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Princeton Area Real EstatePrinceton Area Real Estate
Market UpdateMarket Update
Joshua D Wilton
Managing Broker
Weichert Realtors
Princeton Office
“
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.
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 UpdateReal Estate Market Update
Agenda
Real Estate Market UpdateReal Estate Market Update
What are you hearing about the market?
The National Picture
17 Year Real Estate Cycle
NAR
Number of Home Sales
January through November
in millions
Y-O-Y by region
EXISTING Home Sales
Northeast
NAR 1/2016
2016: Looking Forward
Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
Experts say five trends will dominate
the
real estate market in 2016:
2016: Looking Forward
5 Trends Will Dominate the Market
Trend #1: Normal is coming
• Expect healthy growth in home sales and prices – at a
slower pace than in 2015.
• New construction and distressed sales should return to
more historic levels, and home prices are expected to
follow at “more normal rates consistent with a more
balanced market.”
• “We’ve lived through 15 years of truly abnormal trends,
and after working off the devastating effects of the
housing bust, we’re finally seeing signs of more normal
conditions.” – Jonathon Smoke, chief economist at
realtor.com®.
Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
• Millennials represented nearly 2 billion sales in 2015 –
one-third of homebuyers. They are expected to
continue to be a major buying pool in 2016, with the
majority of buyers between ages 25 and 34 expected
to be first-time homebuyers next year.
• Two other generations will also have a big presence in
2016: financially recovering GenXers and older Baby
Boomers who are entering retirement. Since most of
these people are already homeowners, they’ll play a
double role, boosting the market as both sellers and
buyers.
Trend #2: Generational buyer trends shape
up
Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
2016: Looking Forward
5 Trends Will Dominate the Market
Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
• Builders have been faced with higher land costs,
limited labor and concerns about the demand of the
entry-level market. As such, they shifted to constructing
more higher-priced homes, which caused new-home
prices to rise significantly faster than existing-home
prices.
• In 2016, they likely will shift to more affordable
products to cater to the entry-level buyers.
Trend #3: New home construction focuses
more on affordability
2016: Looking Forward
5 Trends Will Dominate the Market
Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
• Mortgage rates will likely be volatile in 2016. But the
recent move by the Federal Reserve to guide interest
rates higher should push mortgage rates higher in the
new year from the historic lows they have been at for
years.
• However, higher rates will drive monthly payments
higher. Along with that, debt-to-income ratios will also
go higher. This means the markets with the highest
home prices will see the effects from the higher rates
the most.
Trend #4: Higher mortgage rates
2016: Looking Forward
5 Trends Will Dominate the Market
Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
• Rental costs are skyrocketing, and the costs are
likely to only go up in the new year. More than 85
percent of the nation’s markets have rents that exceed
30 percent of the income of renting households.
• Rents are accelerating at a more rapid pace
than home prices, which are moderating. Because
of this, it is more affordable to buy than to rent in more
than three-quarters of the United States.
Trend #5: Rents go up even
higher
2016: Looking Forward
5 Trends Will Dominate the Market
Weichert Princeton March 2016 Market Update Seminar
2016 Market Trend
5.05.0
%%
Dec
2015
Labor force status: Unemployment rate
Source: US Bureau of Labor Statistics
2016 Market Trend
15 Largest Job Markets
Job Change: Nov 2014 – Nov 2015
Added
+61,90+61,90
00 JobsNew York +1.8%
Philadelphia +1.3%
2016 Market Trend
15 Largest Job Markets
Ranked by Unemployment Rate
4.8
Year of the
MILLENNIALSMILLENNIALS
2016 Market Trend
MILLENNIALS ~ 25 TO 34 YEAR
OLDS• Largest demographic of buyers 32%*
• Largest share of First Time Buyers 68%*
2016 Buying Force
*Source: NAR 12/2015
MILLENNIALS ~ Raising Confidence in Owning*
• 2011: 65% Want to Own/Buy
• 2014: 78% Want to Own/Buy
• 2015: 80% Want to Own/Buy
2016 Buying Force
*Source: Ralph McLaughlin, economist with real-estate research group Trulia.com
MILLENNIALS ~ Soaring Rental Rates*
2016 Buying Force
*Source: US Census Bureau News Report
MILLENNIALS ~ Buying Preferences
2016 Buying Force
• Safety of Neighborhood
• Quality of home
• Resales
• Live near public transportation/city centers/close-in
suburbs popular
• Convenient to shopping/restaurants/amenities
Baby Boomer ~ Buying Preferences
2016 Buying Force
• Safety of Neighborhood
• Quality of home
• Resales
• Live near public transportation/city centers/close-in
suburbs popular
• Convenient to shopping/restaurants/amenities
Now* 2014 2013 2010
Gas per gallon (NY area) $1.58 $1.99 $3.81 $2.73
Stock market (Dow Jones) 16,943 17,893 14,776 11,578
Avg. 30-year fixed rate 3.75% 3.73% 4.43% 4.71%
GDP 17,649 17,419 16,163 14,964
Household income $54,382 $53,891 $53,046 $49,276
Unemployment rate 5.0% 5.67% 7.4% 9.3%
Foreclosures 1,009,345 1,117,426 1,369 ,405 2,871,891
2010 to Current Comparisons
Tightest Inventory Markets
City Centers/Close-In Suburbs
Sales Office Absorption Rates 1/01/2016
Jersey City/Downtown, NJ 1.79
Jersey City/Exchange Place, NJ 1.70
Hoboken, NJ 1.60
Bayonne, NJ 3.50
Chatham, NJ 3.08
Madison, NJ 1.22
Summit, NJ 3.43
Short Hills, NJ 1.74
Maplewood, NJ 1.89
Westfield, NJ 3.76
2016 Buying Force
Inventory Challenges/Shortages ~ Why?
