7% Other 36 2.1% Unknown 31 1.8% Total 1679* 100%
  168. 168. Weichert Family of Companies What will a real estate company do for me?
  169. 169. Source: 2012 NAR Profile of Home Buyers and Sellers This is where you win or lose the sale
  170. 170. 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.
  171. 171. Thank you for your time today
  172. 172. Resource and Website ListResource 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 www.keepingcurrentmatters.com https://education.state.nj.us/pr/

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