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Princeton Real Estate Market Update December 2017

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The latest pricing and trends in the single family and condo markets in Princeton, NJ and the surrounding towns.

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Princeton Real Estate Market Update December 2017

  1. 1. Princeton Area Real Estate Market Update December 2017 Josh Wilton Managing Broker Weichert Realtors Princeton Office
  2. 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. 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 Update Agenda
  4. 4. Real Estate Market Update What are you hearing about the market?
  5. 5. The National Picture
  6. 6. Economic factors 6 Now ** 2013 2010 Gas per gallon (NY area) $2.45 $3.81 $2.73 Stock market (Dow Jones) 24,329 14,776 11,578 Avg. 30-year fixed rate 4.25%* 4.43% 4.71% Consumer confidence rating 117.7 76.2 63.4 Household income $56,516 $53,046 $49,276 Unemployment rate 4.5% 7.4% 9.3% Foreclosures 848,609 1,369 ,405 2,871,891 2010 to Current Comparisons
  7. 7. Listing Inventory 7 • Was a BIG deal in 2016 • BIGGER deal in 2017 • Even BIGGER Deal in 2018 • Existing inventory levels down 11% over a year YTD 2017 (nationally)
  8. 8. Median Seller Tenure In Home 8
  9. 9. First-Time Homebuyers make up Majority of 2017 Home buyers* 9 • 52% First Time Homebuyers • 61% Millennial Buyers (35 years and under)
  10. 10. The boom….The New Jersey MarketThe Statewide Picture
  11. 11. The boom….The New Jersey MarketThe Statewide Picture
  12. 12. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research
  13. 13. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research
  14. 14. The New Jersey MarketThe Statewide Picture Source: NJAR 10K Research
  15. 15. The 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
  16. 16. The boom….The Local MarketThe Local Picture
  17. 17. Mercer County Supply & Demand Price Trends Source: NAR, November 2008 Forecast The Local Picture
  18. 18. Long Term Demand … Source: NAR, November 2008 Forecast http://lwd.dol.state.nj.us/labor/lpa/dmograph/est/est_index.html Long Term Demand for Housing 2008 2009 2010 2011 2012 2013 2014 2015 2016
  19. 19. 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
  20. 20. Source: NJAR 10K Research Data No jobs…no market
  21. 21. Source: NJAR 10K Research Data Mercer/ Middlesex County Real Estate Market Drivers 1. Trains/Schools/Affordability 2. Schools/Trains/Affordability 3. Convenience/Town Center/Lifestyle 4. Affordability 5. Schools 6. Trains
  22. 22. Source: NJAR 10K Research Data Plainsboro Real Estate Market Drivers 1. Trains/Schools/Affordability 2. Schools/Trains/Affordability 3. Convenience/Town Center/Lifestyle 4. Affordability 5. Schools 6. Trains
  23. 23. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  24. 24. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  25. 25. Plainsboro Market Activity Single Family Homes Average Sale Price Source: Middlesex MLS
  26. 26. Plainsboro Market Activity Single Family Homes Average Days on Market Source: Middlesex MLS
  27. 27. Plainsboro Market Activity Single Family Homes List to Sale Price Ratio Source: Middlesex MLS
  28. 28. Plainsboro Market Activity Condos & Townhouses Average Sale Price Source: Middlesex MLS
  29. 29. Plainsboro Market Activity Condos & Townhouses Average Days on Market Source: Middlesex MLS
  30. 30. Plainsboro Market Activity Condos & Townhouses List to Sale Price Ratio Source: Middlesex MLS
  31. 31. Plainsboro Market Activity Walker Gordon Farm Average Sale Price Source: Middlesex MLS
  32. 32. Plainsboro Market Activity Walker Gordon Farm Average Days on Market Source: Middlesex MLS
  33. 33. Plainsboro Market Activity Walker Gordon Farm List to Sale Price Ratio Source: Middlesex MLS
  34. 34. Plainsboro Market Activity Princeton Landing Condo/Townhouse Average Sale Price Source: Middlesex MLS
  35. 35. Plainsboro Market Activity Princeton Landing Condo/Townhouse Average Days on Market Source: Middlesex MLS