2016
• Current heavier buyer demand than supply
– City centers/close suburbs
– Most affordable/popular price points
– Public commuter route destinations
• Low new construction availability
The boom….The New Jersey MarketThe Statewide Picture
The New Jersey MarketThe Statewide Picture
Source: NJAR 10K Research
Closed Sales
2015
The New Jersey MarketThe Statewide Picture
Source: NJAR 10K Research
Days on Market
2015
The New Jersey MarketThe Statewide Picture
Source: NJAR 10K Research
Average Sales
Price
2015
The Hyper 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
Icando myownlocal
researchonline…
You’re probably thinking….
Weichert Princeton March 2016 Market Update Seminar
Source: Zillow.com
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
Quicken Loans
Appraiser Home Value
Opinions Compared to
Homeowner Estimates
2015
The boom….The Local MarketThe Local Picture
Mercer County
1. Supply & Demand
2. Price Trends
Source: NAR, November 2008 Forecast
The Local Picture
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
Source: NJAR 10K Research DataSource: NJAR 10K Research
Mercer County
Single Family Market
Source: NJAR 10K Research DataSource: NJAR 10K Research
Mercer County
Condo/Townhouse Market
Source: NJAR 10K Research DataSource: NJAR 10K Research
Mercer/ Middlesex/ Somerset County
‘Market Drivers’
1. Trains/ Schools/ Affordability
2. Schools/ Trains/ Affordability
3. Convenience/ Town Center/ Lifestyle
4. Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Hopewell
Train
Schools
Lifestyle
Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Hopewell Twp Market Activity
Single Family Homes
Average Sale Price
2012 2013 2014
Source: TrendMLS
2015
Hopewell Twp Market Activity
Single Family Homes
Average Days on Market
Source: TrendMLS
2012 2013 2014 2015
Hopewell Twp Market Activity
Single Family Homes
List to Sale Price Ratio
Source: TrendMLS
2012 2013 2014 2015
Hopewell Twp Market Activity
Condos & Townhouses
Average Sale Price
Source: TrendMLS
2012 2013 2014 2015
Hopewell Twp Market Activity
Condos & Townhouses
Average Days on Market
Source: TrendMLS
2012 2013 2014 2015
Hopewell Twp Market Activity
Condos & Townhouses
List to Sale Price Ratio
Source: TrendMLS
2012 2013 2014 2015
Source: NJAR 10K Research DataSource: NJAR 10K Research
Lawrenceville
Train
Schools
Lifestyle
Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Source: NJAR 10K Research DataSource: NJAR 10K Research
Lawrenceville Market Activity
Single Family Homes
Average Sale Price
2012 2013 2015
Source: TrendMLS
2014
-36.9%
vs 2014
Lawrenceville Market Activity
Single Family Homes
Average Days on Market
Source: TrendMLS
2012 2013 20152014
Lawrenceville Market Activity
Single Family Homes
List to Sale Price Ratio
Source: TrendMLS
2012 2013 20152014
Lawrenceville Market Activity
Condos & Townhouses
Average Sale Price
Source: TrendMLS
2012 2013 20152014
-27.7%
vs 2014
Lawrenceville Market Activity
Condos & Townhouses
Average Days on Market
Source: TrendMLS
2012 2013 20152014
Lawrenceville Market Activity
Condos & Townhouses
List to Sale Price Ratio
Source: TrendMLS
2012 2013 20152014
Source: NJAR 10K Research DataSource: NJAR 10K Research
West Windsor
Train
Schools
Lifestyle
Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Source: NJAR 10K Research DataSource: NJAR 10K Research
Source: NJAR 10K Research DataSource: NJAR 10K Research
West Windsor Market Activity
Single Family Homes
Average Sale Price
2012 2013 2014 2015
West Windsor Market Activity
Single Family Homes
Average Days on Market
2012 2013 2014 2015
West Windsor Market Activity
Single Family Homes
List to Sale Price Ratio
2012 2013 2014 2015
West Windsor Market Activity
Condos & Townhouses
Average Sale Price
2012 2013 2014 2015
YTD as of 7/21/15
West Windsor Market Activity
Condos & Townhouses
Average Days on Market
2012 2013 2014 2015
West Windsor Market Activity
Condos & Townhouses
List to Sale Price Ratio
2012 2013 2014 2015
West Windsor Market Activity
Condos & Townhouses – Canal/Colonnade Point
Average Sale Price
2012 2013 2014 2015
Source: NJAR 10K Research DataSource: NJAR 10K Research
