Not always what it seems...

By
Real Estate Broker/Owner with Resources Real Estate

Just heard on the 6pm news that the cute dolphins entertaining us from the river banks of Rumson and Middletown in the Navesink river - are in fact,not dolphins but more likely bull sharks. Huh? Now that must come as a surprise to all those that went out on boats, including kayaks and canoes to get up close and personal with the dolphins!!  My family took the "Resourceful" out to watch them cavort, and oohed and ahhed with the best of them.

It made me think a little about the local real estate market, (well lets face it, I am always thinking about the real estate market) and I saw a mini parallel. How you ask?

Well, it seems to me that buyers right now do not realize they are behaving like dolphins when they could be bull sharks. Not that I know much about bull sharks, but they just sound more assertive. In a buyer's market, buyers make low offers and pretty much have plenty to choose from. This buyer's market is not working that way. Many prospective buyers are sitting and waiting - rather than taking action,making offers and see what comes back.The opportunities are out there to be eaten up. Motivated sellers, low interest rates. Sounds like the perfect feeding ground. However right now, many buyers' appear  to be acting more like cute dolphins than like sharks of any description. I don't think there are any sharks that take a wait and see approach, especially not bull sharks, unless there are bear sharks?!

Is it the constant media bashing that the real estate market got in the last few years that makes us view a home as purely a financial investment and pressures us to buy right at the bottom? When is right at the bottom? I have been a realtor for over 20 years and to date nobody has ever been able to predict the date of the absolute peak or the absolute bottom. What is known, is that real estate has perpetually cycled, always on the down or the up cycle. Historically it always cycles back up higher than it was before. Some real estate analysts are saying that the end of the downward cycle is close.

As it is impossible to perfectly time the market the average person buying or selling will gain on one end of the transaction to offset the other. Which is important to remember that generally it balances out. Although it is weighted on the side of the upward buyer. Speculators and investors with a shorter horizon are acting now, which is another indicator that now is the time to act. I have been making offers on investment properties recently, some I won some I lost. Real Estate is obviously a large part of my portfolio and especially my retirement, although those that know me, find it hard to believe that I would ever retire!!

There have been other indicators recently that the market is about to start its upswing. On a national level, existing home sales rose 15% in recent months, new home sales were also up 4.5%. Consumer confidence up 5 points in August over July.

Affluent homeowners increasingly are bullish about future real estate values. "Key findings from the annual survey of the ‘luxury' market demonstrate that the typical million-dollar homeowner is invested not only in the value of their home as a current part of their portfolios, but also see long-term gains coming from this investment," said Jim Gillespie, president and chief executive officer, Coldwell Banker Real Estate LLC. The survey polled 305 U.S. homes with a primary residence valued at $1 million ($2 million in California) or more and who had investable assets of more than $1 million. The average annual household income of this group was $754,000.

Jim Weichert was also quoted recently stating that "We have reached the bottom of the housing market and will soon begin to see improvements, by and large we are turning a corner. You might be guessing, but we are sure. Now is the time to buy real estate." I think Jim is right, the Summer is always slow except for closings of properties sold in the Spring. Buyers, sellers and the realtors are focused on the beach and vacations. Once mid September rolls around I believe we will see a positive upswing. Speaking of other agencies. At a dinner party recently, one guest was surprised to hear me say something positive about another agent, his assumption being that we are all sworn enemies. Nothing could be further from the truth, we all work in cooperation with each other, and I treat my fellow realtors with respect and I get treated the same way. In fact, I have made a point in getting along with other realtors in my career, it can only help my clients. I want the the other realtors out there to want to work with me rather than shudder at the thought. I can be firm and resolute in my representation to my clients without being rude and obnoxious. Now of course there are some out there like that, and we all know who they are! As an educated consumer one of the things to research when choosing a realtor is to find out how they are perceived in the industry. It could make or break a sale.

Year to date sales in our local towns:
Category - SingleFamily / Area: ATL - ATLANTIC HIGHLANDS

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2008 1 $399,900 $360,000 90.02% 57.0 30 30.00
February 2008 5 $766,760 $668,675 87.21% 91.0 33 6.60
March 2008 3 $405,933 $391,333 96.40% 62.0 33 11.00
April 2008 3 $698,267 $525,000 75.19% 366.0 35 11.67
May 2008 4 $409,750 $390,625 95.33% 112.0 40 10.00
June 2008 1 $1,249,999 $1,249,900 99.99% 480.0 42 42.00
July 2008 4 $360,700 $326,250 90.45% 85.0 44 11.00
August 2008 4 $664,500 $614,375 92.46% 54.0 42 10.50
 
Total 25 $619,476 $565,770 91.33% 163.4 37 16.60
  
Total 2008-2008 25 $619,476 $565,770 91.33% 163.0 37 17.00

 

 

Category - SingleFamily / Area: FAI - FAIR HAVEN

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2008 3 $1,923,300 $1,721,833 89.52% 94.0 46 15.33
February 2008 5 $493,400 $463,000 93.84% 87.0 52 10.40
March 2008 2 $589,950 $584,950 99.15% 156.0 53 26.50
April 2008 8 $636,225 $607,312 95.46% 115.0 55 6.88
May 2008 8 $902,612 $846,750 93.81% 42.0 59 7.38
June 2008 5 $767,880 $747,300 97.32% 31.0 68 13.60
July 2008 3 $769,633 $733,333 95.28% 66.0 73 24.33
August 2008 10 $835,050 $798,900 95.67% 78.0 72 7.20
 
