REAL ESTATE IN KEARNY/NEWARK....FROM A REALTORS VIEW

 Thursday, December 11, 2008

It's Amazing what a good Convention brings out in people.  The NJ Association on Realtor®s, along with the Pennsyvannia and New York Association of Realtor®s worked hard on bringing in a powerful showcase event for all the Active area associates. And that is exactly what happened.  We had full hotels, great parties, old friends, and losing slot machines.  It was fun and informative.

Our attendence was down from year before, and there were less familiar booths and faces but do you know what I kept on hearing?   "It's a Great time to buy!"  Many Realtor®s and bankers were crying that they were either cash poor or that the finaning programs that they wanted to use were no longer available.  They all feel that the prices are so low, that interest rates are so low, and that demand is so low that it's a GREAT TIME TO BUY. 

What does that mean to you, dear reader.  It means that if you have some liquid assets that you wish to invest long term, now is the time to consider real estate again.  Your tenants help finance your part of the American Dream.  Yes, yes, I know,... "tenants are losing jobs too, and they stop paying... immigration is now going back to the home land, rents are too high, yada yada yada"

Yes, yes and yes.. but even with that happening, interest rates are low, values are at a 10+ year low in areas and your rents can almost cover the mortgage.. It's an investment with some risks but over the long term, it may be the perfect investment for many.  Talk to your financial advisor and then call your local Realtor®  Don't let this be one of the "Would have, could have should have moments.

Talk you soon.

Mannie

ok.. there... I said it. Merry Christmas. 

There are lots of reasons to Celebrate this time of year. Mine happens to be Christmas.  It's a time of thankgiving to each other, and to celebrate Christ's birth.

It's a magical time of year, no matter which religion you belong to. The trees are bare, the days are cold and dark, but WE.. the collective WE the people, remain optimistic towards a brighter and Happier tomorrow.

So, as possibly your future Realtor®, I wish you Merry Christmas, with that same Optimistic hope for a Brighter and Better Tomorrow.   Go and hug your family members for me.

Peace

Mannie

Sign of the times...

ok, so after saying how great this month was, I closed my mouth (2 deals died, but the rest are 50% closed already and I am still busy), and looked around.  Here is a disturbing sign.  Two different realtor signs on top of two for sale by owner signs, with his/her own phone number.  These are more than likely investor homes that now cannot afford to keep or sell the home.  I hope they can sell and negotiate a short sale with the lender before it comes into REO world.   Many investment owners never factored in long term carrying costs, repairs, or in the words of Sonny Block ,Toilets and Tenants*.  Buying was easy with nothing down, maintaining is the hard part.  Sweat equity is where you make your money, NOT in flipping overnight, NO MATTER WHO OR WHAT THEY SAY....  You should always consider Real Estate as a Long Term investment in your portfolio.. talk to your accountant or financial planner.

I still see/hear buyers calling and emailing me, as well as lenders telling me that the first quarter of 2009 will be exciting with new financial programa that lenders (and buyers) have been asking for! 

So, without further ado, Let us remember those this holiday season that are having a tough time making ends meet, Let us remember those that are in sales, in salaried jobs, or have no jobs at all, and let us give thanks for our families and friends and our health.    May we all remember the Realtor Prayer.... Good Lord, may we see good times again, and may we remember to save some money for when they go away.

In speaking with other Realtors, December is quiet with phone activity almost nill, and sellers asking for CMA's but stating point blank that nothing will happen until after New Years.  I think that January will see a batch of new inventory, priced to sell, since now Realtors and Sellers alike are aware of the current market conditions. 

New administration, new Year, new hopes.... on all fronts.   Healthy and Happy Holidays

**Sonny Block, author of “Inside Real Estate,” was indicted in May 1995 by a federal grand jury for fraud and fled to the Dominican Republic to avoid prosecution. He was eventually deported to the U.S., but died pending trial.

Well,

the Holidays are upon us, and Realtors and all gathering to discuss the past year.  One thing in common, the market is slow.  Another thing in common, it's going to get better.  That's coming from the older more experienced Realtors. 

We've been through this before, and as history repeats itself, it's going to be long ride out. But out it will be.  Inventory is not increasing as before, but buyers are still buying and closing on homes. The investors are chomping at the bit as prices keep on dropping.

It's a classic Tipping Point. At some time, no one wants to wait anymore and they will buy. Once one starts, they all start.

Buy now, rates are low, and maybe going lower.  Don't let this be your would have could have should have market place.