Robbinsville
Train
Schools
Lifestyle
Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Source: NJAR 10K Research DataSource: NJAR 10K Research
Robbinsville Market Activity
Single Family Homes
Average Sale Price
2012 2013 2014 2015
Source: Trend MLS
Robbinsville Market Activity
Single Family Homes
Average Days on Market
2012 2013 2014 2015
Source: Trend MLS
Robbinsville Market Activity
Single Family Homes
List to Sale Price Ratio
2012 2013 2014 2015
Source: Trend MLS
Robbinsville Market Activity
Condos & Townhouses
Average Sale Price
2012 2013 20142012 2013 2014 2015
Source: Trend MLS
Robbinsville Market Activity
Condos & Townhouses
Average Days on Market
2012 2013 2014 2015
Source: Trend MLS
Robbinsville Market Activity
Condos & Townhouses
List to Sale Price Ratio
2012 2013 2014 2015
Source: Trend MLS
Source: NJAR 10K Research DataSource: NJAR 10K Research
South Brunswick
Train
Schools
Lifestyle
Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Source: NJAR 10K Research DataSource: NJAR 10K Research
South Brunswick Market Activity
Single Family Homes
Average Sale Price
2012 2013 2014
Source: Middlesex MLS
2015
South Brunswick Market Activity
Single Family Homes
Average Days on Market
Source: Middlesex MLS
2012 2013 2014 2015
South Brunswick Market Activity
Single Family Homes
List to Sale Price Ratio
Source: Middlesex MLS
2012 2013 2014 2015
South Brunswick Market Activity
Condos & Townhouses
Average Sale Price
Source: Middlesex MLS
2012 2013 2014 2015
South Brunswick Market Activity
Condos & Townhouses
Average Days on Market
Source: Middlesex MLS
2012 2013 2014 2015
South Brunswick Market Activity
Condos & Townhouses
List to Sale Price Ratio
Source: Middlesex MLS
2012 2013 2014 2015
Source: NJAR 10K Research DataSource: NJAR 10K Research
Princeton
Train
Schools
Lifestyle
Affordability
Source: NJAR 10K Research DataSource: NJAR 10K Research
Princeton Market Activity
Single Family Homes
Average Sale Price
2012 2013 2014
Source: TrendMLS
2015
Princeton Market Activity
Single Family Homes
Average Days on Market
2012 2013 2014
Source: TrendMLS
2015
Princeton Market Activity
Single Family Homes
List to Sale Price Ratio
2012 2013 2014
Source: TrendMLS
2015
Princeton Market Activity
Condos & Townhouses
Average Sale Price
2012 2013
Source: TrendMLS
2013 2015
Princeton Market Activity
Condos & Townhouses
Average Days on Market
2012 2013 2014
Source: TrendMLS
2015
Princeton Market Activity
Condos & Townhouses
List to Sale Price Ratio
2012 2013 2014
Source: TrendMLS
2015
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
The Take-Away Is…
Be Strategic
Think Hyper Local
Slice the Market Thin
The boom….The Local MarketYour Strategy
Tips for
Buying and Selling
in Today’s Market
When is the Best Time to buy or sell a
house?
When it’s time to move.
Source: NJAR 10K Research Data
When’s the best time to Buy/Sell?
Source: Trend MLS
2016
Top Seller Negotiating Strategy…
1.Price it Right
2.Pretty it Up
3.Fix it First
4.Stay in Control
All Negotiations, including real estate, are all about negotiation and control.
Home Pricing
Who is in control?
The Impact of Your Initial List Price
• 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
• 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:
Negotiations are about leverage, use the listing
price as yours…
PTA suggested Market Value of
$780,000
Listed at $769,000
8 Days on Market
11 Offers
Sold for $805,000
The seller had control
West Windsor
Princeton
36 Mercer St.
The Price Trend Analysis suggested Market Value of $1.250
I recommended listing at $1.1 million
Princeton
36 Mercer St.
• Pre-inspection
• Staged*
• Right Pricing
Sold for $1.350 million, cash in 7 days. No contingencies.
62 Maidenhead
Listed at $629,000
Comparable property had sold previous
at $640
8 offers
Pending
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
Hamilton Seller
Our recommended price at time of listing: $149,000
Sale Price is 5% higher at the lower List Price
Seller received
7.5% MORE at a
lower list price
All Negotiations, including real estate, are all about negotiation and control.
