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Market Conditions in Fair Haven : Real Estate Advice

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  • Home Buying0
  • Home Selling1
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Linda Gilles…, Real Estate Pro in Rumson, NJ
Wed Oct 12, 2011
Linda Gillespie answered:
@Lost in Relocation,

I say the same thing to buyers and sellers alike..."a home is worth what a buyer is willing to pay for it". Each home and its owner has a unique situation and story. To dig into the details is important for your ability to negotiate. I also recommend that buyers do their best to put themselves in the seller's shoes - it is a scary market for sellers today and many of them are going to be cautious with pricing (to leave room for negotiating and potential inspection concerns). It is not easy being a buyer OR a seller in today's rollercoaster environment. I believe most sellers understand the market and perhaps you will find the success you're hoping to achieve now, if you concentrate on finding the right home for you and work toward achieving the same common end-result - to buy that house. Sellers want to sell their home, or they wouldn't be on the market....some just need a little more experience and time to come to terms with their reality. Timing, strategy and approach matter. Hope this helps

Linda Gillespie
Sales Associate
Gloria Nilson, REALTORS®, Real Living®
110 Avenue of Two Rivers, Rumson, NJ 07760
609.847.2443 cell
www.LindaGillespie.com
NJAR Circle of Excellence Award 2003-2008, 2010
Accredited Staging Professional Realtor®
Elegant Home Specialist



Linda Gillespie
Sales Associate
Gloria Nilson, REALTORS®, Real Living®
110 Avenue of Two Rivers, Rumson, NJ 07760
609.847.2443 cell
www.LindaGillespie.com
NJAR Circle of Excellence Award 2003-2008, 2010
Accredited Staging Professional Realtor®
Elegant Home Specialist
... more
0 votes 15 answers Share Flag
Linda Gilles…, Real Estate Pro in Rumson, NJ
Tue Oct 11, 2011
Linda Gillespie answered:
Hi Joe,
NJ's seasonal market IS typically slower however, with interest rates being so low, we may see a busier than normal Winter sales season. As a home buyer, my strongest recommendation to you is to not necessarily focus on the season but instead each individual home's price & marketing history. Sellers are getting savvy and pricing their home properly from the start and going under-contract quickly! You have to have your finger on the pulse of the market to know if a home is priced right - not wait for the entire town to reduce statistically on paper. I view data such as days on market and the marketing history of the homes for my buyers and help them isolate the best possible home for the best possible price.
It can be fun and you can buy successfully in any market! Feel free to give me a call.
Linda Gillespie
Sales Associate, Gloria Nilson Realtors Real Living
(609)847-2443 cell
... more
1 vote 6 answers Share Flag
Thomas McCor…, Real Estate Pro in Atlantic Highlands, NJ
Mon Oct 3, 2011
Thomas McCormack answered:
Hi Joe,
I enjoy tracking trends as well so I did a bit more research for you. It's true there's been some movement in prices but in looking at the sales stats for the three towns you mentioned I notice a few interesting points regarding the number of homes sold:
- Unit Sales in all price categories are up almost 7% (good news)
- Unit Sales in the lower price ranges for those markets are generally up - in the $200-299K range they're way up (700%!) compared with the same period last year.
- The range of $800K-$1mil for that area is down (11-20% depending on the price range) but just over $1mil is up and above $2mil is up 60% for unit sales. (But in looking at just one of the towns, Fair Haven, I can see that sales in the $800-$1mil range are up over 25%! YTD)
- When comparing the 12 month period ending in September compared with the previous 12 month period, the median sales price has only dropped 1.2% and that, in part, is probably due to the spike in the lower end sales mentioned above.

Trends are interesting but frequently they're not particularly helpful when looking at individual houses... it's best to understand the history of a given property, the recent comparable sales and other issues like location and condition that may be affecting value and for that, I recommend working with a real estate professional who understands the market.

I hope that helps. Please let me know if I can be of further assistance.

Thomas McCormack
Broker Owner
Resources Real Estate
112 E River Rd | Rumson, NJ 07760
732-212-0440
... more
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