The Monti Real Estate Monitor originally posted September 27, 2013
Amended November 14, 2013
By Edward J. Monti
Find out what's happening in Howellwith free, real-time updates from Patch.
YOY - Oy Veh!
Find out what's happening in Howellwith free, real-time updates from Patch.
Statistics make most people oh hum. They make me oh hum too, but sometimes, just sometimes there are kernels of truth in every stat that’s being posted. It also depends on the information that is being analyzed. I truly believe prices for real estate nationally and specifically in Howell are going higher and higher based on simple observation, listing prices and sales prices.
Additionally, it is being reported by various internet sources this month that Howell’s Year Over Year (“YOY”) performance is up 4%. Oy vey! I love the acronyms! So what does YOY really mean? Simply put it is a barometer that measures the health of a particular investment. In this case we are talking about Real Estate. The Zillow Real Estate Value Index reported that an average home value in Howell in September 2012 was $273,100 as compared to August 2013 of $284,200. While this is impressive I believe that the increase in listing and selling prices of many homes in Howell are actually much higher. Especially for new construction. This is great news for sellers and potential sellers.
The next logical question for potential sellers will be: “so when is the best time to put my house up for sale?” That answer is dependent on each individual seller and the seller’s circumstances. If you put your house on the market today and it sold immediately would you be prepared to move? And when I say prepared I mean not only physically but emotionally. Some experts claim the stress of moving is akin to the stress experienced when someone close to you dies. Are you emotionally prepared to move? There are many other factors too such as age, family needs, commuting times, costs and expenses. All these should factor into a decision to move.
Are you in the golden years of your life? Need to scale down? Is an over 55 community appealing to you? Would you prefer a Townhouse? A Ranch? Do you have health issues that require you to be near a hospital? Is a house of worship close by? Is an adequate shopping center near your potential new home? The list could go on and on.
I have been speaking with potential sellers. These are people who are in their golden years mostly. The diversity of needs, concerns and hopes and dreams are as numerous as the people I have been speaking with. My goal is to assist folks in selling their homes quickly, at or greater than the list price if possible and to help get them relocated to the new home of their dreams. I developed a focused plan of action for sellers at no cost to them other than the negotiated commission fee which is customarily paid for by the seller. In some cases I will have financial skin in the game, meaning that I will invest in the marketing of their home personally.
I know what I was expecting when I used a Realtor to sell my home in Brooklyn and I know what I got. Nothing! I wasn’t savvy enough or educated enough to know what a seller’s agent was obligated to do for their seller. Most of what I experienced was Realtors with large recognizable names that basically added my listing to their 300 other listings. That personal involvement and dedication was not there. I was number 301. All my clients are number one to me.
Right now there are over 400 homes for sale in Howell. According to the latest Howell, NJ Census survey the number of occupied housing units was 16,063, or 96.9% of the total units in town. Of these, 14,331 were owner-occupied (89.2%), and 1,732 were renter-occupied (10.8%, compared to the national average of 33.80%). There were also 509 vacant homes in Howell at the time of the last complete survey. http://www.americantowns.com/nj/howell/info
TRENDING: MILLENIALS
The survey says…………Millenials want technology friendly homes. Homes that are wired! They love Ethernet, WiFi, mobile app accessible security systems, remote controlled speakers and SIRIUS radio, LED lights, extra-large plasma TVs, and remote controlled HVAC systems. They are GREEN, well to do and know what they want. The McMansions are out and smaller open floor plans are in. So are granite counter-tops and fixer-uppers are out. They simply are too busy. They will spend more than the 55 and over crowd but that’s because they have another 55 years to work and add to their growing fortunes. Bottom line is they want a house that’s WIRED. When I was that age I just wanted a house where I could plant my tomato garden. In any event get ready because the Millenials are coming. They are savvy and they know what they want.
Words of Wisdom “The land is the only thing in the world worth working for, worth fighting for, worth dying for, because it's the only thing that lasts".....Gerald O'Hara, Gone With The Wind”
The ideas expressed in this report reflect my own personal views and opinions and are for reflection and personal discernment only and should not be relied upon as legal or investment advice. The foregoing report is for information only. No warranties are made regarding the truth or accuracy of this information and I specifically disclaim any and all liability for any reliance placed upon the materials that are here published. Always consult your lawyer for legal advice in matters of private or business importance. Nothing published in the Monti Real Estate Monitor should be construed as investment advice or as a solicitation to buy or sell any kind of financial instruments or Real Estate.