Home Staging
Who is in control?
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?
Clean & In Good Repair
“Wow…. I could live here!”
Buyers Only Know What They See …
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!”
All Negotiations, including real estate, are all about negotiation and control.
Pre - Inspection
Who is in control?
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
• 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
2016
Top Buyer Negotiating Strategy…
1.Pay Now or Pay More Later (core market, schools, trains and
towns)
17 Year Real Estate Cycle
Reed Dr S, West Windsor
Listed at $749,000
7 offers
2 Weeks Later
Exact Comp
Listed $759,000
5 offers
West Windsor Buyer
Buyer Negotiation Tips in a Fast Market
1. Understand the process before you start shopping.
2. Have mortgage pre-approval from a 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
6. Use an Escalation Clause
Weichert Princeton March 2016 Market Update Seminar
Weichert Princeton March 2016 Market Update Seminar
Real Estate Market UpdateReal Estate Market Update
FinancingFinancing
What You Need to KnowWhat You Need to Know
Jennifer Hayden
Gold Services Manager
NMLS #4384
Weichert Financial Services
jhayden@weichertfinancial.com
The Financial Forecast…
Quarter
Fannie
Mae
Freddie
Mac
MBA NAR
Average
of all four
2016 1Q 4.0% 4.1% 4.2% 4.1% 4.10%
2016 2Q 4.0% 4.3% 4.4% 4.3% 4.25%
2016 3Q 4.1% 4.5% 4.6% 4.6% 4.45%
2016 4Q 4.1% 4.7% 4.8% 4.9% 4.63%
Mortgage Rate Projections
1/2016
Where Are They
Going in 2016
2016 Q1
2016 Q2
2016 Q3
2016 Q4
Where They
Were in 2015
Source: Freddie Mac
Mortgage Rates
Freddie Mac
30 Year Fixed Rate
Which Group is
Most Sensitive to
Interest Rates?
Source: First American Real Estate Sentiment Index
Mortgage Credit Availability Index (MCAI), a
report from the Mortgage Bankers Association
Mortgage Credit
Availability
Typical Down Payment
NAR
Pop Quiz
What is the monthly P&I payment on a
$200,000 30-year loan?
A.$1,146
B.$966
C.$1,278
D.$1,544
Negotiating Your Purchase
Sales
Price
Loan
Amount
20% Down
Payment
Monthly
Payment
(P&I)
Incremental
Monthly
Increase
Initial Offer $325,000.00 $260,000 $65,000 $1,260.09
+$5K $330,000.00 $264,000 $66,000 $1,279.48 $19.39
+$10K $335,000.00 $268,000 $67,000 $1,298.86 $19.38
+$15K $340,000.00 $272,000 $68,000 $1,318.75 $19.89
+$20K $345,000.00 $276,000 $69,000 $1,337.63 $18.88
+$25K $350,000.00 $280,000 $70,000 $1,357.02 $19.39
The Mortgage Market
Now…
• 3%, 3.5% and 5% down payment available
• 100% VA/USDA available (0% down)
• FHA reduced MIP from 1.35 to .85
The Mortgage Market
Now…
• The mortgage underwriting process requires
more due diligence since the Dodd-Frank Act
was passed in July 2010
• TRID regulations impose mandatory wait-
times between events
Average days needed to close a loan…
49 days is the longest time needed to close a loan since February 2013.
All closed loans as per Ellie Mae
• Provide you the highest level of Customer
Service in the industry
• Make sure you understand your financing
options so you make educated decisions
• Ensure your purchase closes on time with
the least amount of hassle
My Job…
I look forward to meeting with you
Jennifer Hayden
Gold Services Manager
Weichert Financial Services
Jhayden@weichertfinancial.com
Weichert Family of Companies
What will a real estate
company do for me?
Source: 2012 NAR Profile of Home Buyers and Sellers
This is
where
you win
or lose
the sale
MakingMaking Your Purchase asPurchase as
Smooth as PossibleSmooth 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 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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Weichert Princeton March 2016 Market Update Seminar

  • 1. Princeton Area Real EstatePrinceton Area Real Estate Market UpdateMarket Update Joshua D Wilton Managing Broker Weichert Realtors Princeton Office
  • 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. 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 UpdateReal Estate Market Update Agenda
  • 4. Real Estate Market UpdateReal Estate Market Update What are you hearing about the market?