Total 44 $864,756 $812,922 94.01% 83.6 60 13.95
  
Total 2008-2008 44 $864,756 $812,922 94.01% 84.0 60 14.00

Category - SingleFamily / Area: LIT - LITTLE SILVER

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2008 4 $667,175 $634,200 95.06% 41.0 54 13.50
February 2008 2 $619,950 $580,000 93.56% 118.0 63 31.50
March 2008 4 $854,725 $810,000 94.77% 122.0 68 17.00
April 2008 3 $384,600 $363,333 94.47% 87.0 69 23.00
May 2008 3 $862,300 $858,667 99.58% 150.0 71 23.67
June 2008 12 $534,696 $519,279 97.12% 75.0 61 5.08
July 2008 11 $891,336 $811,909 91.09% 150.0 55 5.00
August 2008 6 $881,483 $830,167 94.18% 107.0 54 9.00
 
Total 45 $712,033 $675,944 94.93% 106.3 62 15.97
  
Total 2008-2008 45 $712,033 $675,944 94.93% 106.0 62 16.00

Category - SingleFamily / Area: MID - MIDDLETOWN

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2008 26 $477,844 $447,094 93.56% 101.0 346 13.31
February 2008 33 $418,476 $389,888 93.17% 94.0 355 10.76
March 2008 34 $501,253 $475,372 94.84% 87.0 379 11.15
April 2008 36 $605,067 $570,636 94.31% 103.0 399 11.08
May 2008 50 $539,596 $518,359 96.06% 91.0 426 8.52
June 2008 49 $493,226 $477,134 96.74% 64.0 436 8.90
July 2008 47 $523,079 $500,719 95.73% 76.0 446 9.49
August 2008 62 $504,313 $483,673 95.91% 86.0 445 7.18
 
Total 337 $507,857 $482,859 95.08% 87.8 404 10.05
  
Total 2008-2008 337 $507,857 $482,859 95.08% 88.0 404 10.00

Category - SingleFamily / Area: MON - MONMOUTH BEACH

Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2008 1 $949,900 $965,000 101.59% 10.0 19 19.00
February 2008 N/A $0 $0 0% 0.0 29 0
March 2008 2 $1,797,000 $1,691,250 94.12% 138.0 34 17.00
April 2008 4 $1,435,000 $1,321,810 92.11% 152.0 33 8.25
May 2008 3 $661,967 $630,833 95.30% 129.0 35 11.67
June 2008 3 $769,667 $726,667 94.41% 57.0 33 11.00
July 2008 3 $925,967 $871,633 94.13% 92.0 37 12.33
August 2008 4 $880,675 $852,275 96.78% 55.0 40 10.00
 
Total 20 $1,060,025 $1,008,495 95.14% 90.4 37 12.75
  
Total 2008-2008 20 $1,060,025 $1,008,495 95.14% 90.0 37 13.00

Category - SingleFamily / Area: RUM - RUMSON
Month Year Monthly Sales Avg ListPrice Avg Sale Price % Diff Sell/list Avg DOM Curr Inventory Months Inventory
January 2008 8 $1,781,737 $1,649,062 92.55% 63.0 80 10.00
February 2008 6 $2,085,333 $1,926,167 92.37% 182.0 93 15.50
March 2008 5 $1,117,780 $1,041,600 93.18% 143.0 105 21.00
April 2008 7 $923,114 $873,929 94.67% 82.0 108 15.43
May 2008 8 $1,346,725 $1,224,562 90.93% 117.0 113 14.13
June 2008 6 $996,150 $937,902 94.15% 64.0 120 20.00
July 2008 8 $1,721,625 $1,622,062 94.22% 134.0 110 13.75
August 2008 7 $1,103,271 $1,006,071 91.19% 98.0 112 16.00
 
Total 55 $1,384,467 $1,285,169 92.83% 110.4 105 15.73
  
Total 2008-2008 55 $1,384,467 $1,285,169 92.83% 110.0 105 16.00

So lets all get bullish about real estate, there are future capital gains to be had at shark prices right now. If you are interested in statistics about any other town  not shown here , please email.

In other news, I am looking for a few good men (or women). I have invested so heavily in websites in the last few years that I have an over abundance of qualified prospects coming in every day. I only hire a select few, but I am looking to expand right now, so if you want to know more about coming a professional real estate agent. Please call or email.

Carolynn Ozar-Diakon

Broker Owner

RESOURCES Real Estate

732-212-0440

www.resourcesrealestate.com

carolynn@resourcesrealestate.com

close

This entry hasn't been re-blogged:

Re-Blogged By Re-Blogged At
Location:
New Jersey Monmouth County Rumson
Tags:
real estate market
monmouth county real estate
rumson real estate

Post a Comment
Spam prevention
Spam prevention
Post a Comment
Spam prevention

What's the reason you're reporting this blog entry?

Are you sure you want to report this blog entry as spam?

Rainer
3,930

Carolynn Ozar-Diakon

Ask me a question
*
*
*
*
Spam prevention

Additional Information