The State of Real Estate Spring 2008

By
Real Estate Broker/Owner with Resources Real Estate



The State of Real Estate

March 17th 2008


Carolynn Ozar-Diakon
Resources Real Estate
112 E River Rd
Rumson, NJ 07760-1631

 

What's the 411 on Real Estate this Spring?


Well early market movement is promising a brisk Spring. The market here on The Peninsula started to awaken, surprisingly in December. It continued through January and February. As long as we respect what is causing the momentum, I believe it will continue. Intelligent pricing and low interest rates have created an environment where buyers are forced to move ahead despite doom and gloom from the press. If, however, we start to flood the inventory with overly ambitious pricing, we will quickly find ourselves back with an over abundance of supply. Which will mean even lower prices.

I ask both the sellers and agents to price smart. Just as there are a lot of headstrong sellers, there are weak and inexperienced agents. Not getting it right, creates a bigger problem for the client. Think twice before you use a friend in real estate. "Would I entrust this important investment to this person, if they were not my friend?" If the answer is yes, then fine. I strongly advise against using a friend who is not experienced, busy and on top of their game. It could cost you a lot of money and some disappointments along the way.

It is key to get the price settled as soon as possible. The first 30 days are the most crucial for the price. Bargain Hunters generally don't even bother going to look at a property until it has been on the market for over 30 days. The higher the asking price above the "correct" price will be met with either no offers or much lower offers than the correct price, in an attempt to meet closer to the middle.

Some obvious signs of overpricing:

No offers, or really low offers
No showings or showings with no offers.

If you are getting showings but no offers, the good news is - that you may only be off around 10%. The buying public are at least coming and not totally discounting the property on paper. No showings means you could be overpriced by at least 15-20%. Revisit the price often and early to get your home sold. To be wrong will cost you money. Get it right the first time as constant little adjustments, may tell the public to take a wait and see stance.

WELL PRICED HOMES SELL FAST AND FOR MORE.

I had two homes that sold in a matter of days without ever getting in to MLS. Both in January. Both well priced and with satisfied sellers.

2007 Market Report

Rumson
Number of Sales 116
Avg.Days on Mkt. 99
Avg. Closed Price $1.409.271
Lowest Closed Price $305,000
Highest Closed Price $4.750,000

Little Silver
Number of Sales 71
Avg Days on mkt. 104
Avg. Closed Price $736,705
Lowest Closed Price $365,000
Highest Closed Price $2.600,000

Fair Haven
Number of Sales 96
Avg. Days on Mkt. 73
Avg. Closed Price $706,721
Lowest Closed Price $310,000
Highest Closed Price $1.705,000

Information supplied by Monmouth County MLS. Deemed reliable but not guaranteed.

For a market report for your town email me
mailto:carolynn@resourcesrealesate.come.com


I have in the past been asked to speak for various real estate organizations around the world, and now that my family is getting older I am planning to do that again. I have already been booked by a real estate company in Bermuda and I am excited to have such a pleasant destination for my work. Life can be good. I am also available for non specific real estate topics, for women's organizations, business groups and for company meetings.


One of the things I plan to talk about is the do's and don'ts of putting a home on the market.

ON THE DON'T LIST
Pets (Many buyers on the whole, do not like or are afraid of)
Obvious needed repairs
Dirt and Odors
Personalized or Theme Decor
Be Home
Use a part-time realtor

Sellers - you must go out. The goal is to slow down the buyer to imagine themselves living there, not speed them up. Buyers will feel uncomfortable with you there.

GO FOR A WALK (and take the dog).

KEEP YOUR EYE ON..............

I have an impressive manor home for sale, that is completely unique. Priced at $3.625,000 it is setting the new gold standard for new construction in Rumson today. Office Exclusive

Big Thanks...........

I would like to thank everyone so much for taking the time to shop for and drop off women's and children's pajamas for the 180 Turning Lives Around shelter. It is a tragic and sad consequence in our busy lives that these children often go unnoticed, caught in the crossfire of a violent domestic abuse situated. Motivated by terror and for the safety of the children. Women, with children who may otherwise have to turn to the streets, turn to the shelter for help. It is woefully small and frankly, not much to call home. With our help, they can have a better option. The pajamas are just the first step. I am going to be asking you more help in the future.

What else is new at
Resources Real Estate.

Opened our Legacy Division, dedicated to buyers and sellers of historic homes. I have always been committed to historic preservation, and have we have many clients, who share that commitment. We live in an area that is rich in history, and perhaps don't always stop to think how historic preservation affects our daily lives. Just the background of beautiful older homes create a pleasant backdrop to our day, and the commitment to the preservation ensures the stability of a community. I asked Tom McCormack in my office to join me in spearheading this latest Resources move. In fact we are in the beginning stages of putting together a competition for sympathetic renovations. Just now, we are inviting judges to sit on the panel, which will be made up of select architects, members of historical associations local and national.
We will be announcing finalized details shortly, both in the press and on the website. If you would like to be involved - please contact Tom McCormack 732-212-0440. In the meantime to view some of our wonderful older homes that are currently being marketed. Visit resourcesrealestate/legacyhomes.com

 

Win a BMW....

Prevention 1st is raffling a BMW roadster
Tickets are only $100 and only 650 are being sold.Great Odds...Great Cause...

Call me for ticket, I only have 5 left.

I have a washer and a refridgerator from one of my properties that is going into the garbage. If you know of a needy family, please tell them to contact me. They are welcme to them.

Lastly, with the new shocks on Wall St, I would like to remind everyone, that real estate should be part of a portfolio. It is the perfect long term investment. Even when the real estate market cycles down. Historicaly it has always cycled back up, and for more than the last high.. Real Estate is tangible, it does not generally disappear overnight!

Regards,
Carolynn

Spring is right around the corner



732-212-0440

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