  • 6. 17 Year Real Estate Cycle
  • 7. NAR Number of Home Sales January through November in millions
  • 8. Y-O-Y by region EXISTING Home Sales Northeast NAR 1/2016
  • 9. 2016: Looking Forward Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org. Experts say five trends will dominate the real estate market in 2016:
  • 10. 2016: Looking Forward 5 Trends Will Dominate the Market Trend #1: Normal is coming • Expect healthy growth in home sales and prices – at a slower pace than in 2015. • New construction and distressed sales should return to more historic levels, and home prices are expected to follow at “more normal rates consistent with a more balanced market.” • “We’ve lived through 15 years of truly abnormal trends, and after working off the devastating effects of the housing bust, we’re finally seeing signs of more normal conditions.” – Jonathon Smoke, chief economist at realtor.com®. Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org.
  • 11. • Millennials represented nearly 2 billion sales in 2015 – one-third of homebuyers. They are expected to continue to be a major buying pool in 2016, with the majority of buyers between ages 25 and 34 expected to be first-time homebuyers next year. • Two other generations will also have a big presence in 2016: financially recovering GenXers and older Baby Boomers who are entering retirement. Since most of these people are already homeowners, they’ll play a double role, boosting the market as both sellers and buyers. Trend #2: Generational buyer trends shape up Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org. 2016: Looking Forward 5 Trends Will Dominate the Market
  • 12. Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org. • Builders have been faced with higher land costs, limited labor and concerns about the demand of the entry-level market. As such, they shifted to constructing more higher-priced homes, which caused new-home prices to rise significantly faster than existing-home prices. • In 2016, they likely will shift to more affordable products to cater to the entry-level buyers. Trend #3: New home construction focuses more on affordability 2016: Looking Forward 5 Trends Will Dominate the Market
  • 13. Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org. • Mortgage rates will likely be volatile in 2016. But the recent move by the Federal Reserve to guide interest rates higher should push mortgage rates higher in the new year from the historic lows they have been at for years. • However, higher rates will drive monthly payments higher. Along with that, debt-to-income ratios will also go higher. This means the markets with the highest home prices will see the effects from the higher rates the most. Trend #4: Higher mortgage rates 2016: Looking Forward 5 Trends Will Dominate the Market
  • 14. Source: 5 Real Estate Trends That Will Dominate 2016. Realtormag.realtor.org. • Rental costs are skyrocketing, and the costs are likely to only go up in the new year. More than 85 percent of the nation’s markets have rents that exceed 30 percent of the income of renting households. • Rents are accelerating at a more rapid pace than home prices, which are moderating. Because of this, it is more affordable to buy than to rent in more than three-quarters of the United States. Trend #5: Rents go up even higher 2016: Looking Forward 5 Trends Will Dominate the Market
  • 16. 2016 Market Trend 5.05.0 %% Dec 2015 Labor force status: Unemployment rate Source: US Bureau of Labor Statistics
  • 17. 2016 Market Trend 15 Largest Job Markets Job Change: Nov 2014 – Nov 2015 Added +61,90+61,90 00 JobsNew York +1.8% Philadelphia +1.3%
  • 18. 2016 Market Trend 15 Largest Job Markets Ranked by Unemployment Rate 4.8
  • 20. MILLENNIALS ~ 25 TO 34 YEAR OLDS• Largest demographic of buyers 32%* • Largest share of First Time Buyers 68%* 2016 Buying Force *Source: NAR 12/2015
  • 21. MILLENNIALS ~ Raising Confidence in Owning* • 2011: 65% Want to Own/Buy • 2014: 78% Want to Own/Buy • 2015: 80% Want to Own/Buy 2016 Buying Force *Source: Ralph McLaughlin, economist with real-estate research group Trulia.com
  • 22. MILLENNIALS ~ Soaring Rental Rates* 2016 Buying Force *Source: US Census Bureau News Report
  • 23. MILLENNIALS ~ Buying Preferences 2016 Buying Force • Safety of Neighborhood • Quality of home • Resales • Live near public transportation/city centers/close-in suburbs popular • Convenient to shopping/restaurants/amenities
  • 24. Baby Boomer ~ Buying Preferences 2016 Buying Force • Safety of Neighborhood • Quality of home • Resales • Live near public transportation/city centers/close-in suburbs popular • Convenient to shopping/restaurants/amenities
