Trudy Sarver Montville NJ Realtor's Blog

Housing Market Predictions: We've Heard Them All, Except the One That Matters ... Yours!

Wed, 18 Nov 2009 17:56:06 -0600

You, the Consumer Matter the Most

In the end, the consumer has to feel confident that now is the right time for them to purchase/sell their home. Timing and need have to be present. I would suspect that low interest rates and lower pricest would be inticing to buyers! Sellers have been waiting to make their move to a new life style. This year should be good for them. Let's see!!!!!!

Via Paul Slaybaugh, Scottsdale AZ Real Estate (Realty Executives):

Housing will not fully recover until 2012. That is when the glut of backlogged foreclosures is expected to be phased out of the market.

Housing will recover by the end of the year. Now that inventory has contracted to average levels for what constitutes “normal” regional markets in major metropolitan areas where prices have declined as much as 50% in the past three years, and month to month sales have steadily increased over the past six months, demand has realigned with supply to arrest the freefall in values.

The housing recovery began in early 2009. Median price increases in some markets indicate that even while many pundits were openly wondering when the bottom of the market would appear, it was actually several months in the rearview mirror.

Many factors and variables, and just as many divergent opinions to boot. So many, in fact, that you almost have to choose amongst the purported experts to determine whether you fall in the half empty or half full category. Job rates, interest rates, unemployment rates … psychiatric rates, for spending too much time poring over the data and extrapolations will render one in need of a head exam.

Overanalysis 101.

You don’t need flow charts to tell you where things stand at the moment. You won’t need a market report to tell you when things are better.

You’ll know the market has recovered when you no longer dread the trip to the mailbox or evening phone calls.

You’ll know the market has recovered when you can confidently re-enable automatic bill pay from your checking account instead of prioritizing which ones get paid this month by how far past due each is.

You’ll know that the market has recovered when you don’t have to decide whether you or a loved one is really ill enough to warrant the cost of a trip to the doctor.

You’ll know the market has recovered when you no longer have to explain to the kids why you can’t go to the zoo or stop for ice cream today.

You’ll know the market has recovered when sleep comes as readily as worry formerly did.

You can stop looking to someone else to tell you when the market is fully healed as the housing implosion is the root of these greater ails. It’s far easier to take stock of your own life, and those of your friends and family, to see where along its arc the pendulum is currently settled. As the finance/housing sector dragged our economy into the muck, it will again lead us back to dry ground. No need to watch the stars for celestial clues. Just do what no pundit can and watch your own life for improvement. You’ll know housing has recovered when both of your own feet are planted squarely on terra firma.

Most importantly, beware the forecasts that don’t jive with your own internal index. Those who would adamantly assert the rosiest or bleakest prognosis are likely more interested in influencing your behavior than in your well being.

“Buy now before prices shoot back up!”

“Sell now before prices erode further!”

When you stop listening to yourself, you risk placing all of your trust in the megaphones of those who have a vested interest in your fear.

Is the housing market improving? Is now the time to buy? The time to sell? For months, I have been asked to provide the answers to these questions. I have dutifully provided my vague predictions with the obligatory caveat that no one truly knows how a free market will behave from one day to the next. I realize, though, that in supplying answers to those who actually give the market context, that we have all been looking at this thing from the wrong perspective. It makes zero difference where I think the market stands at present, and where it is headed. The very consumers who ask me these questions are the ones who will ultimately provide the truth or fallacy to my various hypotheses. So I turn the tables and ask the consumer, the actual authority, the very same question.

“What is the state of the Real Estate market?”

Feel free to comment here or send me an email with your thoughts. Looking for opinions from consumers and laypersons, not agents or financial wizards (all comments welcome, though). I will post the results in a follow-up piece.

Mr. Homeowner & Mrs. Homebuyer, the floor is now yours.

8 Myths of Staging to Sell - Busted.

Mon, 09 Nov 2009 23:25:25 -0600

It's so true that buyers cannot see through the clutter or decorations!

Via Donna Ross - Home Staging, Sydney, Australia (Great Impressions Real Estate Staging & Consulting - Sydney):

Home staging (or property styling as it's commonly known as on the Australian property scene) is really an art, not a science. One of the many things a professional home stager understands is that it's the house that's up for sale, not the home owner's bread baking ability or taste in music. So, from the sublime to the rediculous - here's 8 myths of staging to sell - busted!

