A Reality Check for Home Sellers
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cranhead
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PostPosted: Sat, Sep 29 2007, 8:17 pm EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
FL wrote:
cranhead,
new home sales number vraies significantly from month to month. when you look at northeast region, sales was up 42% in August while down 27% in July. It is hard to draw any conclusion from there. with interest rate going down and bailing out plan in place, I would think this fall is the last change to buy at low.


That's why the better measurement is year-over-year not month-to-month. The fed report showed the Northeast was down year-over-year. August is always way bigger than July in good and bad markets.
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Guest
PostPosted: Sat, Sep 29 2007, 9:35 pm EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
Even for year-to-year, the fluctuation is very significant. can you believe the price of last july was up 5.6% from July 2006?
Some builders are getting rid of inventories. I guess you may find some opportunities if you are looking for new construnctions. I believe real estate is local in nature. Even last week, i was still hearing 4 offers in one week in some desirable towns.

http://www.nytimes.com/2007/09/27/business/27cnd-econ.html?ex=1348545600&en=b79e6aaa6562b2d2&ei=5088&partner=rssnyt&emc=rss
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cranhead
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PostPosted: Sat, Sep 29 2007, 11:29 pm EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
Guest wrote:
Even for year-to-year, the fluctuation is very significant. can you believe the price of last july was up 5.6% from July 2006?
Some builders are getting rid of inventories. I guess you may find some opportunities if you are looking for new construnctions. I believe real estate is local in nature. Even last week, i was still hearing 4 offers in one week in some desirable towns.

http://www.nytimes.com/2007/09/27/business/27cnd-econ.html?ex=1348545600&en=b79e6aaa6562b2d2&ei=5088&partner=rssnyt&emc=rss


Its humerous when people try ot suggest the market is still strong. I'll tell you what. Since you're a realtor (hearing multiple offers), I'll make you a deal. If you can sell my home for more than I bought it 2 years ago, I'll give you not just the normal commission but 50% of all the profit. But in exchange, you agree to buy it for what I did if you can't sell it. Deal? If you're that confident in the market, go for it.
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aaa
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PostPosted: Sun, Sep 30 2007, 9:29 am EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
I believe in Cranbury if you can sell your home at the reassesed value, then you are doing well.

If you want to increase the probability of multiple offers, then price your home at between 5% and 10% off the reassesed value.
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fl
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PostPosted: Sun, Sep 30 2007, 10:38 am EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
It was wrong 2 years ago to think every house in every town will raise over 10% each year. It is wrong now to think every house in every town will colapse in next two years. I agree with previous post that the real estate market is local: Location, location, location. Take Cranbury Greene as example, the houses away from route 130 were sold quicker than those closer to 130 or on the main street (not in village).
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aaa
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PostPosted: Sun, Sep 30 2007, 8:37 pm EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
fl wrote:
It was wrong 2 years ago to think every house in every town will raise over 10% each year. It is wrong now to think every house in every town will colapse in next two years. I agree with previous post that the real estate market is local: Location, location, location. Take Cranbury Greene as example, the houses away from route 130 were sold quicker than those closer to 130 or on the main street (not in village).


Regarding Cranbury Greene (or Cranbury Green?) homes, the homes north of Old Trenton Rd. (closer to the village) seems to be more popular than those south of Old Trenton Rd.
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FL
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PostPosted: Sun, Sep 30 2007, 10:57 pm EDT    Post subject: Re: A Reality Check for Home Sellers Reply with quote
aaa, I don't see much difference except 1) kids in south got to cross old trenton road to school; 2) north is 1 or 2 years younger than south. as far as i know, almost all the homes sold in south this spring were for the reason of kids out to colleage with one exception, which was relocation to connecticut.
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