  • 25. Now* 2014 2013 2010 Gas per gallon (NY area) $1.58 $1.99 $3.81 $2.73 Stock market (Dow Jones) 16,943 17,893 14,776 11,578 Avg. 30-year fixed rate 3.75% 3.73% 4.43% 4.71% GDP 17,649 17,419 16,163 14,964 Household income $54,382 $53,891 $53,046 $49,276 Unemployment rate 5.0% 5.67% 7.4% 9.3% Foreclosures 1,009,345 1,117,426 1,369 ,405 2,871,891 2010 to Current Comparisons
  • 26. Tightest Inventory Markets City Centers/Close-In Suburbs Sales Office Absorption Rates 1/01/2016 Jersey City/Downtown, NJ 1.79 Jersey City/Exchange Place, NJ 1.70 Hoboken, NJ 1.60 Bayonne, NJ 3.50 Chatham, NJ 3.08 Madison, NJ 1.22 Summit, NJ 3.43 Short Hills, NJ 1.74 Maplewood, NJ 1.89 Westfield, NJ 3.76 2016 Buying Force
  • 27. Inventory Challenges/Shortages ~ Why? 2016 • Current heavier buyer demand than supply – City centers/close suburbs – Most affordable/popular price points – Public commuter route destinations • Low new construction availability
  • 28. The boom….The New Jersey MarketThe Statewide Picture
  • 29. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research Closed Sales 2015
  • 30. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research Days on Market 2015
  • 31. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research Average Sales Price 2015
  • 32. The Hyper 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
  • 36. 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
  • 37. Quicken Loans Appraiser Home Value Opinions Compared to Homeowner Estimates 2015
  • 38. The boom….The Local MarketThe Local Picture
  • 39. Mercer County 1. Supply & Demand 2. Price Trends Source: NAR, November 2008 Forecast The Local Picture
  • 40. 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
  • 41. Source: NJAR 10K Research DataSource: NJAR 10K Research Mercer County Single Family Market
  • 42. Source: NJAR 10K Research DataSource: NJAR 10K Research Mercer County Condo/Townhouse Market
  • 43. Source: NJAR 10K Research DataSource: NJAR 10K Research Mercer/ Middlesex/ Somerset County ‘Market Drivers’ 1. Trains/ Schools/ Affordability 2. Schools/ Trains/ Affordability 3. Convenience/ Town Center/ Lifestyle 4. Affordability
  • 44. Source: NJAR 10K Research DataSource: NJAR 10K Research Hopewell Train Schools Lifestyle Affordability
  • 45. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 46. Hopewell Twp Market Activity Single Family Homes Average Sale Price 2012 2013 2014 Source: TrendMLS 2015
  • 47. Hopewell Twp Market Activity Single Family Homes Average Days on Market Source: TrendMLS 2012 2013 2014 2015
  • 48. Hopewell Twp Market Activity Single Family Homes List to Sale Price Ratio Source: TrendMLS 2012 2013 2014 2015
  • 49. Hopewell Twp Market Activity Condos & Townhouses Average Sale Price Source: TrendMLS 2012 2013 2014 2015
  • 50. Hopewell Twp Market Activity Condos & Townhouses Average Days on Market Source: TrendMLS 2012 2013 2014 2015
  • 51. Hopewell Twp Market Activity Condos & Townhouses List to Sale Price Ratio Source: TrendMLS 2012 2013 2014 2015
  • 52. Source: NJAR 10K Research DataSource: NJAR 10K Research Lawrenceville Train Schools Lifestyle Affordability
  • 53. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 54. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 55. Lawrenceville Market Activity Single Family Homes Average Sale Price 2012 2013 2015 Source: TrendMLS 2014 -36.9% vs 2014
  • 56. Lawrenceville Market Activity Single Family Homes Average Days on Market Source: TrendMLS 2012 2013 20152014
  • 57. Lawrenceville Market Activity Single Family Homes List to Sale Price Ratio Source: TrendMLS 2012 2013 20152014
  • 58. Lawrenceville Market Activity Condos & Townhouses Average Sale Price Source: TrendMLS 2012 2013 20152014 -27.7% vs 2014
  • 59. Lawrenceville Market Activity Condos & Townhouses Average Days on Market Source: TrendMLS 2012 2013 20152014
  • 60. Lawrenceville Market Activity Condos & Townhouses List to Sale Price Ratio Source: TrendMLS 2012 2013 20152014
  • 61. Source: NJAR 10K Research DataSource: NJAR 10K Research West Windsor Train Schools Lifestyle Affordability
  • 62. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 63. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 64. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 65. West Windsor Market Activity Single Family Homes Average Sale Price 2012 2013 2014 2015
  • 66. West Windsor Market Activity Single Family Homes Average Days on Market 2012 2013 2014 2015
  • 67. West Windsor Market Activity Single Family Homes List to Sale Price Ratio 2012 2013 2014 2015
  • 68. West Windsor Market Activity Condos & Townhouses Average Sale Price 2012 2013 2014 2015 YTD as of 7/21/15
  • 69. West Windsor Market Activity Condos & Townhouses Average Days on Market 2012 2013 2014 2015
  • 70. West Windsor Market Activity Condos & Townhouses List to Sale Price Ratio 2012 2013 2014 2015
  • 71. West Windsor Market Activity Condos & Townhouses – Canal/Colonnade Point Average Sale Price 2012 2013 2014 2015