1. Buyers can see past my stuff
No - they can't. 95% of house hunters shop with a 'what you see is what you get' eye. You'll be maximising your chances of a better and quicker sale if you take the time to clean out, clean up and keep your look simple.

2. Baking bread, brewing fresh coffee and playing soft music will make a buyer fall in love with my house.
Maybe once upon a time this was true - but most would-be buyers are onto that old trick. It's more likely to trigger alarm bells, with many wondering what it is you're trying to hide. Your buyers will be happy with a place that looks and smells clean.

3. I'll need to clear everything out to help buyers see themselves living here.
This is only partly true. Wall to wall family photos are distracting, as is your porcelain rooster collection. These things are best put away. But don't go overboard, otherwise you'll end up with a look that feels cold and sterile.

4. If it's an original feature - it adds value.
Sometimes yes - but often no. Generally a property built less than 50 years ago without being updated is more likely to appear dated, rather than classic.

5. My place isn't worth staging.
All homes are worth taking the time to present in a positive light to buyers. The trick to knowing where to start and what to do is in having a good idea of what buyers in your target market will expect, along with learning more about what competing properties in your area are offering.

6. Empty rooms look bigger.

This is rarely the case. Buyers will always prefer to see how a room is used and what will fit in it, rather than be left to guess. Very large rooms can also be too intimidating for some. Even borrowed furniture can help buyers get an idea of scale and give the eye something of interest to focus on.

7. Converting a bedroom into a home gym won't be a problem.
Bedrooms are one of the most valuable commodities of the 'for sale' property. Having a home gym set up in a bedroom will prompt buyers to wonder why that is. I remember once looking at a house where this was the case. When I came across the bedroom with the gym in it, I immediately began to question if a bed would even fit. Always give the rooms in your house a purpose.

8. No need to worry about wardrobes and cupboards.
Home storage is a big deal to most buyers and is surprisingly valuable. Prospective buyers will open storage cupboards in kitchens and bathrooms, so keep them tidy. Keep only what you're using on a daily or weekly basis, and pack the rest away ready for the move.

Have you got a staging myth you'd like busted? Share them with me here.

Donna Ross

Great Impressions Real Estate Staging

"I love helping Sydney home owners and real estate agents catch the eye of choosy buyers with their 'for sale' listings, with fast, simple and inexpensive decorating fixes."

Exquisite Grand Center Hall Colonial in Montville NJ

Tue, 17 Mar 2009 14:20:03 -0500

This exquisite better than new center hall colonial with all the bells and whistles is situated on an acre of level property. The entry is graced with a curved stairway and marble floor. There are hardwood floors throughout. The high end antique maple kitchen cabinets are topped with Juperano Gold granite counters. Appliances include a Bosch stainless steel dishwasher, Subzero refrigerator, professional Thermador wall oven, and 4 burner plus griddle cook top. Glass Mulllion doors dress up the kitchen. Off the kitchen is a butler's pantry with a wine cooler. The entertainment size dining room with a bay window will accommodate 14 people for an elegant dinner. Off the entrance is a large living room with French doors to an office and also to an extra large conservatory. The two story family room is open to the kitchen. There are 4 bedrooms and 3 baths on the second level. The finished basement has bamboo wood floors, a kitchenette, full bath, and several entertainment areas. The home is conveniently located near route #287. Montville is known for its fine schools and good family recreational programs.

Exclusive new listing in wonderful area.

http://www.realestateshows.com/384107

Condition Trumps Location

Fri, 06 Mar 2009 14:14:48 -0600

We have all heard the mantra "location, location, location. I have recently been surprised to find a completely renovated home on a busy street in a "B" flood zone have multiple offers within a week. At the same time we had a brand new home on a busy street come under contract within two weeks. This was surprising in a market where homes are just sitting. I think the answer lies in the fact that emotions sell homes and these home created excitement. This also supports the idea that staging works.

What are your thougts?

Trudy Sarver Re/max Home Connection, Pine Brook, NJ 07058 973-568-8702