South Jersey Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you! 

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The content in this blog comes directly from the Owner/Broker of Joe Wiessner Realty. There are certain reoccurring constants in real estate deals that often times need reassurance and clarification from an experts point of view. Joe Wiessner has seen just about every real estate situation and has successfully guided thousands of clients and is always leading his Agents by example.

Joe Wiessner is able to see real estate trends before they go mainstream. This edge is your edge. It's natural to Joe to want to be on the cutting edge of break through advances in all aspects of real estate. He loves technology, especially implementing the latest and greatest marketing tools which lead to better - more efficient processes.

He also keeps up to speed on the constant policy changes that directly impact his Buyers and Sellers. Joe is immersed in the day to day business and is well respected as an industry leader. Always a self-starter, he is largely self-educated and well read. Collectively, Joe has assembled a vast knowledge base that will undoubtedly help many other Buyers and Sellers enabling better and faster results. 

From time to time there is an important local issues that will likely have relevance to decisions on where to live. Joe Wiessner will also comment on these. Feel free to comment of contact us directly.

A student of the game of real estate, "If your not reinventing your business every two years, you're a dinosaur, that's how fast things change in real estate." - Joe Wiessner

 

Sept. 9, 2018

The Worst Home Selling Mistake

Joe Wiessner Blog     By Joe Wiessner - Broker/Owner

There’s a poignant saying in real estate, be…

  • The First Child
  • The Second Generation in Business
  • The Third Realtor

“Reap the Low Hanging Fruit”

And with most humor, there is an element of truth in the saying. Experienced Agents refuse the over priced listing like the plague. Instead they wait— they wait until Seller frustration sets in, they wait as the days and months go by, they wait until the over-priced listing expires.

We Can Always Come Down In Price — Right?

You’re excited — You’re in control. A higher list price means more money — doesn’t it? The Buyer will pay my price — and there’s so many things I’m going to do with that extra cash. That long over due vacation, a bigger house, money for the kids. When most Sellers sit down and speak to an Agent at a listing appointment, those comps (comparable sales) don’t apply to me — my home is superior. Unfortunately, head-strong Sellers choose the agent that  suggests the highest price, which is the worst mistake a Seller can make.

I’m Going To Get My Price!

The truth is, your need for money, rational or irrational, has no bearing on market value. The Sellers opinion of value, your Agent’s opinion of value, what your neighbor thinks… There are two people that matter — the Buyer, and the Appraiser for the Buyer’s Lender. That’s it! The Buyers control the market, they make the offers.

The Art of the Deal

Pricing is part art and part science. Experienced Agents who know the market well, will quickly be able to give a general range of value based static items… number of bedrooms and baths, lot size, and square footage. However, there is a lot of latitude in comparing similar sold properties, comparing amenities, and making adjustments for the differences between them. The market is ever rolling in starts and fits. Inventory grows then retracts, the local economy is strong or it is weak. The area school systems have a positive reputation or otherwise. Property taxes are welcoming or prohibitive. In other words, there is no iron-clad formula to determine price. Pricing is an educated guess.

What Makes the Market?

It’s simple —

  • Rising Prices — are determined by the number of Buyers in the market. If there are more Buyers than homes for sale — prices go up.
  • Dropping Prices — more homes for sale then Buyers in the market.
  • Flat Market — amount of housing supply and number Buyers are equal.

I’m Not Going to Give It Away?

In all my years working in real estate, rare is the “Give Away” circumstance. Bottom line is that homes sell at a price a Buyer is willing to pay and at a price a Seller is willing to accept. It’s completely voluntary! A strategy is to price the home under the competition — the Seller will likely receive multiple offers in a short listing time. With multiple offers, there is little danger in setting the opening price at or below perceived market value.  Multiple offers will likely drive the price to market value or higher. The real danger is pricing too high, and then the property becomes stale, eroding precious value.

How It Starts To Go Wrong

The Seller of a Large Home and a busy county road didn’t even interview her first agent. She choose the first agent off the Internet because, “He looked professional.” He priced her home at $429,900. After 180 days, the listing expired.

King of Pain

The next agent,  from the out-of-town big box company, listed the home at $399,900. Months passed. Another 6 months passes — the price dropped to just under $369,900. Still no takers. A trickle of showings, but no serious buyers.

More Than a Year Later

The third Agent was hired to list this home. The seller was disenfranchised and weary. It was now 12 months later. Together, the seller and her agent priced the home at $339,900. It quickly sold for all cash. The stark reality is the comparable sales in the neighborhood fully justified a price of $375,000, a net loss to the Seller of $35,000 plus carrying costs — OUCH! But the home had been on the market for too long at the wrong price, and now the market had softened.