  • 72. Source: NJAR 10K Research DataSource: NJAR 10K Research Robbinsville Train Schools Lifestyle Affordability
  • 73. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 74. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 75. Robbinsville Market Activity Single Family Homes Average Sale Price 2012 2013 2014 2015 Source: Trend MLS
  • 76. Robbinsville Market Activity Single Family Homes Average Days on Market 2012 2013 2014 2015 Source: Trend MLS
  • 77. Robbinsville Market Activity Single Family Homes List to Sale Price Ratio 2012 2013 2014 2015 Source: Trend MLS
  • 78. Robbinsville Market Activity Condos & Townhouses Average Sale Price 2012 2013 20142012 2013 2014 2015 Source: Trend MLS
  • 79. Robbinsville Market Activity Condos & Townhouses Average Days on Market 2012 2013 2014 2015 Source: Trend MLS
  • 80. Robbinsville Market Activity Condos & Townhouses List to Sale Price Ratio 2012 2013 2014 2015 Source: Trend MLS
  • 81. Source: NJAR 10K Research DataSource: NJAR 10K Research South Brunswick Train Schools Lifestyle Affordability
  • 82. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 83. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 84. South Brunswick Market Activity Single Family Homes Average Sale Price 2012 2013 2014 Source: Middlesex MLS 2015
  • 85. South Brunswick Market Activity Single Family Homes Average Days on Market Source: Middlesex MLS 2012 2013 2014 2015
  • 86. South Brunswick Market Activity Single Family Homes List to Sale Price Ratio Source: Middlesex MLS 2012 2013 2014 2015
  • 87. South Brunswick Market Activity Condos & Townhouses Average Sale Price Source: Middlesex MLS 2012 2013 2014 2015
  • 88. South Brunswick Market Activity Condos & Townhouses Average Days on Market Source: Middlesex MLS 2012 2013 2014 2015
  • 89. South Brunswick Market Activity Condos & Townhouses List to Sale Price Ratio Source: Middlesex MLS 2012 2013 2014 2015
  • 90. Source: NJAR 10K Research DataSource: NJAR 10K Research Princeton Train Schools Lifestyle Affordability
  • 91. Source: NJAR 10K Research DataSource: NJAR 10K Research
  • 92. Princeton Market Activity Single Family Homes Average Sale Price 2012 2013 2014 Source: TrendMLS 2015
  • 93. Princeton Market Activity Single Family Homes Average Days on Market 2012 2013 2014 Source: TrendMLS 2015
  • 94. Princeton Market Activity Single Family Homes List to Sale Price Ratio 2012 2013 2014 Source: TrendMLS 2015
  • 95. Princeton Market Activity Condos & Townhouses Average Sale Price 2012 2013 Source: TrendMLS 2013 2015
  • 96. Princeton Market Activity Condos & Townhouses Average Days on Market 2012 2013 2014 Source: TrendMLS 2015
  • 97. Princeton Market Activity Condos & Townhouses List to Sale Price Ratio 2012 2013 2014 Source: TrendMLS 2015
  • 98. 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
  • 99. The Take-Away Is… Be Strategic Think Hyper Local Slice the Market Thin
  • 100. The boom….The Local MarketYour Strategy Tips for Buying and Selling in Today’s Market
  • 101. When is the Best Time to buy or sell a house? When it’s time to move.
  • 102. Source: NJAR 10K Research Data When’s the best time to Buy/Sell? Source: Trend MLS
  • 103. 2016 Top Seller Negotiating Strategy… 1.Price it Right 2.Pretty it Up 3.Fix it First 4.Stay in Control
  • 104. All Negotiations, including real estate, are all about negotiation and control. Home Pricing Who is in control?
  • 105. The Impact of Your Initial List Price
  • 106. • 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
  • 107. • 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:
  • 108. Negotiations are about leverage, use the listing price as yours… PTA suggested Market Value of $780,000 Listed at $769,000 8 Days on Market 11 Offers Sold for $805,000 The seller had control West Windsor
  • 109. Princeton 36 Mercer St. The Price Trend Analysis suggested Market Value of $1.250 I recommended listing at $1.1 million
  • 110. Princeton 36 Mercer St. • Pre-inspection • Staged* • Right Pricing Sold for $1.350 million, cash in 7 days. No contingencies.
  • 111. 62 Maidenhead Listed at $629,000 Comparable property had sold previous at $640 8 offers Pending
  • 112. 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
  • 113. Hamilton Seller Our recommended price at time of listing: $149,000 Sale Price is 5% higher at the lower List Price Seller received 7.5% MORE at a lower list price
  • 114. All Negotiations, including real estate, are all about negotiation and control. Home Staging Who is in control?
  • 115. 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?
  • 116. Clean & In Good Repair
  • 117. “Wow…. I could live here!”
  • 118. Buyers Only Know What They See …
  • 119. 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!”
  • 120. All Negotiations, including real estate, are all about negotiation and control. Pre - Inspection Who is in control?
