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NJ Market Update – 2nd Quarter 2010
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Garden State Resales Outpace U.S.
According to the NATIONAL ASSOCIATION OF REALTORS ® (NAR) second quarter 2010 State Resale Report, New Jersey existing home sales have far outpaced the nation. Existing home sales in the Garden State increased 15.4 percent from the first quarter of 2010 to the second. New Jersey’s resales are 29.9 percent higher than the second quarter of last year. The national figure for second-quarter resales only showed a quarterly sales increase of 9.1 percent and a yearly increase of 17.3 percent.
In addition, each of New Jersey’s metro areas showed year-over-year growth in median home price, according to NAR’s Metropolitan Area Home Price Report. According to NJAR® CEO Jarrod Grasso, “This may be a sign of market stability. Even with the tax credit out of the equation, today’s buyers can experience record-low interest rates and affordable prices. However, these conditions will not last forever.” View NJAR®’s full statement
JULY 2010 Newsletter Housing Trends eNewsletter
JULY 2010 Newsletter Housing Trends eNewsletter
Welcome to the most current Housing Trends eNewsletter. This eNewsletter is specially designed for you, with national and local housing information that you may find useful whether you’re in the market for a home, thinking about selling your home, or just interested in homeowner issues in general.
The Housing Trends eNewsletter contains the latest information from the National Association of REALTORS®, the U.S. Census Bureau and Realtor.org reports, videos, key market indicators and real estate sales statistics, a video message by a nationally recognized economist, maps, mortgage rates and calculators, consumer articles, plus local neighborhood information and more.
Please click here to view the JULY 2010 Newsletter Housing Trends eNewsletter.
If you are interested in determining the value of your home, click the Home Evaluator link for a free evaluation report.
Terry Iwaniw | Create Your Badge
Camden County Quick Market Stats
Posted by admin on May 11, 2010 in Market Analysis
In March there were 3745 homes for sale in the county. March of last year we had 3784 homes for sale in the county. This means that the amount of months it will take to sell off these homes, without adding more homes to the market, is approximately 11.5 months, whereas in March 2009 it was 12 months to sell all of the homes.
In March 2010, 309 homes were sold for a mdeian price of $180,000; which was 90.6% of the asking list price. Same month in 2009 there were only 256 homes that were sold for a median price $166,000; which was only 88.7% of the asking list price. Year-To-Date figures for 2010 ending in March showed a total of 692 homes sold for a median price of $173,000 that was 89.54% of the homes’ median asking price Year-To-Date for 2009 ending in March showed only 660 homes sold for a median price of $168,000 and was only 88.44% of the homes’ mdeian asking price.
This shows that now is a good time to look to sell your home. Buyers are getting past the memory of having overpaid in the last few years and are not forcing prices down too much to counter those previous years. The current inventory of homes (is a calculation of total number of homes on the market divided by the average number of homes sold per month) is decreasing and the excess inventory is being sold off, as shown by the higher numbers of homes that were sold this year versus last year.
And the interest rates are not out of reach for the average first time home buyer. Remember, the key factor for anyone that is looking to buy a homes is the price of money (interest rate) as opposed to the price of the home. As important as the price of the home may be to a home buyer, more important to them should be the price of money. The price of the home is what they will pay one time…the price of money is what they will be paying each month with their mortgage payment.
© 2009 Freddie Mac. Averages are for conforming mortgages with 20% down.
Loan Type Avg. Rate Fees & Points Margin
30YR FRM 5.03% 0.7 N/A
15YR FRM 4.40% 0.6 N/A
5YR ARM 4.11% 0.7 2.73
1YR ARM 4.09% 0.5 2.71
If you want to find out if this is the right time to sell you homes, give me a call to scheduel a no cost, no obligation Comparative Market Analysis or go to http://www.sellmysnjhome.com and complete the form.
To BPO or Not To BPO
In today’s current market many real estate agents have to look to other areas to help them earn revenue to augment their home marketing income. Some agents have spouses that earn a steady income that helps pay the bills during the time that listings are waiting for acceptable offers or a market campaign brings fruition with new home buyers. For myself, the decision was based on trying to find soemthing that was complimentary to my main business focus, real estate. To that End I ended up with doing Broker Price Opinions (BPOs). BPOs are very similar to Comparative Market Analysis (CMAs) except that BPOs are more detailed and are done for a fee, while CMAs are at no-cost for a home owner and prospective home seller.
After spending a considerable amount of time doing these BPOs I have come to the conclusion that they are a two-edged sword. On one hand, if you do enough of them for the right price, they are a good source of extra income. However, on the flip side, they are very time consuming and not very cost-effective to do if one does not set some initial ground rules in doing them. But the key question is – are they worth doing? Before I can answer the question, I should go into a bit more detail in what is the process of getting and completing BPOs.
