By Rachel Arena
Getting into the Real Estate Business has been the most rewarding, challenging, and exciting experience that I could have imagined. Just turning 30, I was ready for a change of pace and always had Real Estate in the back of my mind. I have been with Homestead Real Estate in Cape May, NJ, since the beginning of my career, I truly could not have picked a better place to land. Homestead offers our team and clients unwavering support, the most advanced technology, and the experience and resources that are unparalleled to anyone or anywhere else.
Something that sets me and our team at Homestead apart from the rest, is our incredible negotiation skills. Supporting your client, negotiating strongly on their behalf is what will get your clients to the closing table. We hear a lot of agents say that they “are just saying what their client said.” That is being a messenger not a negotiator. During the last couple of years, we have moved into a sellers-market, resulting in a shortage of inventory and more likely than not multiple-offers-situation which is great for Sellers and listing Agents. Multiple offer situations require ethical and strong negotiation skills that I believe myself and my team at Homestead have proven. I have been in numerous “best and final” and multiple offer situations all of which I used my negotiation skills to win my client’s offer.
Our job as a realtor is to manage our clients’ expectations, provide an objective standpoint, and guide them through the entire process. The best offer is not always the number on the dotted line. A seller is just as likely to choose an offer that best suits their needs at the time, it is our job as a realtor to communicate with the other agent in a professional and timely manner to help guide our clients in the right direction. As a newer agent I have heard from other agents that we are just messengers and that is all we can do; however, I strongly believe that if we are knowledgeable, available, and can present better advice as to why something is a better idea than what they want to do- we must be assertive enough to present that to them. Not just say ok and hang up.
Being available and answering the phone seems rudimentary but you would be amazed at how many agents do not pick up, sometimes you are lucky if you get a text back. Being a strong negotiator is what will get your clients to the closing table, not being a messenger. As a local full-time Real Estate agent in Cape May, I take pride in my work ethic and being available to my clients. It is something that sets me apart from the rest. Having grown up in Cape May, I thoroughly love where I live and will always guarantee to my clients that I will work harder, negotiate better, and have more local knowledge than the next. I strive to give my clients my utmost attention to detail, keeping them informed every step of the way. Selling or buying a house can be scary and intimating, I am here to make that process an enjoyable one.
I would be thrilled to help you on your next Real Estate venture. I am partners with my husband Nick. We work very well together, and you get two agents for the price of one! Between the two of us, we pride ourselves on being available no matter big or small.
We are available via phone/email/text – whatever works best for you.
Rachel Arena Nicholas Arena
Cell: 609-435-4298 Cell: 856-912-3836
RArena@homesteadrealestate.net NArena@homesteadrealestate.net
CAPE MAY COMMUNITIES 2nd QUARTER 2022 vs 2021 RESIDENTIAL MARKET STATS
The real estate market is adjusting and is best explained in these excerpts from Brenda Richardson a contributor on Forbes.com The June 13, 2022 article is “Housing Market Is Set To Gain Momentum As Inventory Recovers”
As rising inflation and mortgage rates bring housing demand back from the 2021 frenzy, Realtor.com’s updated 2022 forecast predicts inventory will grow double-digits over 2021 and offer buyers a better than expected chance to find a home.
The updated forecast anticipates a summer break from a feverish pace of home sales that will provide space for active listings to grow at a faster year-over-year pace than originally projected (+15% vs. +0.3%). Combined with returning seasonality and builders ramping up production, these trends could lead to a refresh of the housing market by as early as this fall.
“Financial conditions have shifted in a big way since the end of 2021 and the housing market is adjusting accordingly,” said Danielle Hale, chief economist for Realtor.com. “As Americans grapple with higher prices for everyday expenses while today’s buyers face housing costs that are up 50% from a year ago, recent home sales data shows some are taking a step back from the market.”
Hale added, “Our updated 2022 forecast anticipates that demand will continue decelerating through the summer, providing breathing room for the inventory recovery to accelerate. As a result, this fall could be an opportune time to find a home for both first-time and repeat buyers alike. Still, preparation will be key throughout 2022, as it continues to be a seller’s market and asking prices remain high. For buyers who choose to wait until later in the year, take that time to assess your budget so you’re set up with a strong financial footing whenever you’re ready to move forward.”
Cape May
2nd Quarter 2022
- Number of Transactions: 42
- Average Sale Price: $1,097,145
- Average Days on Market: 146
- Total Value of Real Estate Sold: $46,080,101
2nd Quarter 2021
- Number of Transactions: 63
- Average Sale Price: $1,017,954
- Average Days on Market: 104
- Total Value of Real Estate Sold: $64,131,141
Cape May Point
2nd Quarter 2022
- Number of Transactions: 2
- Average Sale Price: $1,399,950
- Average Days on Market: 358*
- Total Value of Real Estate Sold: $2,799,900
2nd Quarter 2021
- Number of Transactions: 6
- Average Sale Price: $1,173,966
- Average Days on Market: 80
- Total Value of Real Estate Sold: $7,043,800
West Cape May
2nd Quarter 2022
- Number of Transactions: 11
- Average Sale Price: $892,863
- Average Days on Market: 86
- Total Value of Real Estate Sold: $9,821,500
2nd Quarter 2021
- Number of Transactions: 11
- Average Sale Price: $798,081
- Average Days on Market: 144
- Total Value of Real Estate Sold: $8,778,900
Lower Township
2nd Quarter 2022
- Number of Transactions: 138
- Average Sale Price: $419,845
- Average Days on Market: 77
- Total Value of Real Estate Sold: $57,938,655
2nd Quarter 2021
- Number of Transactions: 164
- Average Sale Price: $376,739
- Average Days on Market: 69
- Total Value of Real Estate Sold: $61,785,216
*The number of days on the market is an anomaly due to both transactions being new construction properties.
Data is from the MLS. All information is deemed reliable but is not guaranteed.