  • 121. 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
  • 122. • 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
  • 123. 2016 Top Buyer Negotiating Strategy… 1.Pay Now or Pay More Later (core market, schools, trains and towns)
  • 124. 17 Year Real Estate Cycle
  • 125. Reed Dr S, West Windsor Listed at $749,000 7 offers 2 Weeks Later Exact Comp Listed $759,000 5 offers
  • 127. Buyer Negotiation Tips in a Fast Market 1. Understand the process before you start shopping. 2. Have mortgage pre-approval from a 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 6. Use an Escalation Clause
  • 130. Real Estate Market UpdateReal Estate Market Update FinancingFinancing What You Need to KnowWhat You Need to Know Jennifer Hayden Gold Services Manager NMLS #4384 Weichert Financial Services jhayden@weichertfinancial.com
  • 132. Quarter Fannie Mae Freddie Mac MBA NAR Average of all four 2016 1Q 4.0% 4.1% 4.2% 4.1% 4.10% 2016 2Q 4.0% 4.3% 4.4% 4.3% 4.25% 2016 3Q 4.1% 4.5% 4.6% 4.6% 4.45% 2016 4Q 4.1% 4.7% 4.8% 4.9% 4.63% Mortgage Rate Projections 1/2016
  • 133. Where Are They Going in 2016 2016 Q1 2016 Q2 2016 Q3 2016 Q4 Where They Were in 2015 Source: Freddie Mac Mortgage Rates Freddie Mac 30 Year Fixed Rate
  • 134. Which Group is Most Sensitive to Interest Rates? Source: First American Real Estate Sentiment Index
  • 135. Mortgage Credit Availability Index (MCAI), a report from the Mortgage Bankers Association Mortgage Credit Availability
  • 137. Pop Quiz What is the monthly P&I payment on a $200,000 30-year loan? A.$1,146 B.$966 C.$1,278 D.$1,544
  • 138. Negotiating Your Purchase Sales Price Loan Amount 20% Down Payment Monthly Payment (P&I) Incremental Monthly Increase Initial Offer $325,000.00 $260,000 $65,000 $1,260.09 +$5K $330,000.00 $264,000 $66,000 $1,279.48 $19.39 +$10K $335,000.00 $268,000 $67,000 $1,298.86 $19.38 +$15K $340,000.00 $272,000 $68,000 $1,318.75 $19.89 +$20K $345,000.00 $276,000 $69,000 $1,337.63 $18.88 +$25K $350,000.00 $280,000 $70,000 $1,357.02 $19.39
  • 139. The Mortgage Market Now… • 3%, 3.5% and 5% down payment available • 100% VA/USDA available (0% down) • FHA reduced MIP from 1.35 to .85
  • 140. The Mortgage Market Now… • The mortgage underwriting process requires more due diligence since the Dodd-Frank Act was passed in July 2010 • TRID regulations impose mandatory wait- times between events
  • 141. Average days needed to close a loan… 49 days is the longest time needed to close a loan since February 2013. All closed loans as per Ellie Mae
  • 142. • Provide you the highest level of Customer Service in the industry • Make sure you understand your financing options so you make educated decisions • Ensure your purchase closes on time with the least amount of hassle My Job…
  • 143. I look forward to meeting with you Jennifer Hayden Gold Services Manager Weichert Financial Services Jhayden@weichertfinancial.com
  • 144. Weichert Family of Companies What will a real estate company do for me?
  • 145. Source: 2012 NAR Profile of Home Buyers and Sellers This is where you win or lose the sale
  • 146. MakingMaking Your Purchase asPurchase as Smooth as PossibleSmooth 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.
  • 147. Thank you for your time today
  • 148. 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/

Editor's Notes

  1. http://www.housingwire.com/articles/26818-move-up-buying-activity-rises-with-home-equity-gains
  2. http://www.realtor.org/news-releases/2015/10/existing-home-sales-regain-momentum-in-september
  3. http://www.quickenloans.com/press-room/2015/12/08/appraised-values-remain-lower/
  4. 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.
  5. 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.
  6. 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.
  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. 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. 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.
  22. 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.
  23. 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.
  24. 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.
  25. 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.
  26. 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.
  27. 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.
  28. 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.
  29. 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.
  30. 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.
  31. 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.
  32. 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.
  33. 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.
  34. 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.
  35. 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.
  36. 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.
  37. 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.
  38. 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.
  39. 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.
  40. 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.
  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.
  42. 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.
  43. 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.
  44. 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.
  45. 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.
  46. 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.
  47. 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.
  48. 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.
  49. mba.com realtor.org fanniemae.com freddiemac.com
  50. http://www.freddiemac.com/finance/ehforecast.html
  51. http://www.firstam.com/economics/real-estate-sentiment-index/
  52. http://www.mba.org/ResearchandForecasts/MCAI.htm
  53. Realtor.org
  54. http://elliemae.com/origination-insight-reports/Ellie_Mae_OIR_NOVEMBER2015.pdf