Stop New Jersey Home Sales Tax
Monmouth Market Stagnant
The Asbury Park Press reported today that in Monmouth and other counties in New Jersey the housing market is stagnant. You can read the whole article here:
http://www.app.com/apps/pbcs.dll/article?AID=/20070816/NEWS/708160386
Some highlights:
The median sale price for an existing single-family home in Monmouth, Ocean, Middlesex and Somerset counties was $385,100, down 0.1 percent, or $200, from $385,300 in the same quarter last year, the National Association of Realtors reported Wednesday. The median means that half of the homes sold for more, the other half for less.”At best we are stagnant in the market,” said economist James Hughes, dean of the Edward J. Bloustein School of Planning and Public Policy at Rutgers University. “The market is really a weak one, and it is likely to remain weak for an extended period of time.”
Looks like we are in for the long haul. Sellers, if you need to sell you need to get an accurate comparative market analysis (CMA), your house needs to put on its Sunday Best (declutter, remove personal articles: photos, non-neutral art), paint in neutral colors, get a stager (I know a great), and then price below the competition.
Want to Walk to the Store?
This is a rather cool site. You put in your address and it gives you a walkability score. If you are looking to buy or rent a home and like to be able to walk to the library, store, or restaurant, this site will help you determine the “Walkability” of the address.
Thanks to Joel Burslem over at the Future of Real Estate Marketing blog for letting me know about this one.
US Real Estate Report
In the right column, I have added the video US Real Estate Report. This video report is updated about once a month. Click on the box in the right column, enjoy.
Happy Independence Day
Laughing at Ourselves
Sort of Real Estate Related, but Very Entertaining
Have you ever used a search engine, but were frustrated by the results. This is what would happen if searching for things in the offline world was like it is online. Enjoy!
How it this real estate related? Well haven’t you had a similar problem with searching for a home online?
You can find more of this here: http://www.getelastic.com/crazy-ecommerce
Summer is Coming!
I was just thinking how glad I was that summer was coming. Last summer I did not enjoy it, as summer. I was too busy planning my oldest daughter’s wedding last July. This year I intend to savor every moment.
This weekend is going to be great. We have a homeschool picnic on Friday morning at Holmdel Park in Holmdel, New Jersey. Then to a wedding at The Addison Park in Aberdeen. Here is a link to them if you would like to take a look: The Addison Park. Followed by the Matawan Memorial Day Parade here in Matawan, NJ on Sunday. Then on Monday, Memorial Day Observed, we have a church picnic at Holmdel Park again and my daughter Sara is matching with the Rutgers University Air Force ROTC in the New Brunswick parade. Then we relax at home in the afternoon/evening.
What a taste of summer activities and fun.
So, what are your plans this weekend and summer.
Happy Mother’s Day
Something sweet for Mother’s Day.
Am I Facing Reality?
Well at the beginning of the month I beat up on sellers telling them that they must face reality. I must soften that a bit and admit that saying that is easier than doing it. I understand that pricing a house that has been your home is not only a business decision, but also an emotional/personal one. So when the market stats and the advice of a professional real estate agent should be the pricing gauge, you find you have to fight an overwhelming drive. The urge to let other factors influence your home pricing. Factors such as how much you owe, how much money you need to move to your next house, how much money you put into improvements, and more. None of this will cause your house to sell for more than a buyer will pay.
You would think as an investor, I would not be susceptible to these things. I should be looking at this from a purely business perspective. I am trying, but I am struggling. The problem my husband and I have is that if we go much lower we will have lost money on this house that we so carefully remodeled to resell. Ouch.
I ran the numbers, I looked at the comparable properties and I still think compared to other homes it is priced well. But in the small town it is in, it is entirely possible that the whole town is overpriced. Other homes have also lowered there price, but with none selling.
As Jeffrey Otteau of Otteau Valuation Group, Inc in East Brunswick, NJ says, one of the “undesirable effects of Over Pricing is that marketing time becomes extended, which serves to delay the sale, eliminates all sense of urgency and will eventually lead to price reductions.” Otteau offers workshops for real estate professionals with market forecasts and other helpful topics.
I have heard this from Jeffrey a number of times, and my broker has coached me. I know that the best way to price a house is what Jeffrey Otteau calls “right pricing”. You set you price lower than the competition and you will end up with a faster sale and a higher price. It is tough to swallow, but studies show it to be true.
So did I practice what I preached? Not too well. What will I do? I will make another price reduction on Monday. Check back here for the closing party when I sell it.
