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December 2008

Bucks County Real Estate Update

Dec. 10, 2008

It has been a while since I posted a specific, statisfical update, of the various Bucks County markets, that I server.  I am sure that everyone realizes that, if you are a seller, in the current market, the market is not very good.  Although Bucks County, still is a lot better off than many areas of the country, we are still going through a very difficult, buyers market.  That means that there are lots of houses on the market, and not many buyers.

Looking at the numbers, through October, of this year, the volume of sold units is noticeable lower than previous years, to date.  For example, Lower Makefield Township is down 28%, Upper Makefield Township is down 24%, Solebury is down 32%, Northampton is down 24%, and Buckingham is down 19%.  This should not come as a surprise to anyone.  The current pending sales, show a similar decline.

The average asking price of homes currently in inventory, as of October 08, has decreased sequentially from September of 07, in virtually all of our markets.  I would expect this trend to continue, until our sales volume increases. 

Inventory levels in October, actually decreased from September of 08, in most of our markets.  If you compare current  levels of inventory to 07, Lower Makefield is down 12%, Newtown down 30% and Buckingham down 9%.  There are some markets where inventory levels have actually increased compared with 2007.  With much lower sales volume, the change in inventory levels does not alter the basic reason for the buyers market, which is, as I mentioned earlier, that there are lots of sellers, and not so many buyers. 

I did have 2 listings that have sold in the past week or so, so there are homes selling.  What did those sellers do that enabled them to obtain an acceptable offer?  Essentially, they made sure that they did everything they could to enhance the way their house showed, and most importantly, they priced it right!  In both cases, we received offers that were within the average discount range, which is currently about 5 % or so, and they were extremely realistic and responsive in the way they negotiated.  In both cases, they will be able to move on with their lives.

Given the current market conditions, it is more important than ever, that homes be priced correctly, and marketed to as wide an audience as possible. 

If you want to see the statistical breakdown of the various markets, please click on the following link:

Bucks County Real Estate Statistics

Please keep in mind that real estate is still extremely local.  Even withihn the same township, statistics can vary from neighborhood to neighborhood.  If you are anywhere in my market area, either in Pennsylvania or New Jersey, I have a great program that will provide you with an emailed report every month, that will show you homes that are active, pending and sold, within about a 5 mile radious of your house.  The report will include days on the market, as well as pricing trend lines.  It is a great way to stay up to date with what is actually happening in your specific neighborhood.  If you would find that helpful, all I need is an address, and an email, and you will recieve the report, automatically, each month.

 

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Yardley Real Estate Update

Dec. 2, 2008

First, I have too apologize for not posting in such a long time.  I really have no excuse for it.  I love to write, and have let to many things get in the way of my blog posting.  I am going to be much more diligent in the future.

Because it has been such a long time since my last post, I have a lot to share.  I attended a real estate conference in Arizona, a couple of weeks ago, that was absolutely the best, most informative and inspirational real estate event I have ever attended.  I learned a tremendous amount, while there, and shared ideas with a group of amazing, productive, and wonderful people.  I am going to share some of what I gained from that conference, in another post.

I saw an article in today's Wall Street Journal, that I could not help sharing.

Basically the article talked about some incentives that sellers are using to get their house sold.  I am not suggesting that any seller I am currently working with, try any of these strategies, although they may work!

Here is one I absolutely loved.  A seller in Texas, who is trying to sell a 6200 sq. ft house, is giving the new owner a brand new car.  Not just any car!  He is throwing a new Porsche Boxter into the deal, for the new owner.  Apparently a family with a 16 year old, recently saw the house, and the 16 year old is, "driving" her parents crazy, in hopes that they buy the house, and she gets the car.

A seller in Phoenix, where prices have fallen more than 19% from July to September, from a year earlier, is offering to install a pool, patio and professional grill, should a prospective buyer be interested in those amenities.   Otherwise, he is willing to knock off 100,000 from the price.

Then there is the seller in California, who is willing to pay to have his property professionally maintained for 6 months, for the new owner, and is throwing in a washer, dryer, along with a flat screen TV, and furniture in order to entice offers.

The best incentive deal I ever heard of, was actually offered on a property in North Jersey a couple of years ago.  The seller of the house was offering a 250,000 bonus to the selling agent, along with a Ferrari to the new owner!  Asking price of that house, was over 7 million dollars, so I guess they could afford that kind of incentive.

On a personal note, I still believe that those trying to sell in the current market, need to do what sellers always need to do; that is, make sure your house shows as well as possible and is priced well.  I had 2 listings that sold within the past couple of weeks.  One in Yardley and one in Langhorne.  In general, Bucks County real estate values are down approximately 15% from the height of the market.

 

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