BPOs can be a steady source of additional revenue if you can be assured of getting them each and every month. This may not always be the case due to many factors. One of the biggest factors is the lending institutions. I tend to work with third party servicing companies that go out and solicit business from these lenders. If they are successful, then the service company has quite a lot of orders to fullfill, which they need real estate agents (known as Field Agents) to complete for them. Basically, lenders hire these service companies to give them financial marketing information on a specific property. I can’t go into what details/services the service provides them, but one of the components is the details market analysis of the property, known as a BPO. The Field Agent (FA) is assigned an order to complete a report on. The report is very similar to doing a CMA for a home owner except there is more detail in writing. The FA must go out and take pictures of the property, view the property and the neighborhood. It is of tremendous help if the FA also knows the market area extemely well. This may sound like a no brainer, but there are real estate agents that will only focus on the money (fee paid for order), take the order, and then try to put together whatever they can to get the report accepted. So, now you have a basic understanding of the the BPO process with third party service.
So, to answer the question of are BPOs worth doing, my answer is Yes and No.
For Yes, it is as long as you can be assured of getting a relatively large number per month. Because of this uncertainty, I have relationships with many different service companies that assign BPO orders. This way I can track my revenue from BPOs each month and see how well I am doing. If one servicer is low in assigned orders for me, I can then accept orders from other service companies. Now, one of the rules that I have established for myself in completing BPOs is that I do not accept any drive-by order (referred to as Exterior Orders) for anything less the $50. Anything less is not cost effective for me to take; I have to contend with wear and tear on my car and my time in conducting the research. In that the BPO will not end with me getting a home to list, the fee is the only benefit I can expect to get from them.
The other advantage for me in doing BPOs is more of a non-monetary issue. And that is that BPOs allow me to learn, on almost an on-going basis, what the market is doing in any specific area. If I get a BPO order to complete on a luxury home in a specific development, my research gives me knowledge about what is going on within that specific market segment. This gives me an advantage over other agents in the area who rely only on doing CMAs for home owners. For one thing, the agents need a willing home owner who is interested in the agent’s CMA. Without that home owner, why would the agent do a CMA? I, on thr other hand, always have a willing recipient of my detailed market analysis with the mortgage lenders and banks.
As for the flip side of doing BPOs, the No side, is that they are very time consuming. Even though you are getting a fee for completing a BPO you still need to take the time to drive to the property to take photos and to do the detailed research that the lenders/banks require (i.e. number of vacant homes in the neighborhood, how many homes in the neighborhood are bank owned/foreclosed, the potential rental amount, etc.). This all takes time. And if you are doing a large number of BPOs each month, the time needed can add up very quickly.
So, the question remains. Should agents do BPOs or not? There is that trade-off. While an agent is spending time doing those BPOs they are not farming/soliciting new customers. Their client base can possibly dwindle. If they don’t have time to get on the phone to prospect for new homes sellers, their inventory will shrink.
On the other hand, doing BPOs is an ideal way to keep ones fingers on the pulse of the market. To be ahead of the curve as to what is going on with prices. Because as an agent does more and more BPOs they will tend to get orders from lenders/banks for homes in a cluster of areas over a period of time. I, myself, have done numerous BPOs within the same development many times over the course of a month. Don’t you think that I pretty much have the idea of what is going with prices there? I also see what other agents are doing with their marketing of the homes and the mistakes they make. I’m getting pretty good at predicting if an active listing is going to be a candidate for expiration. I also see the trend of what is happening with the short sale market and where it is heading. Not only do I have to complete the research for the market pertaining to the home I am contracted to do an valuation on, but I am expected to give a detailed analysis of that market area and the homes within there.
So, in a nutshell, it does take quite a bit of time to complete a proper BPO but it is well worth it because my experience and insight helps me serve my customers that much better. When I give an opinion of the expected selling price of their home it is because I have done numerous valuations of homes in their area and I have been watching the trends of prices over a longer period of time. Not like many of the other agents who ran a CMA in the last couple of days because they had a listing appointment. I have watched the market for months while the other agents have had to cram the data and make some verbage up so that the prospective seller will be impressed that they use all the right buzz words and have some fancy charts (that the agents really don’t know what they mean).
The whole BPO activity has only added to my level of knowledge along with my years experience in marketing to better serve my clients/customers.
Terry Iwaniw
REALTOR Associate
ReSales & Investment Realty, LLC
Off: 856-795-3111 x263
Cell: 609-417-1086
http://www.sellmysnjhome.com
http://snjrealestate.ning.com
http://www.snewjerseyhomes.com
Connect on Facebook – http://profile.to/terryiwaniw
The Housing Market in Monroe Twp – May 2009
The I-Team Homes has been marketing quite extensively in Monroe Township NJ including the area of Williamstown. We provide housing market analysis for our clients.
