You will see lots of advertising in the next two weeks from NAR (NAtional Association of Realtors), promoting their Open House campaign April 28-29.

Weichert, Realtors strongly advocates Open Houses as a way to  market our listed properties. Here is why:

Valuable information for buyers and sellers.

The National Association of Realtors (NAR) is hosting its nationwide Open House Weekend on April 28-29. Open House Weekend is designed to drive buyers’ attention and interest to homes for sale and offers opportunities to educate the public about the benefits of homeownership. If you have your home on the market and have not already scheduled an Open House for that weekend, now is the perfect time to get in touch with your real estate Sales Associate and set one up.

Here are some of the reasons why holding an Open House makes sense on Open House Weekend – and on any weekend:

• Historically, Open Houses have been effective in helping to get homes sold. In fact, according to NAR, more than 70 percent of homebuyers visit at least one Open House during their home search, and since 2001, the number of buyers who said they found a house they eventually bought through an Open House or yard sign has been approximately 15 percent.

• An Open House provides buyers the opportunity to ask questions or address any concerns they might have, and also allows them to make a personal connection with the home. Once they’re there and imagining themselves living in the home, buyers are immediately more emotionally invested.

• As opposed to a typical real estate showing, Open Houses allow buyers to browse a variety of homes without too much pressure. They don’t need to have an appointment or even a plan. All a buyer needs to do is drive around and follow the Open House signs to their potential dream home.

• More buyers are expected to be out looking at homes during the weekend-long event. If your home is open on either April 28 or April 29, you are likely to have more potential buyers see your home than you would on a typical weekend

Despite the nay-sayers sometimes found in the press, we find buyer activity is quickening in town.Increasing numbers of visitors at our Open Houses, hits on websites, calls to the office all point to more buyers out there. The best sign, however: At this time, we see 42 homes under contract in Moorestown alone, across all price points, from the $100,000′s to over $1 Million (asking prices). Time to list while the Mortgage rates are at historic lows. As you know, a few may drop out from  now to closing, but the numbers are encouraging.

Our MLS partner reveals activity in January supports our experience that the  market is picking up. Year-to-year (2011 vs 2012), sold properties were nearly the same this year (222 in Burlington County); The more significant news is that homes going under contract thid January are up from 221 in 2011 to 288 this year- a huge increase. Also, land sales nearly doubled, and price averages are up 28%, signalling builders are back in the market , too. All of this may lead to a very strong Spring market. Time to prepare!

A frequently asked question: What defines a buyers or sellers market?  The math is straight forward, actually. For any given month, we divide  the number active homes on the market in town  (251 )   by the number of homes that that went under contract  one month (13), giving us 19 month’s supply. The market is considered “in balance”  at 6-8 month’s supply; Lower than that is a seller’s market (lots of buyers and few active homes); above that range is a buyer’ s market, meaning relatively few buyers and lots of homes available to buy.  OK, so, we are clearly  in a buyer’s market. What to do as a seller? Knowing the competition is fierce, make sure all the little things are done: freshen up paint, de-clutter, put your best foot forward.  I can meet with you, review your home, and make suggstions to help get your home sold.   This market is extremely price sensitive, so, let’s study the competition and price accordingly. The good news: several recent listings were on the market a short time. If we price to the market, the buyers will come.

Speaking of active homes on the market, where is “the problem” with unsold homes here in town? There is a belief that we have way too many homes above $1 Million on the market.    The real news: The largest number of homes avilable is in the $250-499,000 price range. Next is in the $500-749,000 range. We do have over 40 available above a Million, but there are lots available in every price range. With mortgage monney under 4% available, this a sensational time to buy!

Anytime is good actually; We will offer information on Real Estate topics regularly this year.  First and foremost, be sure to use our search facility to locate homes of interest.  I use the same feed we use in TrendMLS as agents. This means your search is as current as agent searches – no delays .   I will update ”Sold Properties” at the end of each month to keep your current on actual sales prices for Moorestown properties. Also, look for a variety of  Real Estate updates  here in my blog, under market update. Our plan is to pass along Moorestown Real Estate news as it happens.

Actually, We have seen an uptick in activity since the end of 2011. More inquiries coming to our office, more visitors at Open Houses, more e-mails from several sites where we advertise our listings. All this should translate into more homes sold in town. You can see on my home page we had a modest number of closed transactions in January.   Thoughts for sellers?  Don’t lose hope! We see many signs of market recovery, and as consumer confidence returns, the buyers will be out again!   This is a great time to look at your home with a critical eye. Clear all beds for spring flowers, repaint the front door if needed, and, above all,  de-clutter!! Remember, you are selling a product, and buyers are choosey. Store the family pictures away, and reduce the number of curios on the shelves. Think of it this way: If I were considering this house, does it look like I can move right in?    Then, go to work! Call me to schedule a meeting to develop a Market Estimate of the value of your home.

We are very excited to bring all our friends, clients, and everyone who has an interest in Moorestown Real Estate to our dedicated site!  You will see everything you need to understand the market here in town, and in our immediate area.

We invite you to add your comments to any part of the blog. We plan to develop an on-going dialogue with all of you over time, and will add specific categories of discussion to help you return to those that interest you most.  We research the market continously, so, this is where to come for market updates . Well named topic, don’t you think!