  36. 36. Plainsboro Market Activity Princeton Landing Single Family Average Sales Price Source: Middlesex MLS
  37. 37. Plainsboro Market Activity Princeton Landing Single Family Average DOM Source: Middlesex MLS
  38. 38. Source: NJAR 10K Research DataSource: NJAR 10K Research Plainsboro, Year over Year 2014 2015 2016 2017 Listed 294 308 337 312 Pended 190 210 226 246 Sold 176 207 228 230 Avg Sold Price $427 $419 $433 $387
  39. 39. Source: NJAR 10K Research Data West Windsor Train Schools Lifestyle Affordability
  40. 40. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  41. 41. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  42. 42. West Windsor Market Activity Single Family Homes Average Sale Price Source: Trend MLS
  43. 43. West Windsor Market Activity Single Family Homes Average Days on Market 2012 2013 2014 2015 2016 2017 Source: Trend MLS
  44. 44. West Windsor Market Activity Single Family Homes List to Sale Price Ratio Source: Trend MLS
  45. 45. West Windsor Market Activity Condos & Townhouses Average Sale Price 2012 2013 2014 2015 2016 2017 Source: Trend MLS
  46. 46. West Windsor Market Activity Condos & Townhouses Average Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  47. 47. West Windsor Market Activity Condos & Townhouses List to Sale Price Ratio 2012 2013 2014 2015 2016 2017 Source: Trend MLS
  48. 48. West Windsor Market Activity All Styles– Canal Pointe Average Sale Price 2012 2013 2014 2015 2016 2017 Source: Trend MLS
  49. 49. West Windsor Market Activity Canal Pointe – All Styles Average Days on Market 2012 2013 2014 2015 2016 2017 Source: Trend MLS
  50. 50. West Windsor Market Activity Canal Pointe – All Styles Average List to Sale Price Ratio 2012 2013 2014 2015 2016 2017 Source: Trend MLS
  51. 51. West Windsor Market Activity Single Family – Estates @ Princeton Jct Average Sale Price Source: Trend MLS
  52. 52. West Windsor Market Activity Single Family – Estates @ Princeton Jct Average Days on Market Source: Trend MLS
  53. 53. West Windsor Market Activity Single Family – Estates @ Princeton Jct List to Sale Price Ratio Source: Trend MLS
  54. 54. West Windsor Market Activity Single Family – 0-$650,000 Average Sales Price Source: Trend MLS
  55. 55. West Windsor Market Activity Single Family – 0-$650,000 Average Days on Market Source: Trend MLS
  56. 56. West Windsor Market Activity Single Family – 0-$650,000 List to Sale Price Ratio Source: Trend MLS
  57. 57. Source: NJAR 10K Research DataSource: NJAR 10K Research WW, Year over Year 2014 2015 2016 2017 Listed 451 485 507 420 Pended 332 341 334 325 Sold 307 323 347 318 Avg Sold Price $593 $576 $558 $572
  58. 58. Source: NJAR 10K Research DataSource: NJAR 10K Research East Windsor Train Schools Lifestyle Affordability
  59. 59. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  60. 60. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  61. 61. East Windsor SF Average Sale Price Source: Trend MLS 2012 2013 2014 2015 2016 2017
  62. 62. East Windsor SF Average Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  63. 63. East Windsor SF Average Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  64. 64. East Windsor CT Average Sales Price Source: Trend MLS 2012 2013 2014 2015 2016 2017
  65. 65. East Windsor CT Average Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  66. 66. East Windsor CT Average Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  67. 67. East Windsor CT 0-$399 Average Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  68. 68. East Windsor CT 0-$399 List to Sales Price Ratio Source: Trend MLS 2012 2013 2014 2015 2016 2017
  69. 69. East Windsor CT $400-$699 Avg Sales Price Source: Trend MLS 2012 2013 2014 2015 2016 2017
  70. 70. East Windsor CT $400-$699 Days on Market Source: Trend MLS 2012 2013 2014 2015 2016 2017
  71. 71. East Windsor CT $400-$699 List to Sales Price Ratio Source: Trend MLS 2012 2013 2014 2015 2016 2017
