Well, here’s a reality check. Not in New Jersey. If you read the whole article and not just the headline, you’ll soon learn that if you are looking for such leverage in the State of New Jersey that you’re living in the wrong state. New Jersey isn’t even in the Top 5 of states with high foreclosure rates. Sorry. Houses are still being sold by provide owners who are looking to sell their homes at the market rate. Their neighborhoods have NOT been devistated by a high number of homes having been foreclosed on and then being sold by banks and mortgage lenders at lower then prevelant market prices, thus causing a further decrease in home prices. More and more home owners are either withdrawing their homes form the market or allowing their home’s listing agreement to expire and not
relisting. They’d rather do this then sell their home for either less then what they owe on it or leave themselves no money for their next home purchase.

One of the key factors that many of the buyers seem to forget is that the home owners who are not financially distressed will need funds from the sale of their current home to purchase the next one. If they don’t get enough money for their next purchase, they won’t be selling their current home. In the vast majority of cases in New Jersey, that is the way it is…simple and straightforward.

So, what states are leading in foreclosures? Which are the Top 5 states? Where can you have a large amount of choices of foreclosure homes? Well, pack up you bags! You’re going to have to move to one of the following states -

1. Nevada – has the highest number of foreclosure homes with 1 out of 106 homes.
2. California – is second with 1 out of 182 homes.
3. Florida – is right behind California with 1 out of 186 homes.
4. Arizona – is next with 1 out of 195 homes.
5. Ohio – is a distant 5th at 1 out of 375.

Notice that New Jersey is not even listed? According to market research information from the NJ Association of Realtors, while other states have seen home prices plummet, homes in New Jersey have generally maintained their value. Specifically, as an example, Atlantic City, NJ homes sales prices were $264,600 in the first quarter of 2007 while they were $277,400 in the first quarter of 2008, this is a +4.8 increase from a year ago. According to the article from CNN, foreclosures drive prices down. Overall, the market areas where we conduct the majority of our business (Camden, Gloucester, and Salem Counties) is still strong, as shown on the chart below.

Click Image to Enlarge

If you’re a first time home buyer, work with us and we work to eliminate the possibility that you could end up in the same situation as the current home owners facing foreclosure. If you are a current home owner who is financially distressed and need help and advice with your home, call us…we’ve been where you are and have learned much through trial and error. We work so that YOU don’t make the same mistakes we did.

Terry Iwaniw
REALTOR Associate
RE/MAX Home Team
http://www.snewjerseyhomes.com/
http://www.i-teamhomes.com/
http://www.terryi.com/
609-417-1086

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1.  First Time Home Buyer Expert
2.  New Home Expert
3.  Foreclosure Expert
4.  Short Sale Expert
5.  All Around Real Estate Guru

Hmm, Jack of All Trades…Master of None.  All they have to offer is the number of years they’ve been in the business.  They have no comprehensive marketing plan, they have no idea of how to market in the New Age of the Internet, all they can keep crowing about is the number of years experience.  Which would you choose, a doctor with 30 years experience but everything is from the 1970’s and 1980’s or a doctor who has only half that amount of years experience that is up-to-date and current?  See?  Experience isn’t the absolute factor.  You have to know how to market, yourself and your clients’ homes.  When I see these ads from many of my collegues in the business I have to laugh myself silly.  These ads speak volumes about them.  And if their web sites mimic their ads (that the only thing they tout is their experience) then using these agents are NOT in your best interest. 

My strong suit is internet marketing.  How long have I been doing it and how long have I been on the Net?  Well, I won’t state specific years (because then I start sounding like all of the other agents), but I use to access the old BBS (Bulletin Board Systems) and participate in the USENet groups via those BBS’s (we didn’t have the newsreaders they have now).  You had to TCP in to access any existing web pages. 

Essentially, I am a 1) business man (my business web site is still on the web), and then 2) I am a REALTOR.  There is an old saying among business people – - all business owners are salesmen, but not all salesmen are business owners.  When you own your own business you have to know how to market…your whole existence depends on it.  But if all you are is a sales person, you play the numbers game…to sell a certain number of homes you have to have a larger number listed.  Why?  Because of the Wall Effect.  What is the Wall Effect?  Well, it goes like this…if you fling enough things at the wall, something is bound to stick.  These agents don’t discuss things with you, they don’t inform you, they just say whatever it takes to get you to sign on the bottom line.

How many people have run into the agent that doesn’t listen to what their customers tell them they are lookng for, but instead push the homes that would pay them the most amount of money?  These agents are the epitome of a sales person -

1.  Sells you something you don’t want.
2.  Sells you that something at a price you don’t want to pay.

When the customer says No, they feel it is their DUTY to sell them.  There is an old saying in Salesmenshipland that goes like this – “Salesmanship starts when the customer says ‘No’”.  To me, Customer Service starts when the customer says ‘No’.  I need to understand what I need to do to get my customer to say ‘Yes’ and to be happy about their choice.  I don’t try to sell them something, I facilitate and help them make the best investment in their new home that they can.

If you buy into the “Experience Count” garbage, then know that it is the ONLY thing they have to offer you…the fact that they’ve been at it for a long time, but not very good at it.

Terry Iwaniw
REALTOR Associate
RE/MAX Home Team
http://www.snewjerseyhomes.com/
http://www.i-teamhomes.com/
http://www.terryi.com/
609-417-1086

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