Basking Ridge prices up!

[sholden]

Looking a the trulia chart: http://graphs.trulia.com/real_estate/Basking_Ridge-New_Jersey/graph.png?version=139&width=600&height=250&type=qm a_median_sales_price&city=Basking+Ridge&state=NJ&e xclude=1|2|3|4&period=all

comparing 6 months to Feb 25 2008 with 6 months to Feb 25 2009, might well see an increase in the median price. Since there was a drop until Feb/Mar 2008 that bottomed lower than current levels, and then a spike backup just in time to start counting that second 6 month period.

That's not uncommon with low volume. it's been bouncing up and down since the end of 06.

Also: http://graphs.trulia.com/real_estate...Ridge&state=NJ

seems to indicate some outlier sales late in 08 (or some garbage in the data).

[PD517]

Originally Posted by xmonger

And why can't consumers have access to this updated/important information again?

Xmonger, for the time being, you cannot personally get access into the various MLS data systems but you still have a variety of other ways of searching public records regarding real estate. And public records, from the government, cannot be manipulated or shall I say manipulated when being "presented" (not saying thats the case here but it's been done in the past).

A list of sites to do your research in the meantime on properties, values,current sales vs. past sales,etc.. (again information will not be up to the minute, mostly a month or 2 back, but it is accurate):

NJ Tax Records Search

New Jersey By The Numbers

New Jersey Real Estate on NJ.com

New Jersey Real Estate Report


Some other sites that will have accurate sales data BUT NOT always accurate home value "estimates" or whatever they choose to call it - it's always either undervalued or overvalued:

Trulia - Real Estate, Homes For Sale, Sold Properties, Real Estate Maps
Real Estate, Homes for Sale - Zillow
Cyberhomes.com


Some more sites/blogs to browse around, some are real estate agent/career specific but they are great reads to get in insight how the other side is thinking and the issues they face:

http://www.bloodhoundrealty.com/BloodhoundBlog/ (this place is great, just read some of the comments, its like watching chickens run around with their heads cut off when they are faced with the issues of the Internet changing the entire industry)

Inman Blog | Real Estate and Technology News for Agents, Brokers and Investors | Inman News
The Real Estate Bloggers
ActiveRain Real Estate Network

360 Digest
Bubble Meter
Seth's Blog: Advice for real estate agents (quit now!)
Moderator cut: link removed, linking to competitors sites is not allowed



Don't worry the internet has arrived. Information is free. I can guarantee you that 2 years from now you will freely have access to the exact data that is currently under "lock and key". The playing field is getting more level as time goes on. Same thing happened in the industry with the uproar over "for sale by owners" being allowed access to post thier homes on the MLS. For those in the RE business, it's pretty much Adapt or Die. Just like what happened to the media industry.

[kalim2008]

Well, until we get access to closed data, the numbers that actually matter for Basking Ridge. The steep drop in actual sales y-o-y is fairly indicative of a declining market. A quarterly or even half year look might be affected by seasonal variations in sales.

As an aside, which would be a more accurate reflection of the state of the market - median sales price or average price per sqft?

Median Sales Price


$488,750
-9.2%
y-o-y


Average price/sqft

$265
-13.4%
y-o-y


Number of Sales

52
-30.7%
y-o-y

[Jerseyt719]

Originally Posted by Marc Paolella

Could not agree more. The real estate industry has woefully insufficient ethical and competency standards. Anyone with a pulse can get a license to assist someone with the largest purchase of their life. It's ludicrous. There should be a college education requirement along with specialized training regimens that ultimately lead to the equivalent of the bar exam for lawyers or the CPA exam for accountants. We'll call it the CPR exam (Certified Public Realtor). The bar needs to be raised and raised high. It should be DAMNED HARD to get this license. As it is, any 2-bit hustler can join the club, and many in the profession are only 1-bit.

Meanwhile the market is deflating faster than an Open House Balloon at 4:01PM and when the highest ethical and professional standards are called for, we have what we have... which is almost nothing at all.

-Marc


PS Did you know that there is presently NO CONTINUING EDUCATION requirement for real estate agents in New Jersey? Unbelievably unbelievable...

Thanks for posting some good news on the RE front.

I agree with you about realtors. Unfortunately, most of us run into these kinds of agents and tend to lump them stereotypically.

I think you're right, there should be some continuing education, even if just a yearly seminar of sorts.

How does one interview and know if they are getting 1 bit, 2 bit or good real estate agents? Is there a key question and answer that will tell you pretty quickly?
Just curious.

[Marc Paolella]

Originally Posted by Jerseyt719

Thanks for posting some good news on the RE front.

I agree with you about realtors. Unfortunately, most of us run into these kinds of agents and tend to lump them stereotypically.

I think you're right, there should be some continuing education, even if just a yearly seminar of sorts.

How does one interview and know if they are getting 1 bit, 2 bit or good real estate agents? Is there a key question and answer that will tell you pretty quickly?
Just curious.

Hmmm, good one. I would ask the prospective Realtor to give his opinion on dual agency and how it adversely affects the clients interests. The answer should be clear and concise. If he or she can't come up with a good, confident, and convincing presentation on this always-vexing topic, I would move on to someone else.

-Marc

[JG183]

Originally Posted by Jerseyt719

How does one interview and know if they are getting 1 bit, 2 bit or good real estate agents?

I gather you're asking that question from the perspective of competence, and while that's the # 1 thing to evaluate, it's not the only thing.

for example, I've met agents who were extremely competent, but who were most interested in a quick sale. of course, setting the price very low will result in a quick sale.

but, you won't know for sure if the listing price they've talked you into is "too low" until you've actually put it on the MLS.

the rule of thumb (regardless of market conditions) is: if you get alot of offers very quickly after listing, it's been priced too low.

[Jerseyt719]

Thank you both for the info. It seems to be just ask a couple of questions and go with your gut feeling.
Not entirely related at all, but my gut feeling was what I used a lot when working in the criminal justice system.

I don't think competence would be my only deciding factor. You're right, it is important but not all in itself the decider.

I know a realtor, the husband of a client of mine. He said he's working with a lot of buyers right now. Is it picking up?
I mean, I know this time of year is when RE gets busier, but I would have thought it would have remained slow right now.

[JG183]

Originally Posted by Jerseyt719

I know a realtor, the husband of a client of mine. He said he's working with a lot of buyers right now. Is it picking up?

I believe so. I'm getting alot of postcards in the mail from agents who want me to list, and I'm seeing more "under contract" stickers popping up...