  72. 72. Source: NJAR 10K Research DataSource: NJAR 10K Research EW, Year over Year, Jan – May 2014 2015 2016 2017 Listed 463 431 478 434 Pended 275 285 346 385 Sold 271 273 327 374 Avg Sold Price $251 $266 $253 $265
  73. 73. Source: NJAR 10K Research Data Lawrenceville Train Schools Lifestyle Affordability
  74. 74. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  75. 75. Source: NJAR 10K Research DataSource: https://education.state.nj.us/pr/
  76. 76. LawrencevilleMarket Activity SingleFamily Homes AverageSalePrice 2012 2013 2015 Source: TrendMLS 2014 2016 2017
  77. 77. LawrencevilleMarket Activity SingleFamily Homes AverageDayson Market Source: TrendMLS 2012 2013 20152014 2016 2017
  78. 78. LawrencevilleMarket Activity SingleFamily Homes List to Sale PriceRatio Source: TrendMLS 2012 2013 20152014 2016 2017
  79. 79. LawrencevilleMarket Activity Condos& Townhouses AverageSalePrice Source: TrendMLS 2012 2013 20152014 2016 2017
  80. 80. LawrencevilleMarket Activity Condos& Townhouses AverageDayson Market Source: TrendMLS 2012 2013 20152014 2016 2017
  81. 81. LawrencevilleMarket Activity Condos& Townhouses List to Sale PriceRatio Source: TrendMLS 2012 2013 20152014 2016 2017
  82. 82. LawrencevilleMarket Activity SingleFamily $500,000+ AverageSalePrice Source: TrendMLS
  83. 83. LawrencevilleMarket Activity SingleFamily $500,000+ Dayson Market Source: TrendMLS 2012 2013 20152014 2016 2017
  84. 84. LawrencevilleMarket Activity SingleFamily $500,000+ List to Sale PriceRatio Source: TrendMLS 2012 2013 20152014 2016 2017
  85. 85. LawrencevilleMarket Activity Adult Communities AverageSalePrice Source: TrendMLS
  86. 86. LawrencevilleMarket Activity Adult Communities AverageDOM Source: TrendMLS
  87. 87. LawrencevilleMarket Activity Yorkshire AverageSalesPrice Source: TrendMLS
  88. 88. LawrencevilleMarket Activity Yorkshire AverageDOM Source: TrendMLS
  89. 89. LawrencevilleMarket Activity Yorkshire List to Sale PriceRatio Source: TrendMLS
  90. 90. LawrencevilleMarket Activity EaglesChase AverageSalesPrice Source: TrendMLS
  91. 91. LawrencevilleMarket Activity EaglesChase AverageDOM Source: TrendMLS
  92. 92. LawrencevilleMarket Activity EaglesChase List to Sale PriceRatio Source: TrendMLS
  93. 93. Source: NJAR 10K Research DataSource: NJAR 10K Research Law, Year over Year, Jan – May 2014 2015 2016 2017 Listed 574 539 563 563 Pended 334 299 367 392 Sold 313 289 353 375 Avg Sold Price 303 315 303 311
  94. 94. Source: NJAR 10K Research DataSource: NJAR 10K Research Princeton Train Schools Lifestyle Affordability
  95. 95. Source: NJAR 10K Research DataSource: NJAR 10K ResearchSource: TrendMLS
  96. 96. Princeton Market Activity Single Family Average Sale Price Source: TrendMLS
  97. 97. Princeton Market Activity Single Family Average Days on Market Source: TrendMLS
  98. 98. Princeton Market Activity Single Family List to Sale Price Ratio Source: TrendMLS
  99. 99. Princeton Condo/ Townhouse Average Sales Price Source: TrendMLS
  100. 100. Princeton Condo/ Townhouses Average Days on Market Source: TrendMLS
  101. 101. Princeton Condo/Townhouse List to Sale Price Ratio Source: TrendMLS
  102. 102. Princeton Single Family Under $1 million Average Sales Price Source: TrendMLS
  103. 103. Princeton Single Family Homes Under $1 million Average Days on Market Source: TrendMLS
  104. 104. Princeton Single Family Under $1 million List to Sales Price Ratio Source: TrendMLS
  105. 105. Princeton Single Family $1-1.9 million Average Sales Price Source: TrendMLS
  106. 106. Princeton Single Family $1-1.9 million Days on Market Source: TrendMLS
  107. 107. Princeton Single Family $1-1.9 million List to Sales Price Ratio Source: TrendMLS
  108. 108. Princeton Single Family $1-1.5 million Average Sales Price Source: TrendMLS
  109. 109. Princeton Single Family $1-1.5 million Average Sales Price Open House Traffic Source: TrendMLS
  110. 110. Princeton Single Family $1-1.5 million Days on Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  111. 111. Princeton Single Family $1.5-1.99 million Average Sales Price Source: TrendMLS
