Friday, January 2, 2009

2008 Year End Wrap Up for Toms River, NJ

The best thing that could be said about 2008 Real Estate in Toms River, NJ; "It's OVER!"

Looking at the numbers (2008 compared to 2007):

SALES of "Single Family Homes" in Toms River, were DOWN almost 15%
The Average Listing Price for a "Single Family Home" was DOWN about 6.5%
The Average Sales Price for a "Single Family Home" was DOWN about 6.5%
The Sales Price to List Price Ratio remained STEADY at roughly 94%
The Average "Days on the Market" remained STEADY at roughly 94 days
There is currently 12 months of inventory AVAILABLE (SAME as this time last year)!
What does it ALL mean?

The answer, in my opinion; PENT UP DEMAND in 2009!

Today's Home-Buyer in Toms River, NJ, knows TIME is on their side. They know SALES are DOWN and PRICES are FALLING. They also know how much inventory is AVAILABLE and what the average DAYS ON THE MARKET are. All they have to do is go to Trulia or Zillow for that information!

With 30 Year Fixed Rate Mortgages hovering around 5.25% in New Jersey (to qualified buyers), today's Home-Buyer WANTS to BUY!

The INCREASE in traffic to, and the AMOUNT OF TIME visitors are spending on, real estate sites such as, validate the PENT UP DEMAND theory!

What will it take to get the home-buyers OFF the proverbial FENCE in 2009?

Simple Answer; If you HAVE TO SELL your home in Toms River, NJ, PRICE it 10% UNDER the CURRENT MARKET VALUE for your home!

Obviously, there's MORE involved to SELLING a home in Toms River, NJ. To MAXIMIZE the HIGHEST POSSIBLE PRICE for your home in 2009, a SELLER should speak with a "Marketing & Sales Professional" with a proven track record in their specific neighborhood!

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