The following is the most current data we have for Monroe Township :
For the month of May 2009 -
- New Listings Added in May – 61 (17.9% of the Total Listings on the Market of 341)
- Average asking price – $245,304 (101.9% of the Total Avg Price of $240,840)
- Properties that are Pending Sales (Under Contract, Not Settled) – 28
- Average Price: $214,760
- Properties that Settled in April – 24
- Average sold price – $231,510 (91.0% of average asking price)
- Average Days On Market: 73 Days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD Owned homes currently for sale , go to: http://www.njhudsales.com/.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1086
http://www.snewjerseyhomes.com/
The Housing Market in Washington Twp – May 2009
The I-Team Homes has been marketing quite extensively in Washington Township NJ including the area of Turnersville. We provide housing market analysis for our clients.
The following is the most current data we have for Washington Township :
For the month of May 2009 -
- New Listings Added in May – 86 (20.3% of the Total Avg Listings of 424)
- Average asking price – $263,450 (85.2% of the Total Avg Price of $309,260)
- Properties that are Pending Sales (Under Contract, Not Settled) – 26
- Average Price: $291,600
- Properties that Settled in May – 20
- Average sold price – $208,415 (92.0% of average asking price)
- Average Days On Market: 91 days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: http://www.njhudsales.com.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1084
http://www.terryi.com/
http://www.snewjerseyhomes.com/
The Housing Market in Winslow Twp – May 2009
The I-Team Homes has been marketing quite extensively in Winslow Township NJ including the areas of Sicklerville and Cedarbrook. We provide housing market analysis for our clients. The following is the most current data we have for Winslow Township :
For the month of May 2009 -
- New Listings Added in May – 92 (17.2% of the Total Listings Currently on the Market of 535)
- Average asking price – $240,172 (104.2% of the Total Average Listing Price of $230,510)
- Properties that are Pending Sales (Under Contract, Not Settled) – 37
- Average Price: $210,910
- Properties that Settled in May – 33
- Average sold price – $190,350 (90.0% of average asking price)
- Average Days On Market: 77 Days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: http://www.njhudsales.com/.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1086
http://www.snewjerseyhomes.com/
The Housing Market in Gloucester Twp – May 2009
The I-Team Homes has been marketing quite extensively in Gloucester Township NJ including the areas of Blackwood, Erial, and Laurel Springs. We provide housing market analysis for our clients.
The following is the most current data we have for Gloucester Township:
For the month of May 2009 -
- New Listings Added in May – 113 (18.8% of the Total Listings Currently on the Market of 602)
- Average asking price – $222,804 (98.6% of Total Average Listing Prices of $225,900)
- Properties that are Pending Sales (Under Contract, Not Settled) – 47
- Average Price: $220,260
- Properties that Settled in May – 22
- Average sold price – $176,120 (89% of average asking price)
- Average Days On Market: 111 Days
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084.
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: http://www.njhudsales.com/.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
.
Linda & Terry Iwaniw
REALTOR Associates
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1086
http://www.snewjerseyhomes.com/
The Housing Market in Berlin Twp – May 2009
The I-Team Homes has been marketing quite extensively in Berlin Township NJ. We provide housing market analysis for our clients. The following is the most current data we have for Berlin Township :
For the month of May 2009 -
- New Listings added in May – 6 (11.5% of the Total Avg Listings of 52)
- New Listing average asking price – $157,411 (71.2% of the Total Avg Price of $221,230)
- Pending Sales (Under Contract, Not Settled) – 2
- Average price: $159,320
- Properties that Settled in May – 2
- Average sold price – $189,650 (97% of average asking price)
- Average Days on the Market – 21
We can provide you with a complete and accurate market analysis for your home with an analysis of the market area it is located in. By knowing the value of your home you have a basis to start selling your home. If you want to know the value of your home and to receive a no-cost home evaluation, please call us at 609-417-1084 .
For first time home buyers, purchasing your first home can be a very stressful experience. We can help eliminate that stress and help you through the process. We work closely with many first time home buyers and understand your concerns. First Time Home Buyer Programs, 0% and No Money Down Programs, Conventional, FHA, and VA Financing (To Qualified Buyers). Seller Assist with Closing Costs, New Homes Existing Homes in Great Neighborhoods, Fixer Upper Properties. We search all of Camden, Burlington, Gloucester, Salem, Cumberland, and Atlantic Counties. Go to http://www.homes4firsttimebuyers.com/
Looking for a fixer upper property? Willing to put in some “sweat equity” to buy your next home at a bargain price. Get a complete listing of fixer uppers in your area by going to http://www.bestfixerhomes.com/
If you are interested in HUD owned homes currently for sale , go to: HUD Owned Homes Site.
Are you behind on your mortgage? We can help you! We are the Foreclosure Prevention Consultants. We’ve been where you are now, don’t make the same mistakes we did. See what we can do for you at http://www.i-teamhomes.com/foreclosure.htm
.
Linda & Terry Iwaniw
REALTOR Associate
First Time Home Buyer Specialist
Foreclosure Prevention Consultant
ReSales & Investment Realty, LLC
856-795-3111 x263
609-417-1086
http://www.terryi.com/
http://www.snewjerseyhomes.com/
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