  112. 112. Princeton Single Family $1.5-1.99 million Days on Market Source: TrendMLS
  113. 113. Princeton Single Family $1.5-1.99 million List to Sales Price Ratio Source: TrendMLS 2012 2014 2015 2016 20172013
  114. 114. Princeton Single Family $2 million + Average Sales Price Source: TrendMLS
  115. 115. Princeton Single Family $2 million Days on Market Source: TrendMLS
  116. 116. Princeton Single Family $2 million List to Sales Price Ratio Source: TrendMLS
  117. 117. Princeton Single Family $3 million+ Average Sales Price Source: TrendMLS
  118. 118. Princeton Single Family $3 million+ Days on Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  119. 119. Princeton Single Family $3 million+ List to Sale Price Ratio Source: TrendMLS
  120. 120. Princeton Single Family Littlebrook Neighborhood Average Sold Price Source: TrendMLS
  121. 121. Princeton Single Family Littlebrook Neighborhood Average Days on Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  122. 122. Princeton Single Family Littlebrook Neighborhood List to Sale Price Ratio Source: TrendMLS
  123. 123. Princeton Single Family Riverside Neighborhood Average Sales Price Source: TrendMLS 2012 2013 2014 2015 2016 2017
  124. 124. Princeton Single Family Riverside Neighborhood Average Days on Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  125. 125. Princeton Single Family Riverside Neighborhood List to Sale Price Ratio Source: TrendMLS
  126. 126. Source: NJAR 10K Research DataSource: NJAR 10K Research Pton, Year over Year 2014 2015 2016 2017 Listed 442 475 472 431 Pended 305 299 316 297 Sold 303 278 293 294 Avg Sold Price $933 $1.1019 $1.023 $1.052
  127. 127. Source: NJAR 10K Research DataSource: NJAR 10K Research Ewing Train Schools Lifestyle Affordability
  128. 128. Source: NJAR 10K Research DataSource: NJAR 10K Research
  129. 129. Ewing Market Activity SingleFamily Homes AverageSalePrice Source: TrendMLS 2012 2013 2014 2015 2016 2017
  130. 130. Ewing Market Activity SingleFamily Homes AverageDayson Market Source: TrendMLS
  131. 131. Ewing Market Activity SingleFamily Homes List to Sale PriceRatio Source: TrendMLS
  132. 132. Ewing Market Activity Condos& Townhouses AverageSalePrice Source: TrendMLS
  133. 133. Ewing Market Activity Condos& Townhouses AverageDayson Market Source: TrendMLS
  134. 134. Ewing Market Activity Condos& Townhouses List to Sale PriceRatio Source: TrendMLS
  135. 135. Source: NJAR 10K Research DataSource: NJAR 10K Research Ewing, Year over Year, Jan – May 2014 2015 2016 2017 Listed Pended Sold Avg Sold Price
  136. 136. Source: NJAR 10K Research DataSource: NJAR 10K Research Hamilton Train Schools Lifestyle Affordability
  137. 137. Hamilton Market Activity SingleFamily Homes AverageSalePrice Source: TrendMLS
  138. 138. Hamilton Market Activity SingleFamily Homes AverageDayson Market Source: TrendMLS
  139. 139. Hamilton Market Activity SingleFamily Homes List to Sale PriceRatio Source: TrendMLS 2012 2013 20152014 2016 2017
  140. 140. Hamilton Market Activity Condos& Townhouses AverageSalePrice Source: TrendMLS 2012 2013 2015 201720162014
  141. 141. Hamilton Market Activity Condos& Townhouses AverageDayson Market Source: TrendMLS 2012 2013 2014 2015 2016 2017
  142. 142. Hamilton Market Activity Condos& Townhouses List to Sale PriceRatio Source: TrendMLS 2012 2013 2014 2015 2016 2017
  143. 143. Source: NJAR 10K Research DataSource: NJAR 10K Research Hamilton, Year over Year, Jan – May 2014 2015 2016 2017 Listed 1539 1592 1643 1678 Pended 814 931 1053 1179 Sold 767 876 1000 1129 Avg Sold Price 211 215 208 210
  144. 144. Source: NJAR 10K Research DataSource: NJAR 10K Research Hopewell
  145. 145. Hopewell Twp Single Family Average Sale Price Source: Trend MLS 2012 2013 2014 20162015 2017
  146. 146. Hopewell Twp Single Family Average Days on Market Source: Trend MLS 2012 2013 2014 20162015 2017
  147. 147. Hopewell Twp Single Family List to Sale Price Ratio Source: Trend MLS 2012 2013 2014 20162015 2017