Opportunistic Agents Specialize in Expired Listings

There are many Agents who make very good incomes by focusing on acquiring expired listings. Everyday there a new expireds that go off market. And just as quickly there is a bevy of Agents waiting the swoop in. It’s the low hanging fruit — a battered Seller with a prior unsuccessful sale price. The prior Agent invested hours upon hours in marketing, setting appointments, and placating the Seller for zero revenue to both. The new Agent repackages the listing at a lower price and quickly sells the listing.

The Pain of Regret

The question is how much money and stress have those expired listings cost the sellers? The financial loss often exceeds the extra carrying cost (mortgage payments, property taxes, maintenance) paid and goes beyond the unheralded and uncompensated hassle Agents face in hoping and wishing for a “Get Lucky” Buyer. Time erodes value, it affects the value that a buyer ultimately chooses to pay because it’s not a fresh listing anymore. It’s like a loaf of bread on a grocery store shelf, now stale, dated, stigmatized, and disregarded by the market . Don’t let the over priced listing happen to you. Don’t become the seller of an expired listing. Price it right from the start!

Posted in Seller Tips
Aug. 29, 2018

Company Mission

Mission Statement

The mission for Joe Wiessner Realty is to create a “First Class” culture of excellence in the endeavor of South Jersey residential real estate sales. Our Company is an assemblage of committed, successful professionals whose high standards of practice assure meaningful, enduring business relationships with our customers, clients, and other respectful agents. We are local residential specialists. We will have a laser-like focus in each South Jersey community we serve, raising the standards in each area. We pride ourselves in being known as the company who is “fast and friendly”. We are fully aware of our opportunity to assist in not only shaping communities, but also, in shaping the lives of those who connect with us. 

Our Values

In our business, we strive to create long-term relationships. As we guide our customers through the complex real estate process, we intentionally create a high level of trust by doing the right thing. Under promise and over deliver is how we do it here. We treat people with openness, consideration, and commitment.

Teamwork

We consider ourselves a team, willing to cooperate and challenge each other to become better in all areas. We demonstrate teamwork in our special programs, including consulting and coaching, advanced marketing strategies and high tech systems, so we can improve not only our marketing and sales skills but also our life skills.

We anticipate the changes in real estate by being aware that education will be our best ally in a complex marketplace. Along the way the term “THINK DIFFERENT” will be synonymous with us. In discovering a level of high performance, we will enjoy the journey, pro all the time, but having fun along the way. Our chief goal is to help exceptional people fully develop into creative, focused entrepreneurs who embrace our company culture resulting in measurable increases in Agent sales effectiveness, productivity, and ultimately profitability.

Standards of Customer Service

Our goal is to create an exceptional level of success by service, based not on our profits, but clearly focused FIRST on satisfying our customer’s needs. We want our customers so delighted with our service that they will refer others to us with confidence enabling long-term business relationships. If the service is good the profit will take care of itself.

The Finished Product

The finished product of Joe Wiessner Realty will be recognized as the most advanced, privately owned-independent company in the region, whose business associates, will be regarded as the finest team ever assembled for transacting real estate. The entire organization will strive to create inspired change challenging real estate culture of old. Our greatest achievement may live in our ability to change real estate from a “selling business” to a “marketing” business.

The company will always assist in promoting higher standards within the communities touched. With equal importance we will attract, keep, and elevate exceptional people within the structure of our organization. It will be the place everyone else talks about with respect and admiration. Our team will be the most professional, consumer friendly, and innovative, providing a level of service generally devoid prior to us entering into the marketplace. Our goal is to create public mind share that our company had exceeded the customers expectations and to have the professionals within our company feel that they were truly part of something innovative, different, and “First Class”   

                                                                                                           Joe Wiessner/Owner/Broker/Founder

 

July 31, 2017

Curious About Local Real Estate?

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Curious about local real estate? So are we! Every month we review trends in our real estate market and consider the number of homes on the market in each price tier, the amount of time particular homes have been listed for sale, specific neighborhood trends, the median price and square footage of each home sold and so much more. We’d love to invite you to do the same!

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You can sign up here to receive your own market report, delivered as often as you like! It contains current information on pending, active and just sold properties so you can see actual homes in your neighborhood. You can review your area on a larger scale, as well, by refining your search to include properties across the city or county. As you notice price and size trends, please contact us for clarification or to have any questions answered.

We can definitely fill you in on details that are not listed on the report and help you determine the best home for you. If you are wondering if now is the time to sell, please try out our INSTANT home value tool. You’ll get an estimate on the value of your property in today’s market. Either way, we hope to hear from you soon as you get to know our neighborhoods and local real estate market better.

Posted in Market Updates