Home Buying in Whiting>Question Details

Moonstone, Home Seller in Whiting, NJ

When will the market improve for sellers?

Asked by Moonstone, Whiting, NJ Sun Apr 19, 2009

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6
From my perspective (as an investor), the market is ripe with lots of opportunity to sell for the savvy seller. The days of easy money and irresponsible buying are gone. So, seller have to get back to the fundamentals: they have build a case to show the value of their property, and to justify their price/terms.

The sooner more sellers realize this, then the sooner they'll sell their properties in this market.
1 vote Thank Flag Link Wed Apr 22, 2009
According to Jeffrey Otteau, Fortune 500 Appraiser, the market is not anticipated to start to recover until late this year, early next. Then it will be a more of a levelling out with a slow recovery/appreciation in values. Of course that all changes depending on what the economy does. In the meantime, in NJ, we are on an average 1%/mo decline and waiting for prices to start to rise again not knowing what interest rates will do could cost you.
Web Reference: http://www.dianeglander.com
1 vote Thank Flag Link Wed Apr 22, 2009
Very simple-anytime! If your selling in a down market you are also buying in a down market. Its a win-win situation. If your only selling but not buying then wait.
0 votes Thank Flag Link Fri Jul 24, 2009
Moonstone,

In my view, the "market" is not likely to return to what it was (i.e., the high levels of annual appreciation we saw b/t 2001 and 2005).

While I agree with Diane's input (with whom I have great respect) about Jeffrey Otteau's evaluation of the market in that the market will begin to once again appreciate sometime in 2011 (at a minimal levell), I beg to differ on the 1% per month devaluation of Mr. Otteau in the current market.. In fact, in a recent Otteau seminair (3/09), I stood up and asked Mr. Otteau "what is the basis for your 1% per month decline evaluation" and "does this apply to every neighborhood." His response . . . hummunana hummuna hummman ahhhhhhh. . . . "well, of course, past history" (so Mr. Otteau do u mean the decline of the early 90's or pior), and no, this does not necesarilly apply to every neighborhood. Mr. Otteau's response raised major concerns for me as an agent.

Since your profile indicates "Whitiing", I am going to assume that are asking this question as an owner of an adult community. This throws all a whole different wrench in the appreication/depreciation as Adult Communities are a specialized market (per myself and Mr. Otteau) and could differ in current predictions.

If you would like a no obligation, current evaluation of your property, I would be happy to oblige as 33% of my busness is working with adult coummunitiies.

Love and Peace,
Francesca, Realtor, ePro
Francesca@PatrizioRE.com
Web Reference: http://www.PatrizioRE.com
0 votes Thank Flag Link Wed Apr 22, 2009
Hi Moonstone, markets vary - a local agent can assist you with tracking hwo your market is moving. One thing is for sure, the Spring market is the healthiest part of any 12 month cycle. This is true now - I am very busy with buyers motivated by depressed prices, low interest rates and buyer incentives. That is good news right there for sellers, because the more buyers in the market, the greater the demand which helps prices.

A good barameter of how a market is doing is to keep your eye on market absorption - it measures how long it is taking homes to sell. It is an easy stat to calculate if you have access to the data - take the total number of homes in the market you are studying and divide by the number of homes that have gone under contract in the last 30 days -- the result is the number of months it will take to absorb the current inventory at the current rate of sale. When you see that at 5-6 months, you are in a normal market, over that, buyers are favored, under that, conditions favor sellers.

If you are thinking about a sale this calendar year, then list now so that you don't miss any more of the Spring market. If you are looking ahead and have the luxury of waiting, then just remember that the Spring market begins much earlier than most sellers think. In fact, it begins to percolate after buyers shake off the holiday fog. My recommendation to sellers is this - get through the holidays and then use January as the month to complete your readiness with the goal of listing in February, but no later than March. Although today is a chilly day and it hardly feels Spring-like, fact is, the Spring market is not beginning -- it is almost over.

Good luck to you!
Best,
Jeannie Feenick
Search and connect at http://www.feenick.com
Web Reference: http://www.feenick.com
0 votes Thank Flag Link Mon Apr 20, 2009
I wish I had that information.

The current market is tough. Yes. But it has shown signs of turing around so far this year. Now I do not mean that houses are flying off the MLS at 2005 prices. Sellers need to be realistic to the market conditions of today and price their homes accordingly.

If you can, hang on and be patient. I believe we are at the bottom, there is no place to go but up. Probably not the up we saw a few years ago, but up.
0 votes Thank Flag Link Sun Apr 19, 2009
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