  148. 148. Hopewell Twp Condo/Townhouse Average Sale Price Source: Trend MLS 2012 2013 2014 20162015 2017
  149. 149. Hopewell Twp. Condo/Townhouse Average Days on Market Source: Trend MLS 2012 2013 2014 20162015 2017
  150. 150. Hopewell Twp Condo/Townhouse List to Sale Price Ratio Source: Trend MLS 2012 2013 2014 20162015 2017
  151. 151. Hopewell Twp Brandon Farms All Styles Average Sale Price Source: Trend MLS 2012 2013 2014 20162015 2017
  152. 152. Hopewell Twp Brandon Farms All Styles Average Days on Market Source: Trend MLS 2012 2013 2014 20162015 2017
  153. 153. Hopewell Twp Brandon Farms All Styles List to Sale Price Ratio Source: Trend MLS 2012 2013 2014 20162015 2017
  154. 154. Source: NJAR 10K Research DataSource: NJAR 10K Research Hopewell, Year over Year, Jan – May 2014 2015 2016 2017 Listed 452 477 428 483 Pended 242 260 271 295 Sold 212 248 271 293 Avg Sold Price $508 $510 $503 $475
  155. 155. 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
  156. 156. Strategies for Buying and Selling in Today’s Market
  157. 157. Source: NJAR 10K Research Data When’s the best time to Buy/Sell? Source: Trend MLS
  158. 158. Lawrence 12/9/17 Style Active Listings Under Contract in 30 Days Absorption Rate 0-500 43 11 3.9 Single Family 500-700 15 4 3.75 Single Family 700-999 5 0 99* Single Family $1.0+ 9 0 99*
  159. 159. Princeton Single Family $1-1.5 million Average Sales Price Open House Traffic Source: TrendMLS
  160. 160. West Windsor SF Market Activity 12/9/17 Style Active Listings Pending in last 30 Days Absorption Rate SF 0-650 21 5 4.2 SF 650-799 6 0 99 SF 800-999 10 3 3.3 $1.0+ 2 0 99
  161. 161. Open House Report
  162. 162. Hopewell SF Market Activity 12/9/17 Style Active Listings Pending in last 30 Days Absorption Rate SF 0-650 49 9 5.4 SF 650-799 15 0 99 SF 800-999 18 2 9 $1.0+ 21 0 99
  163. 163. Financial Services Carlos A. Machado Gold Services Manager Princeton Office NMLS #4384 Weichert Financial Services 908-307-8317 cmachado@weichertfinancial.com
  164. 164. •For Sellers: To make sure they have all the information they need to choose an offer •For Buyers: Buying Strategy, Buying Power & Documentation My Job…
  165. 165. As the seller, do I get to see the pre-approval letter? • The Pre-approval letter must be with all the offers. • Cash deals should be accompanied with a "proof of funds" which is a bank statement or letter from the bank or escrow agent • Make sure the letter is not a pre-qualification (this is only an opinion letter) • Let me help you review and confirm the pre-approvals you have when you go to select an offer
  166. 166. Your Mortgage Loan Checklist • Two Forms of identification (including 1 government photo ID. • Pay stubs for the past 30 days. • Your most recent last two years' W-2. • All pages of your signed personal tax returns, for the two most recent years. • All pages of your most recent bank statement. • (sellers, make sure that this was done)
  167. 167. Negotiating Your Purchase
  168. 168. 2017 Top Buyer Negotiating Strategies… 1.Pay Now or Pay More Later (based on core market, schools, trains and towns) 2.Don’t Wait to Offer on an ‘Over-Priced’ Home, its fun to negotiate 1:1 3.Use an Escalation Clause in High-Demand Markets & in multiple bid situations 4. ‘Thin Slice’ the Market. Get hyper local (ab rate, inventory, pricing etc)
  169. 169. Buyer Negotiation Tips in a Fast Market 1. Understand the process before you start shopping. 2. Have mortgage pre-approval from a local, 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 (inspection, appraisel, etc) 6. Use an Escalation Clause
  170. 170. Weichert Financial Carlos Alberto Machado Gold Service Manager cmachado@weichertfinancial.com 908-307-8317 Princeton Office NMLS#4384
  171. 171. 2017 Top Seller Negotiating Strategies… 1.Stage it (Pretty it Up) 2.Fix it First (Pre Inspect) 3.Price it Right (Set the Market) 4.Stay in Control
  172. 172. All Negotiations, including real estate, are all about negotiation and control. Home Pricing Who is in control?
  173. 173. 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?
  174. 174. Clean & In Good Repair
  175. 175. “Wow…. I could live here!”
  176. 176. Buyers Only Know What They See …
  177. 177. 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!”
  178. 178. All Negotiations, including real estate, are all about negotiation and control. Home Staging Who is in control?
  179. 179. 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
  180. 180. • 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
  181. 181. All Negotiations, including real estate, are all about negotiation and control. Pre - Inspection Who is in control?
  182. 182. The Impact of Your Initial List Price
  183. 183. • 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
  184. 184. • 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:
  185. 185. Negotiations are about leverage, use the listing price as yours… PTA suggested Market Value of $840,000 Ab Rate of 12.5 months Listed at $799,500 1 day on the market 4 Offers Bidding wrapping up today The seller had control West Windsor
  186. 186. Negotiations are about leverage, use the listing price as yours… 5 Lost Trail: listed by another Broker on 7/31/16 for $695,000. Decrease price on 9/24/16 to $650,000. Listing with Broker expired on 2/28/2017 after being on the market for 216 days. Wct listed their property on 4/7/2017 at $680,000. Used Professional photography & 3D Matterport, recommended contractor work to be done, used professional staging, Property went to pending on 4-22- 17------closed on 5-19-17 at $10,000 over listed price $690,000 after receiving multiple offers. Lawrence
  187. 187. Princeton 36 Mercer St. The Price Trend Analysis suggested Market Value of $1.250 We recommended listing at $1.1 million
  188. 188. Princeton 36 Mercer St. • Pre-inspection • Staged • Right Pricing Sold for $1.350 million, cash in 7 days. No contingencies.
  189. 189. Hamilton 1715 Silver Ct. Hamilton N J 08690 2 Bedroom 1.5 Baths Presented at $115,000 Listed 6/5/17--- 1 open house 6/10/17 received multiple offers starting 6/11/17 at full asking and then at over asking contract signed on 6/14/17---Closing date of 7/17/17
  190. 190. Hamilton Two other units on the market for sale in the same community-1 at $122,000 was on originally at $129,000 so far for 166 days. (listing broker placed this one photo on the Internet)
  191. 191. Hamilton ---the other at $112,900 so far on for 66 days (listing broker placed one photo on the MLS)
  192. 192. 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
  193. 193. Fall Thru Analysis Reason for Fall Thru Total # Fall Thrus % of Total Fall Thrus Home Inspection 659 39.2% Buyer Financing 416 24.8% Buyer Changed Mind 185 11.0% Attorney Review 72 4.3% Appraisal 71 4.2% Contingency of buyer/seller house purchase 44 2.6% Short Sale Declined 39 2.3% Another offer (buyer) came in 30 1.8% Seller Changed Mind 23 1.4% HOA Docs or Board not approved 21 1.3% Buyer/Seller Passed Away or illness 14 0.8% Foreclosure or Bankruptcy 14 0.8% Title Issues 13 0.8% Deal Came Back together & Closed or Set to Close 11 0.7% Other 36 2.1% Unknown 31 1.8% Total 1679* 100%
  194. 194. Weichert Family of Companies What will a real estate company do for me?
  195. 195. Source: 2012 NAR Profile of Home Buyers and Sellers This is where you win or lose the sale
  196. 196. Making Your Purchase as Smooth 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.
  197. 197. Thank you for your time today
  198. 198. 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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